Sunday, January 22, 2017

The EBIZ Scam / Ponzi Scheme

The story goes like this...
Even I was lured by some of my engg. seniors during first year (2006) for joining EBIZ, they introduced the seminar in a way that "If you come, you gonna benefit". As it was a ragging period, friendship with seniors was a priority. So, I agreed to attend one of their seminars, they also took along a few other freshers as well. They had booked a fully AC hall for the seminar. Did I tell you about the dress code? Yup, all EBIZ guys had maintained a suite and tie kind of dress, and some with goggles, kind of matrix style. We quietly went inside, and sat on the cushioned chairs. Our seniors and other EBIZ starters were standing along the side walls of the hall. Suddenly, we heard a loud roar EBIZ EBIZ... from the standing group, there passed a young smart man, again the same thing happened and another dignitory passed, the atmosphere was like 'Yo Mogembo'. We were surprised as who these prestigious people were. Anyways, thought that they might be some VVIPs. Once the hyped entrance drama got over, the stage was set to witness something supposedly life changing event. There came a slightly fat guy, one of EBIZ dignatories, he started an inspirational speech about how people from small levels have attained big, example of Microsoft's founder Bill Gates was also given, with stress on his quote "If you are born poor it's not your fault, but if you die poor it's your fault". Our minds were being programmed to understand what was to come after that. Then that guy began with statistics as to how many people in India are illiterate and how many aren't aware about computers. He even asked about computer literacy from people around, just to get attention and make the session an interactive one. People, with general sense of getting priority, stood up and answered according to their knowledge levels. I was just watching. He explained how we could learn computer languages within a few months, and get good job through a paid EBIZ CD worth approx. INR 7500. He also pitched complementary access to online study material and tutorial classes. At this point, I began to understand that definitely I should buy this CD and pay INR 7500. The orator was awesome and speech a sensational one. Now, the orator said, "How good it will be if you can earn the money back that you have spent on the CD?". Everyone was like awesome, we love all this. The speaker was about to introduce the EBIZ MLM Ponzi Scheme. He said, "You add 5 people under yourself, and we will pay you back the amount that you had paid for the CD".
I thought there is nothing wrong in adding five people, and getting the CD. Without going in detail as to who will be interested in buying an over prized CD whose material is available at cheapest rates in various books, I felt like I'll immediately buy the CD.
Then he drew his actual and special hidden card. He asked the audience, "How good it will be if they get to know a life long easy scheme complementary to the CD which will make them millionaires?".
Everyone was so amazed at the presentation that a roar of "yes" was deafening my ears.
Then, he began to explain the EBIZ MLM Plan, "Join three persons under yourself, get 10 % of money they all deposited, join more, and get more money credited to your account". He didn't forget to remind intermittently that you are spreading computer literacy across the nation by doing so. Then he explained, "How you will earn when your juniors form an agent chain under themselves, and you need not work anymore? This is where the calculations reached Crores or Billions. I was like "Wow! let's visit a Rolls Royce car showroom for demo today".
Once the theme of seminar had set in our minds like milk into curd, time came for further confidence building through on stage testimonials from top earning members.
With some disco music dignatories rolled on the stage, bosted of their cars, lavish life styles, and ease of earning billions through EBIZ. I was like "Oh! can I be like them, as per the plan, yes, I can".
I was programmed with awesome dreams of being rich; felt inspired. After the Seminar, when I came out of the hall, my seniors personally took me to few of the dignatories standing besides their brand new costly cars. I thought, "Yes, this is life, just INR 7500/- and I'll be king". This amount was quite less than what our college charged as first year fee.
The seminar consumed my whole Sunday. Travelling by city bus, I reached home at 8 PM. My mom was like "Where were you I was worried?" I said, "No need to worry, your son has got the golden key, just pay INR 7500/-, and live a lavish life".
That night, I slept thinking of ways to utilize the big amount I was slated to earn through EBIZ. Nice sleep, came morning, and the cache was clean, I could think wider. I was like what is the source of income in this business, no product/service plan, just a CD, pull people into trap get a bite of their money, a terrible story. My mom was like "When are you joining EBIZ?" I said, "The fever is over, I am okey", but this was not the case with other fellow students, many were duped of their money, some had invested the money sent by their parents for books; too bad... In short, no body got rich... the relations and friendships were broken... those who led people into trap were exposed..

Is eBiz a fraudulent company and brainwashing people through its MLM scheme?

Is eBiz a fraudulent company and brainwashing people through its MLM scheme?

I wouldn't say that it's a fraud company because it does have all the documents to run an mlm company and also it is a registered company by govt. ( This information is accurate , but the company was started in 2001. At this time there were no guidelines provided by the govt to start a mlm company) . But now that the govt has released the guidelines for the direct selling industries and FICCI has launched the ponzi schemes provided by fake mlm companies. FICCI has clearly mentioned that online courses are illegal to be sold in the mlm or direct selling industry. Ebiz was a legal company with a proper business plan, but now it may face some issues regarding the productS which they sell.