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RBI flashes red signal at MLM companies
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ENS Economic Bureau
Posted: Sep 17, 2009 at 0914 hrs IST
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Mumbai The operations of shady multi-level marketing (MLM) companies — which operate what are popularly known as pyramid or ponzi schemes — have come under the regulatory scanner with shady MLM companies mushrooming across the country and duping investors. Many firms posing as MLM agencies for consumer goods and services have been actually mobilising large amounts of deposits from the public with promises of ridiculous returns of 120 per cent and repayment of prinicipal within a year.
In a circular, the Reserve Bank of India has alerted banks that in cases where accounts have already been opened in the names of the marketing agencies, retail traders and investment firms, the banks should undertake quick reviews. “Wherever large number of cheque books has been issued to such firms, the relative decision may be reviewed, ” it said.
With many MLM companies recently using the banking technology to dupe investors, the RBI said, “banks should be careful in opening accounts of the marketing/trading agencies etc. Especially, strict compliance with KYC (know your customer) and AML (anti-money laundering) guidelines issued by the RBI should be ensured in the matter.”
The banking regulator also named seven MLM companies (Fine India Sales Pvt Ltd, Lakshya Levels Marketing, Eve Industries, Trident Advertising & Trade Links Pvt. Ltd, Super Life Link Distributors, Lue Brain Education Society and Manya Mantra Marketing). “These firms and their agents had reportedly promised very high returns on deposits and lured common people to part with funds in the name of certain investment/deposit schemes, ” the RBI said.
________________________________________
ASKS BANKS TO TIGHTEN FRAUD RISK MANAGEMENT
MUMBAI: The Reserve Bank of India has asked banks to tighten the internal policy for fraud risk management and fraud investigation function as the incidence of frauds in Indian banks has been showing an increasing trend, especially in housing and mortgage loans, credit card dues and internet banking. “It is a matter of concern that instances of frauds in the traditional areas of banking such as cash credit, export finance, guarantees, letters of credit etc remain unabated, ” the RBI said a year after the surfacing of the global financial crisis.
Guest
Posts: n/a
Re: newecash.com
________________________________________
"Wealthline" "Internet Investment Scam: Frequently Asked Questions
1) What is the "Wealthline" scheme about?
Wealthline is an internet based investment scam which claimed to have invested in a range of investments such as equities, commodities and foreign exchange. "Wealthline" had been soliciting investments from investors around the world, including the Malaysian public, through the internet, offering returns o[censored]p to 15% within 15 months of investment. However, based on our enquiries and investigations, this scheme is an illegal operation which has been unable to provide these returns to investors. The reason why the scheme is illegal is that the operators of this scheme have engaged in fund management and investment advice without any licence from the SC.
2) What actions have Securities Commission Malaysia (SC) and other authorities taken to stop the "Wealthline" programme from operating?
The SC had blocked 4 websites related to "Wealthline".
The SC had obtained a worldwide Mareva injunction against the operators of the "Wealthline" internet investment scheme, preventing them from disposing their assets in and outside of Malaysia.
The Mareva order restrains and prohibits the defendants from:
carrying on the business of "Wealthline",
targeting, soliciting and collecting funds from the public for investments in "Wealthline" or any other internet investment scheme,
hosting or operating the "Wealthline" websites or operating any other such websites which solicit investments for "Wealthline" or any other internet investment scheme and
removing from Malaysia any of their assets which are in Malaysia
The Mareva injunction also requires the defendants to disclose information pertaining to all their assets in and outside Malaysia, the companies they have incorporated and the bank accounts they operate.
The SC has taken action against 2 individuals, namely Albert Lee Kee Sien (Albert), Kelvin Choo Mun Hoe (Kelvin) as well as 2 companies namely Dynamic Revolution Sdn Bhd, S.A., International Limited . We believe that these individuals mentioned are the operators of the scheme in Malaysia.
SC obtained judgment against Albert, Kelvin and their companies in the amount o[censored]SD83 million and such further amounts as may be traced for payment. The SC, with the help of other regulators and enforcement agencies has frozen the bank accounts of the defendants in various other jurisdictions. The SC is now working with overseas regulators and enforcement agencies to repatriate these funds back to Malaysia.
3) Have any monies been recovered against the perpetrators of the scheme?
Currently some of the monies involved in the scam have been frozen and is in a stakeholder's account in Malaysia. The rest of the defendants' monies are currently located in various foreign bank accounts and the SC is actively working with the relevant authorities in those countries to have those monies brought back to Malaysia.
4) Are any of the monies belonging to the defendants held by the SC?
No, the SC is not holding any of the monies belonging to the investors. Monies in Malaysia are currently being held by a stakeholder. The rest of the monies are in foreign bank accounts.
5) Where are all the overseas monies currently being held?
The monies that the SC is aware of and have traced are in bank accounts in Singapore, Isle of Man, Jersey, Switzerland and Australia.
6) When will the SC be able to get the monies from abroad so that I can get my money back?
The money involved in this scam is subject to several court proceedings, not all of which have been concluded. Moreover, the money involved in the scam is located in various bank accounts of the defendants who were sued by the SC. Some of these bank accounts are in countries other than Malaysia and would involve the regulatory authorities and local laws of these jurisdictions. As such, the process of repatriation of the monies to Malaysia will take time.
7) What are the efforts that are being taken by the SC to secure the monies abroad?
The SC is currently working with overseas regulators and enforcement agencies to repatriate these funds back to Malaysia. As different jurisdictions have different laws governing the monies frozen in their jurisdictions, the repatriation of these monies would require us to follow various local laws and procedures. Some jurisdictions have initiated action to forfeit the monies in their jurisdiction. For example Australia has initiated action under its Proceeds of Crime Act 2002 and if the Australian government's action is successful, the monies in Australia will be forfeited.
8) How will the SC know who is eligible to make claims for the money which they lost in this scheme?
Currently the SC is collating a list of the people who have suffered loss as a result of the scheme. This is based on the complaints which we have received up to now from the affected members of the public. Additionally, we plan to place advertisements in various newspapers calling for claims to be made against the sums of money which are recovered.
9) If I had previously submitted a complaint and provided supporting documents, will I need to resubmit the information again after the SC places the advertisements calling for claims to be made?
If you have previously made a complaint to our Investor Affairs and Complaints department and have submitted supporting documents, you will not need to do so again unless you have any additional information or documentary evidence supporting your claim.
10) Who is eligible to be compensated from the money which the SC recovers?
We will submit a criteria to the court for its endorsement before any payment is made. The criteria will include the following: Eligible persons would be those who have sufficient proof of their principal investment and who have not been involved in the scam as recruiters and upliners. Where profits have been made from their initial investments, such profits will be deducted from the claim sum. Claimants would have to show documentary proof of their investments in the scheme. Additionally, there will be other criteria such as whether they invested in the scam despite the warnings by the authorities.
11) Who will decide on whether I get my money back?
The criteria for eligibility as mentioned above will be submitted to the court for its approval.
Investor Affairs & Complaints Department
Securities Commission
No 3 Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur
Telephone:[protected]
Fax:[protected]
Email: [protected]@seccom.com.my
Font Size -A +A
ENS Economic Bureau
Posted: Sep 17, 2009 at 0914 hrs IST
Print Email To Editor Post Comments
Most Read Articles
Prostrate is the cradle of the male 'G-spot'Pranab to hold Chair at G-24 2nd time32 special flights for Haj pilgrimsNRI jailed for 27 years for kidnapping fello...Floods kill 200 in Karnataka, Andhra PradeshThe joys of childhood
Mumbai The operations of shady multi-level marketing (MLM) companies — which operate what are popularly known as pyramid or ponzi schemes — have come under the regulatory scanner with shady MLM companies mushrooming across the country and duping investors. Many firms posing as MLM agencies for consumer goods and services have been actually mobilising large amounts of deposits from the public with promises of ridiculous returns of 120 per cent and repayment of prinicipal within a year.
In a circular, the Reserve Bank of India has alerted banks that in cases where accounts have already been opened in the names of the marketing agencies, retail traders and investment firms, the banks should undertake quick reviews. “Wherever large number of cheque books has been issued to such firms, the relative decision may be reviewed, ” it said.
With many MLM companies recently using the banking technology to dupe investors, the RBI said, “banks should be careful in opening accounts of the marketing/trading agencies etc. Especially, strict compliance with KYC (know your customer) and AML (anti-money laundering) guidelines issued by the RBI should be ensured in the matter.”
The banking regulator also named seven MLM companies (Fine India Sales Pvt Ltd, Lakshya Levels Marketing, Eve Industries, Trident Advertising & Trade Links Pvt. Ltd, Super Life Link Distributors, Lue Brain Education Society and Manya Mantra Marketing). “These firms and their agents had reportedly promised very high returns on deposits and lured common people to part with funds in the name of certain investment/deposit schemes, ” the RBI said.
________________________________________
ASKS BANKS TO TIGHTEN FRAUD RISK MANAGEMENT
MUMBAI: The Reserve Bank of India has asked banks to tighten the internal policy for fraud risk management and fraud investigation function as the incidence of frauds in Indian banks has been showing an increasing trend, especially in housing and mortgage loans, credit card dues and internet banking. “It is a matter of concern that instances of frauds in the traditional areas of banking such as cash credit, export finance, guarantees, letters of credit etc remain unabated, ” the RBI said a year after the surfacing of the global financial crisis.
Guest
Posts: n/a
Re: newecash.com
________________________________________
"Wealthline" "Internet Investment Scam: Frequently Asked Questions
1) What is the "Wealthline" scheme about?
Wealthline is an internet based investment scam which claimed to have invested in a range of investments such as equities, commodities and foreign exchange. "Wealthline" had been soliciting investments from investors around the world, including the Malaysian public, through the internet, offering returns o[censored]p to 15% within 15 months of investment. However, based on our enquiries and investigations, this scheme is an illegal operation which has been unable to provide these returns to investors. The reason why the scheme is illegal is that the operators of this scheme have engaged in fund management and investment advice without any licence from the SC.
2) What actions have Securities Commission Malaysia (SC) and other authorities taken to stop the "Wealthline" programme from operating?
The SC had blocked 4 websites related to "Wealthline".
The SC had obtained a worldwide Mareva injunction against the operators of the "Wealthline" internet investment scheme, preventing them from disposing their assets in and outside of Malaysia.
The Mareva order restrains and prohibits the defendants from:
carrying on the business of "Wealthline",
targeting, soliciting and collecting funds from the public for investments in "Wealthline" or any other internet investment scheme,
hosting or operating the "Wealthline" websites or operating any other such websites which solicit investments for "Wealthline" or any other internet investment scheme and
removing from Malaysia any of their assets which are in Malaysia
The Mareva injunction also requires the defendants to disclose information pertaining to all their assets in and outside Malaysia, the companies they have incorporated and the bank accounts they operate.
The SC has taken action against 2 individuals, namely Albert Lee Kee Sien (Albert), Kelvin Choo Mun Hoe (Kelvin) as well as 2 companies namely Dynamic Revolution Sdn Bhd, S.A., International Limited . We believe that these individuals mentioned are the operators of the scheme in Malaysia.
SC obtained judgment against Albert, Kelvin and their companies in the amount o[censored]SD83 million and such further amounts as may be traced for payment. The SC, with the help of other regulators and enforcement agencies has frozen the bank accounts of the defendants in various other jurisdictions. The SC is now working with overseas regulators and enforcement agencies to repatriate these funds back to Malaysia.
3) Have any monies been recovered against the perpetrators of the scheme?
Currently some of the monies involved in the scam have been frozen and is in a stakeholder's account in Malaysia. The rest of the defendants' monies are currently located in various foreign bank accounts and the SC is actively working with the relevant authorities in those countries to have those monies brought back to Malaysia.
4) Are any of the monies belonging to the defendants held by the SC?
No, the SC is not holding any of the monies belonging to the investors. Monies in Malaysia are currently being held by a stakeholder. The rest of the monies are in foreign bank accounts.
5) Where are all the overseas monies currently being held?
The monies that the SC is aware of and have traced are in bank accounts in Singapore, Isle of Man, Jersey, Switzerland and Australia.
6) When will the SC be able to get the monies from abroad so that I can get my money back?
The money involved in this scam is subject to several court proceedings, not all of which have been concluded. Moreover, the money involved in the scam is located in various bank accounts of the defendants who were sued by the SC. Some of these bank accounts are in countries other than Malaysia and would involve the regulatory authorities and local laws of these jurisdictions. As such, the process of repatriation of the monies to Malaysia will take time.
7) What are the efforts that are being taken by the SC to secure the monies abroad?
The SC is currently working with overseas regulators and enforcement agencies to repatriate these funds back to Malaysia. As different jurisdictions have different laws governing the monies frozen in their jurisdictions, the repatriation of these monies would require us to follow various local laws and procedures. Some jurisdictions have initiated action to forfeit the monies in their jurisdiction. For example Australia has initiated action under its Proceeds of Crime Act 2002 and if the Australian government's action is successful, the monies in Australia will be forfeited.
8) How will the SC know who is eligible to make claims for the money which they lost in this scheme?
Currently the SC is collating a list of the people who have suffered loss as a result of the scheme. This is based on the complaints which we have received up to now from the affected members of the public. Additionally, we plan to place advertisements in various newspapers calling for claims to be made against the sums of money which are recovered.
9) If I had previously submitted a complaint and provided supporting documents, will I need to resubmit the information again after the SC places the advertisements calling for claims to be made?
If you have previously made a complaint to our Investor Affairs and Complaints department and have submitted supporting documents, you will not need to do so again unless you have any additional information or documentary evidence supporting your claim.
10) Who is eligible to be compensated from the money which the SC recovers?
We will submit a criteria to the court for its endorsement before any payment is made. The criteria will include the following: Eligible persons would be those who have sufficient proof of their principal investment and who have not been involved in the scam as recruiters and upliners. Where profits have been made from their initial investments, such profits will be deducted from the claim sum. Claimants would have to show documentary proof of their investments in the scheme. Additionally, there will be other criteria such as whether they invested in the scam despite the warnings by the authorities.
11) Who will decide on whether I get my money back?
The criteria for eligibility as mentioned above will be submitted to the court for its approval.
Investor Affairs & Complaints Department
Securities Commission
No 3 Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur
Telephone:[protected]
Fax:[protected]
Email: [protected]@seccom.com.my
hi,
i m investor of wealth linepromoter, i need information brochures which is helpful to making one to one business. if any one have then plz rpl...
i m investor of wealth linepromoter, i need information brochures which is helpful to making one to one business. if any one have then plz rpl...
hello sir I have already join with this bussiness and also sponsored four customer and also wishing to join more and more customers. But they want security to join and I also want to know about all details .so pls inform me and another thing is that how this company will give us high returns in the daily basis .what is the base of this company. How long this company will continue the Emerald Line?
Please provied me the necessary doccuments of the company to my email address i.e. [protected]@gmail.com.
Please provied me the necessary doccuments of the company to my email address i.e. [protected]@gmail.com.
TO KNOW MORE ABOUT WEALTHLINE THEN CALL AT [protected].
Wealthline promoters pvt. ltd. is truthfull company yes/no plz replay
Dear Sir,
Hw 1% Bonus is possible everyday for 300 days to WEALTHLINE PROMOTERS PVT. LTD.
Hw 1% Bonus is possible everyday for 300 days to WEALTHLINE PROMOTERS PVT. LTD.
hello sir/madam,
I am Jiban Mishra this site from orissa, i just want to know about what r d policies to invest in ur company. can u help me to know more about you. Thx JIban
I am Jiban Mishra this site from orissa, i just want to know about what r d policies to invest in ur company. can u help me to know more about you. Thx JIban
Sir,
I m intrested with M/s. Wealthline Promotors Pvt. Ltd. but i dont sure about the credibility.
I mean my past experience is very bad about MLM.
If anyone help me for solve my quiry, any one have proof about the credibility of the company,
Can this is Government approved organisation?
Can we have suarity of our investment?
Can our money was safe?
Regards,
Dattatray,
[protected].
I m intrested with M/s. Wealthline Promotors Pvt. Ltd. but i dont sure about the credibility.
I mean my past experience is very bad about MLM.
If anyone help me for solve my quiry, any one have proof about the credibility of the company,
Can this is Government approved organisation?
Can we have suarity of our investment?
Can our money was safe?
Regards,
Dattatray,
[protected].
Dear Sir, I want to know about all details of this business.Because I am interested to join this business, but first i want to know that how this company will give us high returns in daily basis ? And after joining what i have to do ? What is primery minimum investment ?is that 7000 min.? so pls inform me and then i will go for this business, and another thing is that how this company will give us high returns in the daily basis .what is the base of this company.
where should i go n made transaction, in india is there any branch office. or reliable org. to gurantee the scheme. if so i m interested in investing
where should i go n made transaction, in india is there any branch office. or reliable org. to gurantee the scheme. if so i m interested in investing
I WOULD LIKE TO INVEST THIS COMPANY & LIKE TO INVEST MY FRIENDS ALSO BECAUSE THEY ARE OFFERING HIGH GUARANTEED RETURNS, PLEASE GIVE SOME DETAILS ABOUT THEIR BUSINESS AND CREDIBILITY ETC.
how the company paying so much of money daily. investigation should be done. if this company is really doing profit and paying the amount which the comapny is promising then government should give the promotion so that the poor and middle class people can be survived and will maintain their family in a good way for ever. and indian economy will also be revived and one day india will be a developed country
Sir, I am based in Sikar (Raj) and what to know about this Wealthline Promoters co. on urgent basis and what is the scheme of earning money.
Regards
Mahesh
[protected]
Regards
Mahesh
[protected]
I would like to invest money on daily basis kindly advice via E-mail
hello friends, this is ravi. maine ye company join kiya hai. aur main daily 1% le raha hoon. so it is not fraoud. main aur mere friends are also joined to this company name-wealthline promoters pvt. ltd. so please if you have any query contact to me I solved your problem. contact no- [protected]
email- [protected]@gmail.com
email- [protected]@gmail.com
I WISH TO INVEST THIS COMPANY. CAN YOU GIVE SOME DETAILS ABOUT THEIR BUSINESS, EXPERIEACE AND CREDIBILITY ETC. BECAUSE THEY OFFER HIGH RETURNS[1% DAILY]
YES TODAY INVESTMENT COMPANY IS RUSHING TO INDIAN MARKET DAILY. AND THEY ARE PAYING MUCH HIGHER THAN THE OTHER FINANCIAL INSTITUTION. GOOD SOME OF MIDDLE CLASS FAMILY ARE GETTING BENEFIT BY INVESTING IN THIS COMPANY. AS PER THE DECLARATION OF THESE COMPANY THEY ARE PAYING MORE PROFIT BY DOING 4S TRADING, SHARE TRADING, REAL ESTATE. THESE COMPANIES ARE ALSO PAYING YEARS TOGETHER TO THE PUBLIC. BUT HOW ? IF RBI WILL TAKE POSITVE INITIATIVE AND REGULATE THESE COMPANIES SO THAT THERE WILL NO MAN INDIA WILL BE UNDER PROVERTY LINE. SIR THIS A REQUEST TO RBI PLEASE SEE THE MATTER POSITIVELY AND CONTROL THEM ACCORDINGLY
YES TODAY INVESTMENT COMPANY IS RUSHING TO INDIAN MARKET DAILY. AND THEY ARE PAYING MUCH HIGHER THAN THE OTHER FINANCIAL INSTITUTION. GOOD SOME OF MIDDLE CLASS FAMILY ARE GETTING BENEFIT BY INVESTING IN THIS COMPANY. AS PER THE DECLARATION OF THESE COMPANY THEY ARE PAYING MORE PROFIT BY DOING 4S TRADING, SHARE TRADING, REAL ESTATE. THESE COMPANIES ARE ALSO PAYING YEARS TOGETHER TO THE PUBLIC. BUT HOW ? IF RBI WILL TAKE POSITVE INITIATIVE AND REGULATE THESE COMPANIES SO THAT THERE WILL NO MAN INDIA WILL BE UNDER PROVERTY LINE. SIR THIS A REQUEST TO RBI PLEASE SEE THE MATTER POSITIVELY AND CONTROL THEM ACCORDINGLY
Pls give me all type of detail on my E-mail and Mobile [protected]
I want to join in your investment plan But I have no any information
so give me details plan on my E-mail ID
...From Vinayak Shirsat
Pathardi -Ahmednagar -
Maharashtra
I want to join in your investment plan But I have no any information
so give me details plan on my E-mail ID
...From Vinayak Shirsat
Pathardi -Ahmednagar -
Maharashtra
If you think still you can do it, do it now then later.
mail me your telephone, I will call you back with full details and procedure.
[protected]@hotmail.com
cheers!