ूेस ूकाशनी PRESS RELEASE
संचार वभाग, किय कायालय, एस.बी.एस.माग, मुंबई‐400001
______________________________
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DEPARTMENT OF COMMUNICATION, Central Office, S.B.S.Marg, Mumbai‐400001
फोन/Phone: 91 22 2266 0502 फैस/Fax: 91 22 22660358
भारतीय रज़व बक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi
Website : www.rbi.org.in
इ‐मेल email: helpdoc@rbi.org.in
January 1, 2015
RBI cautions Public against Multi Level Marketing Activities
The Reserve Bank of India has cautioned the public against Multi-level Marketing (MLM) activities so that investors do not fall prey to unscrupulous entities.
Explaining the functioning of these entities, the Reserve Bank stated that MLM/Chain Marketing/Pyramid Structure schemes promise easy or quick money upon enrolment of members. Income under such schemes majorly comes from enrolling more and more members from whom hefty subscription fees are taken rather than from the sale of products they offer. It is incumbent upon all members to enroll more members, as a portion of the subscription amounts so collected is distributed among the members at the top of the pyramid. Any break in the chain leads to the collapse of the pyramid, and the members lower down in the pyramid are the ones that are affected the most.
The Reserve Bank has advised that members of public should not to be tempted by promises of high returns offered by entities running Multi-level Marketing/Chain Marketing/Pyramid Structure Schemes. The Reserve Bank has reiterated that falling prey to such offers can result in direct financial losses and they, in their own interest, should refrain from responding to such offers in any manner.
The Reserve Bank has also said that acceptance of money under Money Circulation/Multi-level Marketing/Pyramid structures is a cognizable offence under the Prize Chit and Money Circulation (Banning) Act 1978. Members of public coming across such offers should immediately lodge a complaint with the State Police.
Alpana Killawala
Press Release : 2014-2015/1383 Principal Chief General Manager
संचार वभाग, किय कायालय, एस.बी.एस.माग, मुंबई‐400001
______________________________
____________________________
DEPARTMENT OF COMMUNICATION, Central Office, S.B.S.Marg, Mumbai‐400001
फोन/Phone: 91 22 2266 0502 फैस/Fax: 91 22 22660358
भारतीय रज़व बक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi
Website : www.rbi.org.in
इ‐मेल email: helpdoc@rbi.org.in
January 1, 2015
RBI cautions Public against Multi Level Marketing Activities
The Reserve Bank of India has cautioned the public against Multi-level Marketing (MLM) activities so that investors do not fall prey to unscrupulous entities.
Explaining the functioning of these entities, the Reserve Bank stated that MLM/Chain Marketing/Pyramid Structure schemes promise easy or quick money upon enrolment of members. Income under such schemes majorly comes from enrolling more and more members from whom hefty subscription fees are taken rather than from the sale of products they offer. It is incumbent upon all members to enroll more members, as a portion of the subscription amounts so collected is distributed among the members at the top of the pyramid. Any break in the chain leads to the collapse of the pyramid, and the members lower down in the pyramid are the ones that are affected the most.
The Reserve Bank has advised that members of public should not to be tempted by promises of high returns offered by entities running Multi-level Marketing/Chain Marketing/Pyramid Structure Schemes. The Reserve Bank has reiterated that falling prey to such offers can result in direct financial losses and they, in their own interest, should refrain from responding to such offers in any manner.
The Reserve Bank has also said that acceptance of money under Money Circulation/Multi-level Marketing/Pyramid structures is a cognizable offence under the Prize Chit and Money Circulation (Banning) Act 1978. Members of public coming across such offers should immediately lodge a complaint with the State Police.
Alpana Killawala
Press Release : 2014-2015/1383 Principal Chief General Manager
3 comments:
Shyam sir, thank you very much for your dedication to save peoples from ponzi scheme. you have really participated so nicely for nation, i think this is our responsibility to aware everybody.
There is A serious issue please must look into the matter as i am feeling another big scam like sardha group.
this is new one from jagruti food and agro working from panderpur in LLP LIMITED LIABILITY PARTNER
now returning on goat farming giving people 10 times of returns in 6 years and saying that you are legally secured no one can touch you please let me know if it is possible for company. visit there site jagrutibusiness.co.in
thanks
Suresh,
If the business that profitable, they could approach any commercial bank for funds. They should not mobilise funds from public. It is illegal. Several similar companies have cheated several thousands of people in the past. Immediately go to police and lodge a complaint.
Suresh Ji, Have you further made any enquiries about Jagruti Food and Agro. ?? Today i came to know that they have started business in Andhra Pradesh also near our town. I came to know through my friend who is interested to join in this. If you have further made any enquiries, please post.
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