Many of us must have seen the videos which are circulating over the internet in recent days on Vivek Bindra scam.
During the video, I came across other MLM scams in India. The size of some of these scams is wild. In 2017, Anubhav Mittal, a 26-year-old B-Tech graduate, caused a Rs. 3,700 crore scam.
He convinced people to invest in his scheme, where they would get Rs. 5 every time they liked a Facebook link. The problem? All links were fake. It was a classic pyramid scheme.
Good realisation that a big portion of India is still financially illiterate and that desperation for money is high. This is why RBI is hesitant to loosen UPI regulations.
Share your thought in the comments.