| Font Size |
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.
Discuss this story on expressindia forums
|
|
Some People are born to Rule while others are born to Follow... And the followers often cry cursing their rulers instead of becoming a ruler one day having followers. I guess that quote mine answers to all ur questions. - Kaizad Hansotia Promoter Aryarup Tourism and Club Resorts Pvt. Ltd Any suggestions or explanations u need, Dial 9769141475 with a smiling face and a positive attitude. This one call will change your life... Warm Regards, Kaizad P.S - Winners dont do different things, they do things differently... Please understand that the company always has some trade secrets which are not to be revealed
i want to invest in aryarupa torisum kindly guide how this is possible and why govt. not taking proper action against before . we are hearing so fastly while the govt. known lastly . The consent authority has to look the site and publish the message in news paper. kindly help unemployed easly fooled by these co. like me
What about the legal aspect about the aryarup tourism? Let me know whether aryarup comes under RBI regulations....? If anybody knows about this one plz.give me the message...
everything is possible bcoz money have power as we know that money can move every thing as he wants so y cants possible that we can ern 1 or 2 % daily,we also see up down in share market and commodity market if i will get 100 crore then im sure i can triple it in a year by doing my business of commodity trading. there a many items which i can cantrol as i like so mlm compnies are doing same thing they collect huge money from us to trade of them. but we have to carefull to invest in these we have to study abt the directors and all abt the compnay. so go india go onnnnnnnnnnnnnnnnnnnn
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 THE COMPANY 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
every new companies which motive to gain all public money in his pocket and dreaming to gain huge profits should be banned. its a serious matter towards our nation security that foreign investors take money and gone away with their evil efforts creating disturbances in tnida.
I want to complaint about a fraud MLM company,but i don't know the regulatory body which will take.If anybody knows about it plz guide me,so I'll save lacs of rupees of common man.Thanks
The company has filed the case in bombay high court
What about the legal aspect about the aryarup tourism? Let me know whether aryarup comes under RBI regulations....? If anybody knows about this one plz.give me the message...
I heard a news today about RBI raid in Chennai and have already sealed a few investment companies which promised high returns. I would like to know whether the company named Wealthline Promoters is also involved in this scam. I'm not sure if Wealthline is also sealed. So please anyone who has information regarding this, plz do let me know immediately for confirmation. Thanks
Dear sir,people are invest.... their own risk. Do invest the money without investigated of ligalities. You have 500 TV chennel but remote in your hand. Nobody pressure to you. Whenever you have knowledge to earn money. Then you also know all
many froud mlm companies cheating people in d name of mlm ,it effect on true mlm companies ,now atleast RBI taken good step. There are many more money circulation companies.I will not mentioning their names but true mlm companies like fine indisales pvt ltd.which is product base purely mlm plan which is fasing to investigation due to that praxy mlm co.s.Fine Indisales Pv.Ltd.shares their pramotional income on their sale with their distrubutors.This Co. doesnot taken help of post dated cheques for faith,but actually co. shared promotional commission of 0% to 13% with their distributors.
Thanks for wht the RBI has took the step against fraud investment companies. Now more strict and strong step is need to be taken against the company WEALTH LINE which is giving 1% daily i.e. 30% MONTHLY RETURN. Is this possible, legally if so, then why bank is not ready to give such benefits? Is RBI sleeping as such companies account is operating in Banks. How the bank can hold such accounts? The companies included are CPU India, PNR India, Ever grow India, RCS, RBM(Most probably all these companies are from Delhi and Bombay)RVC from Madurai. Please take strict action against all these companies so that MLM company would be a neat and clear field to work within.
Kanchan.. what is your problem... If a company is giving handsum return where is problem. Many listed companies in India giving 100% and more as divident quaterly, half yearly and yearly. Why you want to do loss of invested people. This company is giving its return as Bonus which has no limit and paying timely.
many do many companies,reson unable to select and put the blame to perfect moving companies.
this is not really and correct blame to mlm companies ... such companies does that activties that time sud take some really actions..... other wizz is good for business...
ALL ABOUT COURT CASE REGARDING THIS COMPANY IS GOING TO BE CLEARED VERY SOON,UNFORTUNATELY MD OF FINE INDIA MD NASIR TOLD IN STAR NEWS PROGRAME SANSANI THAT HE HAS RESIGNED 18 MONTHS AGO.GOD KNOWS WHAT WILL BE FATE?
can anyone tell me will fine india can give payout regurarly and when
It is not really surprising that a developed country like India, due to greediness of our populace that few unscrupulous companies was able to ride over their temptations.one such company, NATIONAL SELF EMPLOYMENT MISSION(NSEM) operating from Raja Garden, New Delhi has succeeded in defrauding investors in the North-East especially places like Shillong, Dimapur and Guwahati to the tune of few hundred crores.I wonder if the RBI is aware of this fradaulent activities of the said company.Various print media in states as mentioned above has initiated their inquiry and findings and even local government has been apprised of the same, but yet action has not been taken till date. Ninya nobbai baiman phir bhi mera des mahaan!!Wah Shashi Tharoor.. "Cattle class--holy cow"???????????
Dear Authority kindly tell me the legal status of RMP Infotech Pvt Ltd who is running Multilevel Marketing all over India.
RMP pays other people on getting recruitments or sponsoring new people and therefore a ponzi company.the rbi should look into the accounts of this company to find out the total fund position of RMP to find out the real scene and the intention of the company.
THERE IS NO LEGAL STATUS, THERE IS NO REGULATORY BODY FOR MLM IN INDIA. ALL CHEATING
DEAR,IF THERE IS NO REGULATORY BODY FOR MLM IN INDIA,THAT DOES'NT MEAN THAT RMP INFOTEC IS CHEATING LIKE OTHER MLM COMPANIES,IF THEY ARE CHEATER HOW THEY ARE REGISTERED WITH FICCI,ISO,WTC
Dear sir, many froud mlm companies cheating people in d name of mlm it effect on true mlm companies ,now atleast RBI taken good step. There are many more money circulation companies like ZEE WAYS, RKTH BOMBAY MAHANTHRA MYSORE SO AND SO, PL SEE THERE ACTIVITIES ALSO.HELP PEOPLE TO SAVE THERE MONEY
THANKS TO RBI,UR TAKEN GOOD DECISION ON PRAXY MLM COMPANIES. MANY COMPANIES CHEATING PEAPLE USING MLM METHOD IT EFFECT ON TRUE MLM COMPANIES. PL EDUCATE PEOPLE THROUGH MEDIA IMMIDIATELY. IT HELP PEOPLE TO AVOID INVESTING IN SUCH COMPANIES. THANK FOR UR CONCERN TOWARDS PEOPLES MONEY.
who is the contact in rbi who needs to be informed of this ?in fine india the accounts with SBI is still operational.does STATE BANK OF INDIA not come under RBI ?
Not 120 "per cent", but 120 TIMES!!!Thx