From Saradha to Rose Valley and the Pearl scam, with a slew of ponzi-like financial frauds rocking the country in recent years, the government of India is also looking for solutions abroad.
Top government sources said that the finance ministry’s department of financial services (DFS) has obtained information about industry and regulatory practices from around the world in order to amend laws relating to ponzi-like, multi-level marketing pyramid schemes.
“A request had been sent to all the embassies and high commissions of India to gather all relevant information about legal and regulatory framework and industry practices for direct selling, multi-level marketing and pyramid marketing schemes in select countries,” an official document from a recent meeting said.
“Some of the inputs received from the Indian missions abroad are being incorporated in the proposed Prize Chits and