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CHIT PRIZE MONEY
Chit fund didn't pay Rs 15 lakh prize money to the winning member for 55 days; consumer commission orders Rs 44,500 compensation and refundA Telangana consumer commission upheld ₹25,000 compensation after finding Kapil Chits delayed a successful bidder's ₹15 lakh chit prize by ...- Chit funds tap finance ministry amid Andhra turmoilOfficials, representing the funds, are knocking on the doors of the finance ministry and the Reserve Bank of India (RBI), requesting them t...
- Chit fund: How it works, red flags and your rights as an investorDo not invest in chit funds without knowing how it works. Here is all you need to know about investing in them.
- Sebi forwards complaints against QNET to state govtThey have also been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.
- SFIO gets to probe six more illegal money-pooling casesSFIO, which comes under the Corporate Affairs Ministry, is now probing more than 140 cases pertaining to fraudulent money pooling activitie...
- Third supplementary charge sheet in Saradha case submittedStepping up the Saradha scam investigation, CBI today submitted its third supplementary chargesheet in ACJM Alipore court.
- CBI nabs key accused in Odisha chit fund scamThe accused identified as Dandapani Sethi is alleged to have collected crores of ruppes from gullible investors and later on disappeared.
- Budget 2014: Govt proposes new legislation to check chit fund fraudsFM said benefits of insurance in India have not reached a large section of the people as insurance penetration and density are very low.
- Amway India's Chairman & CEO sent to 14-day judicial custodyA Kurnool district court today sent Chairman of Amway India and CEO William S Pinckney to 14-days' judicial custody until June 7.
- RBI examines credentials of nearly 35,000 companies: Ministry of Corporate AffairsThe Reserve Bank is examining the credentials of nearly 35,000 entities whose particulars were shared with it by the Ministry of Corporate ...
- QNet case: Michael Ferreira appears before Mumbai PoliceFormer world billiards champion Michael Ferreira today appeared before the Mumbai Police in connection with the alleged Rs 425 crore scam i...
- Arrest of Amway India CEO a big blow: IDSAIt is a "big dampener" and "unfortunate" incident, IDSA Secretary General Chavi Hemanth told reporters here.
- Inter-ministerial group set up to tackle ponzi schemesThe government has set up an inter-ministerial group to suggest measures to curb fraudulent money-raising schemes and protect investor inte...
- State govts responsible for regulating Chit funds: OfficialsThe Centre today said it has no role in governing Chit fund business, which is regulated by state governments.
- 87 firms under scanner for fraudulent investment schemes: Corporate Affairs MinistryFinance Ministry has also sent model rules under the Prize Chits and Money Circulation Schemes (Banning) Act to state govts for notificatio...
- Central government may prod states to control direct selling, MLM businessThe central government may ask states to pass special Acts for regulating direct selling and multilevel marketing (MLM) companies operating...
- Govt inspecting 87 chit-funds, multi-level marketing cos: MCAAs many as 87 companies have come under the scanner for alleged irregularities related to chit fund schemes and money circulation in the ga...
- Multi-level marketing companies con many to benefit few: StudyA government study said that such programmes are primarily meant to con individuals to the benefit of a few sitting at the top of pyramid.
- 'Home Ministry can set up SFIO type body to probe fraud by MLM companies'The Corporate Affairs Ministry has said the Home Ministry can set up a SFIO-type special body to probe frauds by the multi-level marketing ...
- Chit funds caught in a cleft stickVishi schemes, community saving schemes popularly known as kuries outside Gujarat, and small unregistered chit funds that invest in stock m...
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