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.
'Neither the Centre nor the state is helping us, rather they are coming up with new ways to create stumbling blocks for the return of money.'
The auction of personal possessions seized from Ponzi schemer Bernard Madoff's Palm Beach mansion, held during the weekend, generated as much as $500,000, according to the US Marshals Service which conducted the auction.
The agency has also called former Trinamool Congress Rajya Sabha MP Kunal Ghosh to Shillong on February 10.
With Hansal Mehta's Scam 1992 bringing it up so interestingly, Joginder Tuteja looks back at films that have dealt in the stock market.
Amid huge cheers from supporters, Chakraborty, borrowing a dialogue from one of his films, said, "Ami joldhorao noi, bele borao noi... ami ekta cobra, ek chobol-ei chobi (Don't mistake me for a harmless snake, I am a cobra, can kill people in one bite)," he said.
A special CBI team had been searching for Kumar, who is now the additional director general of police in the criminal investigation department, across various locations in Kolkata.
The Rajya Sabha MP, who is also a spokesperson of West Bengal's ruling party, was asked to appear before a CBI team in the first week of August, officials said on Friday.
The agency has done five advertisements so far.
His son Sandhir Agarwal was earlier arrested by CBI in connection with the Saradha probe and is now in jail.
According to the consumer affairs department, these chit funds are operating at a small level.
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.
Central Bureau of Investigation is investigating the Saradha ponzi scam.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
The Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
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.
He was arrested this morning by CBI sleuths.
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.
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.
Kumar failed to appear before the CBI on Tuesday morning, increasing the possibility of his arrest.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
Multi-crore ponzi schemes are mushrooming in West Bengal and government is not taking any action despite they are out in the open.
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.
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.
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.
'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 lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
More than one lakh people had invested in the IMA Jewels which started 17 companies.
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.
JPMorgan Chase was "at the very centre" of Madoff Ponzi scheme
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.
Bandopadhaya claimed he was innocent and had no involvement in the scam.
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".
Baig, the MLA from Shivajinagar, was suspended from the Congress for his alleged anti-party activities as he had rebelled against the party leaders.
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