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Ponzi scheme, as I had explained earlier, is essentially a fraudulent investment scheme where money brought in by the newer investors is used to pay off the older investors. This creates an impression of a successful investment scheme.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
All airports and immigration authorities have been alerted by the CBI this week to prevent him from leaving the country and intimate the agency on any possible move, they said.
Sinha recalled how Sebi started functioning as an independent regulator in 1988, when its first Chairman S A Dave picked up six officers from IDBI and began functioning from IDBI's office itself.
The agency had summoned him in January too but he sought time, citing the ongoing Winter Session of Parliament, they said.
The bank is facing a slew of government legal actions.
The minister was speaking at a seminar on the 'Indian Financial Code' which was framed by Financial Sector Legislative Reforms Commission with a view to update the laws and regulations dealing with the sector.
Gullible investors get trapped in ponzi schemes because of their own "greed", CBI chief Anil Sinha said on Saturday on the scam in which an estimated 25 lakh people have lost deposits in West Bengal and Odisha alone.
Earlier during the day, the agency carried out searches at two premises of Mishra in Kolkata in connection with the case but could not find him there
The quizmaster-turned-parliamentarian was interrogated for about two hours on some financial transactions in bank accounts related to the TMC mouthpiece 'Jago Bangla'.
Wanted diamond merchant Nirav Modi, who remains behind bars in a London prison as he contests his extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, will find out the UK court's ruling in the nearly two-year-long legal battle on Thursday. The 49-year-old is expected to appear via videolink from Wandsworth Prison in south-west London at Westminster Magistrates' Court, where District Judge Samuel Goozee is set to hand down his judgment on whether the jeweller has a case to answer before the Indian courts. The magistrates' court ruling will then be sent back to UK Home Secretary Priti Patel for a sign off, with the possibility of appeals in the High Court on either side depending on the outcome.
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.
Hasty, ill-conceived steps show how isolated Mamata Banerjee had been from the national political trend. A fascinating excerpt from Sugato Hazra's Losing The Plot: Political Isolation Of West Bengal.
'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 agency has also called former Trinamool Congress Rajya Sabha MP Kunal Ghosh to Shillong on February 10.
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.
The agency has done five advertisements so far.
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.
With Hansal Mehta's Scam 1992 bringing it up so interestingly, Joginder Tuteja looks back at films that have dealt in the stock market.
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.
His son Sandhir Agarwal was earlier arrested by CBI in connection with the Saradha probe and is now in jail.
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.
According to the consumer affairs department, these chit funds are operating at a small level.
Central Bureau of Investigation is investigating the Saradha ponzi scam.
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.
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.
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.
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.
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.
Multi-crore ponzi schemes are mushrooming in West Bengal and government is not taking any action despite they are out in the open.
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.
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.
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The CBI has recently filed a chargesheet in a court in Kolkata.
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.
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.
