Stay updated with breaking news from Pranjal Daniel. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
India Business News: India has seen a surge in multi-level-marketing (MLM) pyramid schemes, with over 400 new schemes emerging in 2023, the highest in the past five years.
India saw the highest number of multi-level-marketing pyramid schemes launched in five years in 2023, according to Strategy India, a policy, compliance and direct-selling consultancy. These schemes, based on money-circulation networks, pay existing investors with funds collected from new ones instead of profits. Many remain unchecked by taking advantage of loopholes in existing consumer protection laws.
Sanjay Kamble is among thousands of investors in India betting crypto is the quickest way to get rich, lured by a raft of startups promising yields as high as 25% a month in so-called staking rewards in a market with lax regulations.