The Machavaram police has finally registered a case against the giant insurance firm Bajaj Allianz Life Insurance Company Ltd and Team Life Care Insurance (Pvt) ltd after toying with the court order for a week.
It may be recalled that the Honourable First Additional Chief Metropolitan Magistrate issued orders on 18-11-2008 taking cognisance of the offences by Bajaj Allianz and Team Life Care for their alleged involvement in money circulation scheme in the name of product sales.
While the companies like Amway, Herbalife and a score of others also indulged in money circulation schemes in the name of sale of products, the insurance company and its crony have been into the same offence in the name of sale of insurance policies. Still, the officials of the fraudulent companies defend that theirs is a legal business. Still, they fail to produce any supporting document to that effect. Moreover, they argue that they would permission soon for approval of multilevel marketing system in selling their insurance policies. How ridiculous is their argument. Anyway, we must congratulate them for their honesty for confessing that at present their business is illegal.
These people know very well that they are into an illegitimate business cheating the gullible people with inducement of easy and quick money and they know very well alrealdy several lakhs of people were cheated in the scheme. Still, they want to continue the illegal business.
It is high time stringent action is initiated against such frauduelnt companies.