While the Trinamool government, led by Chief Minister Mamata Banerjee, tried its best to attract investors, including from Singapore, not much headway could be made.
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.
According to the consumer affairs department, these chit funds are operating at a small level.
The regulator is also exercising its new powers like collection of information from other regulators, government departments and even commercial enterprises such as telecom companies and banks.
Investigating agencies have finally taken Jignesh Shah, promoter of Financial Technologies into custody, ten months after the scam broke out.
The agency has done five advertisements so far.
The world is celebrating Raj Kapoor's birth centenary, but when was the last time you watched an RK film?
The trustee liquidating the assets of imprisoned scamster Bernard Madoff has sued J P Morgan seeking damages worth $6.4 billion for allegedly aiding the fraud committed by him.
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.
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with ponzi schemes, allegations his group always denied.
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.
JPMorgan Chase was "at the very centre" of Madoff Ponzi scheme
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.
One of American's biggest fraudsters, Bernard Madoff was sentenced to 150 years for his massive $65 billion scam.
Financier Bernard Madoff, in jail now, had shelled out nearly $ 1 million towards lobbying and in campaign contributions, of which a large part went to the Democrats, a US research group has said.
The quizmaster-turned-parliamentarian was interrogated for about two hours on some financial transactions in bank accounts related to the TMC mouthpiece 'Jago Bangla'.
This is 1 per cent higher than the interim rate of 8.5 per cent announced for 2004-05.
Check out what happened in the world of business this past week.
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The Union Cabinet on Wednesday had approved the proposal to amend the Sebi Act and other relevant regulations that would give greater powers to the regulator in its efforts to tackle all kinds of money-collection schemes, as also to effectively crackdown on defaulters in the stock markets.
The Madoff case has become a powerful symbol. The odd thing is, no one is exactly sure what it is a symbol of.
The disgraced money manager's victims include a who's who of wealth and celebrity.
Financier Bernard Madoff has pleaded guilty to all 11 charges in one of the largest swindles in Wall Street history. He faces as many as 150 years in prison when sentenced.
The Supreme Court on Monday asked a crypto-currency scam accused to disclose the username and password of his bitcoin wallet to the Enforcement Directorate and cooperate with the investigation in the money laundering case against him.
Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
If Bhansali has Rs 10 crore why isn't it being used to repay creditors? says Sucheta Dalal.\n\n\n\n\n\n
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.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
Wanted diamond merchant Nirav Modi appeared via videolink from his London prison for a regular call-over hearing at Westminster Magistrates' Court on Friday, when he was further remanded in custody until February 25, when the judgment in his extradition case is to be handed down. District Judge Angus Hamilton informed Modi that he would most likely be appearing again via videolink on the day of the ruling, which will decide whether the 49-year-old jeweller has a case to answer before the Indian courts on fraud and money laundering in relation to the Punjab National Bank (PNB) scam case. Last month, District Judge Samuel Goozee had confirmed the timeline for the judgment at the end of closing submissions in the case, during which he heard that Modi is responsible for overseeing a "ponzi-like scheme" that caused enormous fraud to PNB.
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".
'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.
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.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
The agency had summoned him in January too but he sought time, citing the ongoing Winter Session of Parliament, they said.
Central Bureau of Investigation is investigating the Saradha ponzi scam.
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.
Bandopadhaya claimed he was innocent and had no involvement in the scam.
The central bank's move comes against the backdrop of the government efforts to crackdown on entities, that are illegally raising large amounts of money from the public.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.
The bids have been invited by Sebi till October 27, while auction for the sale would take place on October 30
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