Is TVI Express legal under INDIAN Law?

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TVI Express claims it is subject to law of Cyprus and India. We've already concluded previously that it seem to fit the definition of a pyramid scheme under Cyprus Law (which is also E.U. law). So what about Indian law?

In India, money circulation schemes are banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Section 2 (c) of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 defines a money circulation scheme as, "any scheme, by whatever name called, for the making of quick or easy money, or for the receipt of any money or valuable thing as the consideration for a promise to pay money, on any event or contingency relative or applicable to the enrollment of members into the scheme, whether or not such money or thing is derived from the entrance money of the members of such scheme or periodical subscriptions."

This is a bit on the vague side, as it is trying to be comprehensive. but basically it says "it is illegal to pay money to join a scheme where you are paid based on the amount of people you enroll (who also pay to join)".

Well, in TVI Express, you pay $250, and you recruit people, and when you got enough, you get paid $250+something, then you recruit some more, and you get paid $10000+something. Yep, fits Indian Law, at least to me, but then, I am no lawyer.

But I am starting to see why TVI Express claims to be legal in India. Apparently the regulators there had okayed it by issuing them Reserve Bank of India certificate to open an operating account, so they are registered and operating.

And they do NOT meet any of the following red flags as listed on this Indian MLM Blog http://indianmlmblog.blogspot.com/2008/10/indian-mlm-and-network-marketing.html

However, those are by no means the only ways a MLM can be an illegal scam.

Furthermore, it still doesn't really prove that TVI Express are compliant with the Prize Chits and Money Circulation Scheme (Banning) act. The jury is still out on that.