Reserve Bank of Ibdia, RBI today cautioned investors against multi-level marketing firms promising easy and quick Money, and asked public not to be tempted by such offers. In a statement issued from Mumbai today the RBI said that investors should not fall prey to any kind of unscrupulous entities as the pyramid structure mandates all members to enroll more members. It said falling prey to such offers can result in direct financial losses.The RBI also said that acceptance of money under Money Circulation/Multi-level Marketing/ Pyramid structures is a cognizable offence under the Prize Chit and Money Circulation (Banning) Act 1978.
News On AIR | January 1, 2015 7:07 PM
Don't fall prey to promises of multi-level marketing firms: RBI