A Belagavi court has remanded Shivaanand Neelannavar, the alleged kingpin of a multi-crore ponzi scheme, to 10 days of CID custody for further investigation. The case involves an alleged fraud of nearly Rs 1,000 crore and affects around 35,000 investors.
The CBI has arrested five individuals, including a key figure, in connection with the LUCC chit fund scam in Uttarakhand, which involves over Rs 400 crore. The case concerns alleged irregularities by the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC), accused of enticing investors into unregulated schemes.
The CBI has arrested two alleged masterminds from Mumbai in connection with the Rs 800 crore LUCC chitfund scam in Uttarakhand, where over one lakh investors were reportedly defrauded.
The CBI has arrested two alleged masterminds from Mumbai in connection with the Rs 800 crore LUCC chitfund scam in Uttarakhand, officials said.
A special CBI court in Tripura sentenced three executives of a chit fund company to six years of rigorous imprisonment each for swindling Rs 5.5 crore from over 800 depositors.
The owner of Shivam Associates in Belagavi has been arrested following allegations of multi-crore investment fraud and unregulated financial activities. Authorities are investigating the firm's dealings with thousands of investors.
A Thane court has sentenced a financial advisor to two years rigorous imprisonment in a case of criminal breach of trust filed by a woman and imposed a fine of Rs 30 lakh on him.
A Thane resident was defrauded of Rs 93.30 lakh after being enticed into a forex trading scheme by two individuals, who have since been booked by the police.
Police in Belagavi, Karnataka, have arrested the operator of Shivam Associates, accused of running a multi-crore Ponzi scheme that promised high returns to depositors. The case has been registered under the BUDS Act and KPID Act, and will be transferred to the CID for further investigation.
Police in Karnataka have arrested an individual running a firm accused of operating a multi-crore deposit scam, attracting investments with promises of high returns. The case involves Shivaanand S Neelanavar and his firm Shivam Associates, also known as Acumen, who allegedly failed to return money to depositors after promising a 36 per cent annual return.
A 36-year-old man from Thane, Maharashtra, was allegedly defrauded of Rs 62 lakh (62,000) by an acquaintance who enticed him to invest in the stock market with promises of high returns.
Sebi cautions investors against fake notices demanding Securities Transaction Tax (STT) payments and warns about fraudsters posing as account handlers promising risk-free profits.
A couple from Kerala, running a chit fund company in Bengaluru, has allegedly fled after cheating over 1,300 investors of more than Rs 50 crore. Police have launched a manhunt and are investigating the extent of the fraud.
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Investors should be mindful of the high volatility in cryptos: Bitcoin has fallen more than 80 per cent in past corrections.
The Securities and Exchange Board of India (Sebi) on Wednesday announced a slew of measures to ease the compliance burden in the stock markets ecosystem, encourage more companies to list on the bourses after reverse flipping to India, and facilitate greater foreign fund flows into government bonds.
Sebi, which has been given powers to take action against all unregulated money pooling schemes worth over Rs 100 crore (Rs 1 billion) besides all public issuances of securities, has issued this fresh caution notice at a time when a large number of people have been duped by numerous schemes in various states and enforcement action is underway against such operators.
The Reserve Bank of India (RBI) brass, including its Governor Sanjay Malhotra, on Tuesday told a Parliamentary panel that it was "optimistic" about the impact of the US tariffs on the Indian economy and, in long-run, it could benefit the country due to dipping trade relations between the US and China.
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.
Finance Minister P Chidambaram on Monday slammed "unregulated" players in the financial market saying their activities have adversely impacted large number of consumers.
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.
Ponzi schemes have characteristics that the informed investor can spot easily.
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 Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
'Digital courts will alleviate congestion in traditional courts.'
'In most schemes, where the monthly investment is a fixed amount, investors run the risk of the price of gold rising during the tenure of the recurring deposit,' notes Harsh Roongta.
Probe has been completed against 83.
Jewellers initially feared the ban applied on them, too. However, after discontinuing their monthly schemes for almost two weeks, they've started accepting deposits again.
In a public notice, the Securities and Exchange Board of India observed that some companies or entities are illegally mobilising funds from the public by making false promises of exorbitant rates of return under various schemes.
If investing in Bitcoin, adopt a three to five-year horizon and invest systematically to gain from its volatility.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
As all regulators are part of it, individuals don't need to worry about approaching the right authority
Democracy does not begin and end with elections and the integrity of election process is pivotal for sustaining the democratic form of government, the Supreme Court said on Thursday while striking down as unconstitutional the electoral bonds scheme for political funding.
'From our survey we found that there was a problem in the agricultural sector and drones could solve the problem.'
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
Government on Monday asked income tax department to take steps to unearth domestic black money.
Net direct tax collection in the April-June quarter of the current fiscal rose by 41 per cent to Rs 3,54,569.74 crore, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha. During the April-June period of 2021-22, the government had collected a net direct tax of Rs 2,50,881.08 crore. At the same time, net indirect tax collection including Goods and Services Tax (GST) and custom duty increased by 9.4 per cent to Rs 3,44,056 crore as against Rs 3,14,476 crore in the first quarter of the previous fiscal, he said in a written reply.
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
