| Topic : Multi Level Marketing - MLM in India |
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Marketing & Branding
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Activity:
Question posted: 12 21 2009 12:06:33 +0000,
1 answers, 1094 views, last activity
07 06 2010 20:18:08 +0000
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The operations of shady multi-level marketing (MLM) companies — which operate what are popularly known as pyramid or ponzi schemes — have come to 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.
The banking regulator has 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.
How do you think, what RBI should do to mitigate such frauds happening from such companies?
With many MLM companies recently using the banking technology to dupe investors, the RBI should ask banks to 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 should be issued to all banks by the RBI to ensure these kind of matter.
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Nice observation and great insight sir. |