Ponzi scheme News

Shine City Group, led by Naseem have been accused of cheating investors in UP, siphoning over hundreds of crores from them. Where is he currently living? This and more, read on.

In Mumbai, not one, two, three, but the entire 287 people came under the guise of freebies. In the year 2018, an insurance company in Mumbai announced that those who participate in its health check-up camp will be given free health insurance. That is, if people get sick, then this company will bear all the expenses of the hospital. And money will be put in the bank accounts of these people.

The deposits taken from the general public were illegal and without any statutory permission from any regulatory agencies. This was a Ponzi scheme & investors were lured with the promise of a very high return. The money obtained was used for the purchase of immovable properties, for the purchase of various other Cryptocurrencies.

Aiming to curb the menace of ponzi schemes and protect gullible investors, Parliament has passed the Banning of Unregulated Deposit Schemes Bill, 2019. The Rajya Sabha on Monday passed the bill with a voice vote. The Lok Sabha had given its approval to the draft legislation on July 24.

The draft law has been brought in the wake of alleged duping of lakhs of financially illiterate people by Saradha and Rose Valley chit funds in West Bengal, Odisha and other states.

IMA Group MD Mohammed Mansoor Khan is accused of cheating more than 40000 middle class and lower middle class people through Ponzi Schemes.

The authorities have also frozen several bank accounts linked to Singh.

Mining baron and and former state minister G Janardhana Reddy was granted bail by Bengaluru court in the alleged Ponzi scheme fraud case on Wednesday evening. He was arrested on Sunday following a marathon session of questioning in connection with a money transaction worth crores of rupees allegedly linked to a ponzi scheme.

Ruling Biju Janata Dal (BJD) legislator Prabhat Biswal was arrested by the Central Bureau of Investigation (CBI) on Tuesday in connection with the Seashore Chitfund scam in Odisha.

The CBI has taken over investigation of the Rs 500 crore online ponzi scam allegedly by Ghaziabad-based Webwork Trade Links.

 India plans a legislation to close a regulatory loophole that has made it possible for fraudsters to dupe millions of savers, as Prime MinisterNarendra Modi strives to bring the rural poor into the mainstreambanking system.

After all that massive buzz that Ringing Bells made by launching the 3G smartphone priced at just Rs 251, Income tax Department's investigation team is reported to have visited the Ringing Bells office.

Both the Punjab cricketers Yuvi and Bhajji allegedly received plots of lands in Mohali as gifts.

Frauds such as online ponzi schemes have skimmed at least $11 million in Bitcoin deposits from unsuspecting cyber customers over the past four years, a study says.

Victims of Bernard Madoff`s massive Ponzi scheme will get afresh $322 million payout if a US judge approves the request by the trustee liquidating the convicted fraudster`s firm, bringing the recovery total to more than $7 billion.

The SIT said that making tax evasion of Rs 50 lakh or more a 'predicate offence' would allow necessary action under the Prevention of Money Laundering Act (PMLA).

The RBI is working towards bringing out a charter on consumer rights to curb instances of ponzi and online lottery schemes, a senior Bank official said here on Friday.

As illicit money-pooling schemes sprout across nooks and corners of the country, SEBI has asked state governments to put in place the first line of defence against such activities and provide 'early warning systems' for cases requiring action by the capital markets regulator.

Sebi had conducted an investigation into the trading in shares of the four companies for the period January 1, 2009 to August 31, 2009.

Lok Sabha had last week passed this Bill.