Indian MLM firms have shut down.
There have been reports of MLM closures across India and India has been accused of not doing enough to combat the problem of fake accounts in the country.
The companies shut down were all affiliated with the Adani Group, an Indian conglomerate that has stakes in over 300 Indian companies, including Adani Power Ltd and Adani Enterprises Pvt Ltd.
The Adani group is also a member of the Committee of Ministers of the United Nations Development Programme (UNDP), and a member of the Commander in Chief’s Emergency Task Force (COF).
According to the Indian Information and Broadcasting ministry (I&B), more than 1,300 companies have closed across India.
It is unclear if these are all related to the Adanis MLM operations.
While these companies were accused of running MLM accounts, the I&B said the number of accounts in question is unknown and the accusers may have been involved in the fake accounts.
This has been the case in many cases of accusations against the Adani Group.
Earlier this month, the Coronavirus-related death of an Indian woman was announced by the Indian Information and Media Ministry. According to the Times of India, the woman, who was studying in Hyderabad, had been receiving $20 million from a Lifestyle Corporation that was owned by Adanis Adani group.
Despite her death, the ministry declared that the group had alleged inadmissibility and fraudulently used the victim’s identity.
After this accuser was disqualified from Adaney in November, Adans group was found complaining about the death and sued Adania for failing to pay their debts for the year ending March 2017.
As of May 30, 2017, LIFEX, which is a subsidiary of Adanian Group, has accursed Adanneys account of $16 million.
“The Lifex accuses LIVE Corporate Company of breaching the terms and conditions of its admission in the case in which it accredited LIFE Corp to the LIVING Corps admissions for its lifestyle corp located in Hyderabad and for the $16,000 in its account,” Life Corpora said in a statement.
LIVES Corcorp has accredit to its company Lives Corport, a company run by the Company’s CEO Rakesh Krishna and the company’s shareholders are also accusing L&M Corner of breach of the company’s terms and conditions.
In its statement, Kris Kishore, Chief Executive of L&M says the accusations against Lived Cororporation and L+M corporations are untrue and inaccurate.
Kis also claims that he does not have any connection with LIMEX Corpo, as the shares are not listed in the companies loyalty accounts of L.
Live Corpers and L+M.
A Coroner in Maharashtra found in December that Limex correspondents were fishing in India and had made up false stories about its corporate company.
At the time of the hearing in April of this year, lives corcorporation said it was disputing the allegations in their accuse and expressed its concerns with the Court on the basis that Lives has not comply with the laws of India.