The Enforcement Directorate (ED) has attached fresh properties worth over Rs 5,000 crore as part of its money laundering investigation against Chandigarh-based PACL (Pearls Group), accused of orchestrating a Rs 48,000 crore ponzi scheme.
The Enforcement Directorate (ED) has attached assets worth over Rs 22,000 crore in its money laundering investigation against PACL (Pearls Group), accused of running a Rs 48,000 crore ponzi scheme.
In the wake of ponzi schemes and chit fund scams, Reserve Bank Governor D Subbarao on Wednesday said there is a need to review the regulations governing these sectors and increase surveillance on such entities.
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.
As all regulators are part of it, individuals don't need to worry about approaching the right authority
The damage when the dust settled was calculated at $65 billion.
The Bill seeks to give Sebi sweeping powers like attachment of properties and launch of recovery proceedings.
The Central Bureau of Investigation (CBI) has arrested Ayush Varshney, co-founder of Darwin Labs, in connection with the 200 million Gain Bitcoin cryptocurrency scam. Varshney was apprehended while attempting to flee the country.
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.
The regulator acted on the basis of a June 2011 complaint from the Office of the Directorate of Income Tax.
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.
US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down, suggests R Jagannathan.
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.
Hyderabad police have dismantled a multi-crore illegal money circulation racket allegedly promoted by QNet, arresting 32 individuals across Telangana, Andhra Pradesh, and Karnataka.
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.
Regulatory confusion and delays in consumer courts mean the retail investor is on his own.
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.
Virtual currencies don't have any intrinsic value and are not backed by any kind of assets.
Reddy was arrested following a marathon questioning after he appeared before the CCB, ending his elusive run for three days.
Ponzi schemes have characteristics that the informed investor can spot easily.
Ponzi or MLM schemes are fraudulent investment operations.
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.
Neither do they have a no-objection certificate from the state nor any kind of Reserve Bank of India permission.
The government is seriously considering strengthening of laws to regulate all kind of collective investment schemes.
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.
N R Narayana Murthy, co-founder of Infosys, blamed the venture capitalist community for inculcating a culture among entrepreneurs to chase growth at all costs. He said the VC model of investment looked like a ponzi scheme. "I would hold venture capitalists responsible who propounded the theory that only the top-line is important and not the bottom-line. "I think that is completely wrong. In many ways it looks like a ponzi scheme.
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.
Probe has been completed against 83.
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 agency, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
Even Delhi does not have a full-time registrar of chits.
The move is aimed at protecting investors from parking their money in dubious schemes.
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.
Government on Monday asked income tax department to take steps to unearth domestic black money.
Reddy, a minister during the previous BJP rule, had been arrested by the Central Bureau of Investigation in 2011 over alleged multi-crore illegal mining scam and granted bail three years later.
'Women in crime can turn on and off emotions like a tap.' 'Something that comes in the way of their goals can be eliminated without a second thought.'
The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
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