Authorities in New Delhi have
shut down
the Future Maker Life Care pyramid scheme in 2018.
Directors Radhe Shyam and Bansi Lal have been arrested. The Enforcement Directorate is now pursuing criminal charges against them.
Shyam and Lal have been charged under the Prize Chit and Money Circulation (Banning) Act. They stand accused of promoting Future Maker Life Care, in addition to money laundering.
The key accused Radhe Shyam and Bansi Lal of Haryana had duped the innocent persons in guise of MLM and promoting various Ponzi schemes in many parts of the country through their companies Future Maker Life Care and FMLC Global Marketing.
The MLM scheme consisted of the pyramidal structure where the persons at the top of the pyramid gain at the behest of the loss borne by the persons at the base of the pyramid.
The ED believe there are around 3.1 million FMLC Global victims. So far they’ve managed to recover Rs. 2.6 billion ($35.8 million USD).
Total FMLC Global victim losses are unknown.
🤖 Quick Answer
What is the Future Maker Life Care pyramid scheme?Future Maker Life Care was an illegal pyramid scheme operated in India by directors Radhe Shyam and Bansi Lal through their companies FMLC Global Marketing. The scheme used a multilevel marketing structure where top-level participants profited at the expense of lower-level investors, eventually resulting in substantial financial losses for victims across the country.
When was Future Maker Life Care shut down?
Authorities in New Delhi shut down the Future Maker Life Care pyramid scheme in 2018. The scheme's directors were subsequently arrested and charged under the Prize Chit and Money Circulation Act, facing additional allegations of money laundering and fraudulent MLM operations.
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