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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.
As per the latest reports, the Indian direct selling industry crossed Rs 19,000 crore in FY22, registering over 5% growth.