Twenty-six immovable properties worth Rs 101.45 crore, and bank balance totalling Rs 2.28 crore in 22 accounts have been attached provisionally under the Prevention of Money Laundering Act (PMLA) by the Lucknow zonal office of the agency, they said. The Greater Noida-headquartered Bike Bot taxi service is accused of scamming about Rs 3,000-Rs 4,000 crore from 2.25 lakh investors in multiple states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
Following a review of peer-to-peer (P2P) platforms, certain issues -- including high non-performing asset levels, significantly high balances in escrow accounts, and non-compliance with net owned fund and disclosure requirements -- came to the RBI's attention.
Capital markets regulator Sebi on Wednesday said it will auction 27 properties of Rose Valley group of companies on November 25 at a reserve price of Rs 63.26 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats, buildings, land parcels and hotels located in West Bengal and Bihar, the Securities and Exchange Board of India (Sebi) said in a notice. The e-auction will be conducted on November 25 between 11 am to 1 pm.
Reddy claimed that there was a "political conspiracy" and added that he had faith in the police.
Ponzi or MLM schemes are fraudulent investment operations.
The damage when the dust settled was calculated at $65 billion.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Reddy, who appeared at the Central Crime Branch office in Bengaluru on Saturday, was arrested after the questioning ended on Sunday morning
As smartphones penetrate through the country, apps are getting more and more localised, democratised.
Reddy was arrested following a marathon questioning after he appeared before the CCB, ending his elusive run for three days.
Probe has been completed against 83.
Virtual currencies don't have any intrinsic value and are not backed by any kind of assets.
The move is aimed at protecting investors from parking their money in dubious schemes.
The chitfund scam in West Bengal claimed its twelfth victim on Monday with an agent of a ponzy scheme found hanging in his home at Basirhat in West Bengal's North 24 Parganas district.
The world is celebrating Raj Kapoor's birth centenary, but when was the last time you watched an RK film?
Clause 150 empowers govt to change the meaning of 'financial products/services' to include new instruments.
The regulator acted on the basis of a June 2011 complaint from the Office of the Directorate of Income Tax.
As many as 150 youths from the port city and its vicinity have been stuck in Cambodia for a year already, where they are being coerced to carry out cyber crime and ponzi scams by Chinese handlers, the police said.
Thousands of sex workers in Sonagachi have lost their lifelong savings by investing in Ponzi schemes similar to the fate of thousands of investors allegedly duped by the Saradha Group and other chitfunds.
Ponzi schemes have characteristics that the informed investor can spot easily.
The CBI has been probing the activities of 44 ponzi companies in the state which allegedly duped thousands of investors of their hard earned deposits.
Satyam's last month's gaffe of transferring funds to promoter group companies by buying stakes in the latter already raised a stink. It led us to doubt the faith that investors had put on a company's management, its independent directors, auditors, consultants and rating agencies.
The ED has attached properties worth Rs 4,109 crore spread across various states in a money-laundering case linked to an alleged ponzi scheme, the agency said on Thursday. The case pertains to the Agri Gold Group of Companies. Three promoters of the group were arrested by the central agency on Tuesday.
Sinha, who is steering Sebi efforts to tackle the ponzi menace, said that in regions like West Bengal and North East -- where penetration of banking services is low -- have seen a larger number of people getting trapped in illegal money pooling schemes that promise high returns.
Kundra, it claimed, received 285 Bitcoins from the mastermind and promoter of Gain Bitcoin Ponzi scam Amit Bhardwaj for setting up Bitcoin mining farm in Ukraine.
Neither do they have a no-objection certificate from the state nor any kind of Reserve Bank of India permission.
Ponzi king Bernard Madoff, who has been convicted of committing a fraud of $60 billion, is in danger of being beaten up by fellow inmates at a North Carolina federal prison, where he is currently imprisoned.
A US court has indicted three owners of a bankrupt Chicago-based real estate development firm for operating a Ponzi scheme that defrauded hundreds of investors, including Indians and Pakistanis, and three banks out of $43 million while claiming to be compliant with Sharia law.
The Enforcement Directorate on Sunday conducted searches in various Uttar Pradesh cities after it registered a money laundering case to probe the alleged Rs 3,700 ponzi scam case perpetrated by seeking fake social media 'likes' from lakhs of gullible investors by a Noida based firm.
Regulatory confusion and delays in consumer courts mean the retail investor is on his own.
The government is seriously considering strengthening of laws to regulate all kind of collective investment schemes.
Coming down heavily on shady operations of fraudulent multi-level marketing companies, Reserve Bank of India has alerted banks to be careful while opening accounts of the marketing/trading agencies.
The bill provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent.
The government on Thursday gave more powers to market regulator Securities and Exchange Board of India to crackdown on ponzi schemes, access phone call records to check insider trading and carry out search and seizure operations.
Until now, the penalty was Rs 1 crore only.
The government on Thursday gave more powers to market regulator Securities and Exchange Board of India to crackdown on ponzi schemes, access phone call records to check insider trading and carry out search and seizure operations.
According to him, there are enough laws but their implementation is important.
Of late Speak Asia (www.speakasiaonline.com) has been in the news and is being investigated by various regulatory agencies of the government, including the ministry of corporate affairs.
A large number of companies, either based out of this eastern state or having a significant presence there, are being probed for running illicit 'collective investment schemes', while penal action has already been initiated by Sebi against over 20 other entities from the region.
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