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.
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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.
Multi-crore ponzi schemes are mushrooming in West Bengal and government is not taking any action despite they are out in the open.
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.
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.
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 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.
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
One of American's biggest fraudsters, Bernard Madoff was sentenced to 150 years for his massive $65 billion scam.
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.
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.
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.
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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.
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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.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
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.
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.
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.
Central Bureau of Investigation is investigating the Saradha ponzi scam.
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