Do we not understand that risk and return go hand-in-hand, or do we, in our rush to get rich, simply choose to ignore risk, wonders Ramabhadran S Thirumalai.
According to the consumer affairs department, these chit funds are operating at a small level.
Wanted diamond merchant Nirav Modi on Thursday lost his fight against being extradited to India as a United Kingdom judge ruled that he can be sent back to face charges of fraud and money laundering in the estimated $2 billion Punjab National Bank scam case.
Central Bureau of Investigation is investigating the Saradha ponzi scam.
The Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
He was arrested this morning by CBI sleuths.
Kumar failed to appear before the CBI on Tuesday morning, increasing the possibility of his arrest.
There are four first information reports against Saradha Group in which it is alleged that thousands of investors were allegedly duped by the company officials and their associates who swindled their deposits.
Investigating agencies have finally taken Jignesh Shah, promoter of Financial Technologies into custody, ten months after the scam broke out.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
The first to arrive at the Salt Lake office of the central probe agency here was the award wining actor and director Sen whose statement was recorded by ED which is probing her role as the Editor of a magazine brought out by the now defunct group.
In a coincidence of sorts, Cyberababd police chief V C Sajjanar is at the helm when four accused in the rape and murder of a woman vet were killed on Friday in an alleged encounter, much like he was in Warangal when three men charged with throwing acid on two girls were shot dead by the police.
Multi-crore ponzi schemes are mushrooming in West Bengal and government is not taking any action despite they are out in the open.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
The West Bengal Assembly had in a special session last week passed the West Bengal Protection of Interest of Depositors in Financial Establishment Bill, 2013, to protect investors in chit fund companies.
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The CBI has recently filed a chargesheet in a court in Kolkata.
Limit your investment in cryptocurrencies and make sure you have current holdings in your own custody until regulatory cloud blows over, experts tell Sanjay Kumar Singh.
West Bengal Chief Minister Mamata Banerjee, who has sought to blame the Centre for the chit fund scam, has claimed that the central government reduced the rate of interest in small savings to drive depositors towards ponzi schemes.
A Kolkata sub-divisional magistrate's court on Thursday sent Ponzi king Sudipto Sen and two other accused to police custody for 14 days over their role in the Saradha chit fund scam. Media reports said the bail pleas of the three swindlers had been rejected and that they were charged for fraud and criminal breach of trust under Sections 406 and 420 of the Indian Penal Code.
More than one lakh people had invested in the IMA Jewels which started 17 companies.
'How is the scheme running despite running such massive deficits?' 'This is because the number of new members are much more than earlier members who are drawing pension.' 'If this was done by a private organisation, it would have been called a Ponzi scheme in which the contribution by new members is being used to pay off old members,' says Harsh Roongta.
As a multi-agency probe continues in Saradha scam, findings of one official investigation suggests that the group floated at least 279 companies to channelise money collected from gullible investors as part of a vast 'ponzi' network.
Baig, the MLA from Shivajinagar, was suspended from the Congress for his alleged anti-party activities as he had rebelled against the party leaders.
Mallya's barrister, Clare Montgomery, reiterated the central defence that there had been no misrepresentation or fraud on the part of her client and that Kingfisher Airlines was the victim of economic misfortune alongside other airlines.
Bose, who also owns the popular Bengali daily Pratidin, once employed the suspended Trinamool Rajya Sabha member Kunal Ghosh, now behind bars for his alleged role in Saradha affairs, as editor of the newspaper.
An official order said that Rao, a 1986-batch Indian Police Service officer from Odisha cadre, has been appointed Director General of Fire Services, Civil Defence and Home Guard by 'temporarily downgrading the post' to the level of additional director general.
The bank had posted a 14.9 per cent rise in deposits in FY13, with the last two quarters witnessing headwinds, partly due to the bank's decision to test the market by lowering its offering.
Bandopadhaya claimed he was innocent and had no involvement in the scam.
JPMorgan Chase was "at the very centre" of Madoff Ponzi scheme
Suspended Trinamool Congress MP Kunal Ghosh on Monday alleged that West Bengal Chief Minister Mamata Banerjee was the "biggest beneficiary" in the Saradha ponzi scheme scam and termed her a "coward".
One of American's biggest fraudsters, Bernard Madoff was sentenced to 150 years for his massive $65 billion scam.
The bench said this is not an appropriate case for custodial interrogation of the petitioner.
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The Union Cabinet on Wednesday had approved the proposal to amend the Sebi Act and other relevant regulations that would give greater powers to the regulator in its efforts to tackle all kinds of money-collection schemes, as also to effectively crackdown on defaulters in the stock markets.
The trustee liquidating the assets of imprisoned scamster Bernard Madoff has sued J P Morgan seeking damages worth $6.4 billion for allegedly aiding the fraud committed by him.
The website has the address and contact numbers and email IDs of 69 branch offices of Saradha Group spread across West Bengal, Tripura, Odisha, Assam and New Delhi.
The bill will lapse on June 3 with the dissolution of the present Lok Sabha.
"It will throw some light on the investigation," he said.
With the Supreme Court ordering Kolkata Police Commissioner Rajeev Kumar to appear before the Central Bureau of Investigation, the agency will finally be able to question the top cop in cases arising out of the Saradha chit fund scam probe.
Financier Bernard Madoff, in jail now, had shelled out nearly $ 1 million towards lobbying and in campaign contributions, of which a large part went to the Democrats, a US research group has said.
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