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The Central Crime Branch (CCB) of the Coimbatore City Police have registered a case against multi-level marketing (MLM) firm ‘My V3 Ads’ for alleged irregularities in its operations. There was high drama on Monday as at the behest of the firm’s management, a few thousand people, mostly investors of the firm, gathered to protest against the registration of the case.
The CCB registered a case against the firm and its proprietors based on a complaint lodged by a cybercrime police sub-inspector, based on advertisements and videos posted by the firm through its YouTube channel.
The case was registered on January 19, under Sections 3 (banning of prize chit and money circulation schemes or enrolment as members or participation therein) and 4 (penalty for contravening the provisions of section 3) of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and 3 (banning of unregulated deposit schemes), 6 (certain scheme to be unregulated deposit scheme) and 21 (2) (punishment for accepting deposits in contravention of section 3) of the Banning of Unregulated Deposit Schemes Act, 2019.The Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act) is an Indian law that aims to protect depositors and ban unregulated deposit schemes:
Purpose
The BUDS Act was enacted to protect depositors and ban unregulated deposit schemes, other than those taken in the ordinary course of business.
Penalties
The BUDS Act provides penalties for accepting or defaulting on unregulated deposits, including imprisonment and fines.
Definitions
The BUDS Act defines terms such as "deposit taker", "deposit", "company", and "competent authority".
Role of District Collectors
District Collectors are responsible for identifying properties and assets of unregulated deposit scheme operators, and filing applications with the Designated Court to attach the properties.
Role of Designated Court
The Designated Court is responsible for confirming attachments, varying or canceling provisional orders, and distributing the attached money to depositors
