Saturday, 4 December 2010

NMart's scheme is illegal

A reader writes:

Dear sir,
We have visited to NMART at surat branch and they confirmed about his scheme that they will provide us & his becoming member, They had also show us legal documents and committed to give such scheme whichever he said, its all mentioned in stamp paper & giving with conformation latter about scheme....
They said its all legal things its not fraud but still we are in confusion that something wrong in it,....
In this situation we have read all the information about company on CFW according that its all about fraud.......we want some clarification about this company is it true company or fraud.....

Corporate Frauds Watch says:

Crooks always come out with some documents to claim what they are doing legal. The binary scheme of NMart is nothing but money circulation scheme banned under the provisions of Prize Chits & Money Circulation Schemes (Banning) Act, 1978. The Supreme Court of India recently stated that it is 'mathematical impossibility' and the organisers of the scheme should be booked under Section 420 of IPC (cheating). There is no law which supports the scheme of the NMart and what they are doing is illegal and a criminal case should be filed against them immediately.

6 comments:

Aarthi said...
This comment has been removed by the author.
T.CHAITANYA Kumar said...

Newlook Multitrade Pvt. Ltd. a surat based retail and network marketing company has filed writ petition no.24210/10 in Andhra Pradesh High Court of Hyderabad against Andhra Pradesh police department.
Pune, 10th Nov. 2010: Newlook Multitrade Pvt. Ltd. a surat based retail and network marketing company has filed writ petition no.24210/10 in Andhra Pradesh High Court of Hyderabad against Andhra Pradesh police department. Andhra Pradesh police was threatening NMart (Retail Division of the company) associates, not to promote activities of the company. In reply to writ petition honorable justice sri N.V. Ramana of Andhra Pradesh High Court of Hyderabad issued order Home department,Director General Of Police and Police Authorities, not to threaten NMart associates asNMart is dealing with activities of selling goods under direct marketing, its associates in the lite of the government letter Do no. 21/22/2001 dated 21/03/2003. NMart has 15 retail operational malls across the country and company has planned to open another 10 malls up to year end 2010.
HOW CAN U SAY NMART IS ILLEGAL SIR

Shyam Sundar Matham said...

Chaitanya,
Andhra Pradesh High Court has issued notice to the police to file an affidavit on their stand of the issue. The Honourable Court did not give any relief nor stay order on the investigation.
Why did NMart approached the Judiciary in the first place. They could easily convince the police regarding the genuineness of their business. They knew that their business model is illegal and they also knew that enrollment and commission on further enrollment are banned under the provisions of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978.
That is why they rushed to the High Court.
Can't you see the simple illegality in the scheme. You are paying money in advance to the goods they are going to give you in the next four years and they are offering you commission if you rope in your friends and relatives. This is nothing but advance fee fraud.

Media5 said...

nmart is a cheat

Niraj said...

dear sir
if you have come from the nmart head office and saw the all document for satisfaction.but u are confused about something is wrong in it. But u cant able to say that what is the wrong in it.I cant understand what u are feeling about your self investigation. Either nmart is wrong or right.if you didn't find any dispute in it that means it is on the right way.if u dont mind I think you are suffering with lake of self confidence.Therefor you need an advice to take a decision on nmart membership.I think you have to take advice from that people who know about nmart plan, not like that person who don't want to leasten in favor of mlm industry.

Niraj said...

Mr shyam sundar matham you say that crooks are always come out with their document for proof they are legal.Than plz tel us that what process legal are doing to proof themselves mr matham please if any person understand u like a good adviser then you must have to advice on the right way not on your attitude about mlm industry.