Money Circulation SchemesA scheme of a company by whatever name so called promises money on the event of joining members not only on your personnal efforts of joining members into its scheme but also on the efforts of joining members by downline members. This scheme is nothing but a Money Circulation Scheme banned under the provisions of The Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
In Simple terms, if the scheme promises to give money based on joining members is nothing but money circulation banned under the provisions of the The Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
Beware of such scheme. Not only joining but also sponsoring members also punishable under the above law. Please inform the information of such companies to police.
Please refer Judgements of High Courts and Supreme court.
Supreme Court : (2008)8 SCC 708
AP High Court: 2007(4)ALT808(DB)
Madras High Court: M/s.Apple FMCG Vs. State of Tamilnadu and others.
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