Gujarat police arrest a woman allegedly involved in trafficking job aspirants to Myanmar and Thailand for cyber slavery. The accused lured people with promises of high-paying jobs and forced them to work for international cyber crime syndicates.
NBFCs which have not met Sebi criteria will face tough action.
The Ministry of Finance's Directorate of Enforcement should also be made a part of the state-level coordination panels,
The CBI has filed a chargesheet against 17 people, including four Chinese nationals, and 58 companies for their alleged roles in a transnational cyber fraud network that siphoned off over Rs 1,000 crore.
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Sebi on Monday decided to declare illegal mobilisation of funds as a "fraudulent and unfair trade practice".
The Supreme Court is considering entrusting the CBI with the investigation into digital arrest cases, citing the magnitude and pan-India spread of such crimes. The court has sought details of FIRs registered in different states and union territories and is monitoring the progress of the investigation.
The Enforcement Directorate (ED) has earmarked assets worth about Rs 15,000 crore that will be restored to victims of real estate, Ponzi and other frauds across India during the current financial year. The agency has been "aggressively" initiating this provision for restitution since last year to ensure rightful claimants duped by financial crime get their dues. The ED has already restored Rs 31,951 crore worth of assets under this provision, including Rs 15,201.65 crore from 2019-21 in cases related to Vijay Mallya, Nirav Modi and the National Spot Exchange Limited (NSEL). The ED Director has issued directions to all regions to actively work on cases marked for restitution of assets worth Rs 15,000 crore during the financial year 2025-26.
European investors face billions of dollars losses in the wake of disclosure of 'Ponzi' scheme run by Bernard Madoff, now being investigated by the American authorities.
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.
Jaitley also said that several states have framed laws to deal with ponzi scheme-related cases
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.
: Build lasting wealth via disciplined, long-term mutual fund investing in India's compounding marathon, Shanaihi, Shanaihi, says Ramalingam Kalirajan
"Dravid had lodged a complaint with us two days back against Vikram Investment Company for cheating him of Rs 4 crore," Sadashivanagar police inspector Naveen said.
Clause 150 empowers govt to change the meaning of 'financial products/services' to include new instruments.
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.
Reddy claimed that there was a "political conspiracy" and added that he had faith in the police.
Reddy, who appeared at the Central Crime Branch office in Bengaluru on Saturday, was arrested after the questioning ended on Sunday morning
Until now, the penalty was Rs 1 crore only.
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.
Fraudsters read your mind, weave convincing stories, earn your trust and then vanish with people's savings. Ramalingam Kalirajan reveals five simple tricks that cons use to steal money from you.
As smartphones penetrate through the country, apps are getting more and more localised, democratised.
The Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
The investigation pertains to a case against Pranav Jewellers, a partnership firm based in Tiruchirapalli, whom the ED raided on November 20 and claimed to have seized "unexplained" cash of Rs 23.70 lakh and some gold jewellery.
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.
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.
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.
Several of Sachin Uppal's victims were family friends
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
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.
In a fresh ponzi clampdown, Sebi on Wednesday barred Kolkata-based Rose Valley group from raising public money in the name of 'holiday membership' scheme, through which it is estimated to have garnered over Rs 1,000 crore (Rs 10 billion) without necessary regulatory approvals.
The Supreme Court has sought responses of the Centre, CBI, the Enforcement Directorate and others including 13 states on a plea alleging fraudulent activities by motivational speaker Vivek Bindra and his firm Bada Business Pvt Ltd. Accusing the social media influencer and his firm of tricking people into giving them their money through a ponzi scheme that promised big returns, the petition sought a direction to the Centre to constitute a special investigation team (SIT) of the CBI to probe the case. A bench comprising MM Sundresh and SVN Bhatti took note of the submissions of senior advocate Vikas Singh, appearing for Shubham Chaudhary and 19 other petitioners, that Bindra and his firm have duped several people of their money.
The Central Bureau of Investigation (CBI) on Friday issued summons to Trinamool Congress secretary general and senior West Bengal minister Partha Chatterjee in connection with the I-core ponzi scam, sources in the agency said.
Making a strong case for banning cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Monday said they are even worse than ponzi schemes and threaten the financial sovereignty of a country. Observing that crypto-technology is underpinned by a philosophy to evade government controls, he said they have been specifically developed to bypass the regulated financial system. More substantially, he added, cryptocurrencies can wreck the currency system, monetary authority, banking system, and in general the government's ability to control the economy.
Watch all the proceedings and live debates.
Multi-crore ponzi schemes are mushrooming in West Bengal and government is not taking any action despite they are out in the open.
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.
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