The Enforcement Directorate (ED) conducted raids on the premises of Rajasthan Congress leader and former minister Pratap Singh Khachariyawas and Punjab AAP MLA Kulwant Singh as part of a money laundering probe linked to the Rs 48,000-crore PACL Ponzi scam. Khachariyawas, who served as a minister in the Ashok Gehlot government, claimed the ED action was politically motivated due to his criticism of the government. Singh, a real estate promoter, is reported to be Punjab's richest MLA with assets worth Rs 1,000 crore. The ED has been investigating the PACL scam since 2015, alleging that the company defrauded investors of Rs 48,000 crore through fraudulent investment schemes.
Amount more than twice the size of Sahara's; collective investment scheme operator has 3 months to return money and wind up.
The success of the auction may not be more than a little step in Pearls Agrotech Corp's recovery process of over a Rs 49,100 crore plus interest
'Around 15 crore poor people have lost their money.'
Sahara chief Subrata Roy may not come out clean in the biggest ever investment fraud that he allegedly did few years ago.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
Probe has been completed against 83.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Meanwhile, RBI Governor Raghuram Rajan said at the meeting that the central bank brass discussed strengthening the state- level coordination committees so that unauthorised deposit taking can be dealt with in a better way.
The Ministry of Finance's Directorate of Enforcement should also be made a part of the state-level coordination panels,
Delhi brokers under SEBI's glare for drawing investors through ads promising unrealistic returns.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The news of Bengaluru-based IMA cheating thousands once again underlines the need for investors to steer clear of unregulated deposit schemes. The most important sign of a Ponzi scheme is the promise of exorbitant returns and so investors must ask how the promoter expects to earn the kind of return he is promising, says Sanjay Kumar Singh.
Here are 15 things that would have made 2015 a great year.
Even Delhi does not have a full-time registrar of chits.
'We are probably working with flawed data on household finance.'
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