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 has restored assets worth over 15,000 crore to a Supreme Court-appointed committee for distribution to investors defrauded in the PACL (Pearls Group) 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.
The Calcutta High Court has granted conditional bail to Sudipta Sen, the main accused in the multi-crore Saradha ponzi scheme, potentially leading to his release after 13 years in jail.
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.
The Calcutta High Court has granted bail to Sudipta Sen, the main accused in the multi-crore Saradha ponzi scheme, in the last two criminal cases against him, potentially leading to his release after 13 years in jail.
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 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.
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 Enforcement Directorate (ED) has attached properties worth Rs 1.06 crore in connection with the 'Global Media App' fraud, an online earning platform that allegedly generated over Rs 45 crore through illicit means.
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.
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.
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.
Regulatory confusion and delays in consumer courts mean the retail investor is on his own.
The Calcutta High Court has granted conditional bail to Sudipta Sen, the main accused in the multi-crore Saradha ponzi scheme, after 13 years of detention. The court cited the right to a speedy trial and Sen's prolonged detention as key factors in its decision.
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.
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.
Ponzi or MLM schemes are fraudulent investment operations.
Neither do they have a no-objection certificate from the state nor any kind of Reserve Bank of India permission.
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.
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.
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.
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.
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.
Hyderabad police have dismantled a multi-crore illegal money circulation racket allegedly promoted by QNet, arresting 32 individuals across Telangana, Andhra Pradesh, and Karnataka.
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.
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