Coin quest

An ‘international’ network-marketing or chain marketing scheme called GoldQuest is busy ensnaring people across India; especially those who can shell out Rs 30,000 to purchase numismatic coins procured from international mints. Unlike previous local chain schemes, GoldQuest claims an ISO 9001:2000 certification, ‘government registration’ (Goldquest International India Pvt Ltd) and its communications person, Ms. Preetha says that ‘‘Mrs Nalini Chidambaram was engaged by the company on the legal side’’. What lures people to this company is not the ostensible value of limited edition coins but the usual lure of introducing two new people to the scheme, who in turn introduce two others to set off a chain that earns ‘lakhs’ of rupees for the original introducer. The company has a detailed website which is silent on the ‘Ponzi’ element of the chain, as well as some tall claims made at ‘marketing seminars’ including tales of riches quoted to potential members. Unlike similar schemes of the past, which vanished over time after duping people, this one claims an international standing. ‘‘It is a part of the Qi Group with its head office at Hong Kong. The Multi Million Qi Group has offices in 22 countries, and employee strength of 400 worldwide’’. Whatever its claims to legitimacy, people must know that GoldQuest operates outside any formal regulation or supervision.