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Ponzi scheme News

17 Mar 2022

DNA: Don't get free troubles with 'free' scheme!

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.

10 Jan 2022

Crypto Fraud: ED attaches assets of Nishad K worth Rs 36 crore for cheating

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.

29 Jul 2019

Parliament passes bill to regulate ponzi schemes

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.

10 Jul 2019

Cabinet clears draft law to curb menace of ponzi schemes

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.

Enforcement Directorate

28 Jun 2019

ED attaches Rs 209 crore in Bengaluru ponnzi scheme case

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

28 Jan 2019

Ponzi scam: ED seizes TMC MP KD Singh's assets worth Rs 238 crore

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

Janardhana Reddy

14 Nov 2018

Mining baron Janardhana Reddy granted bail in alleged Ponzi scheme fraud case

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.

Seashore Chitfund scam

19 Sep 2017

Odisha: CBI arrests BJD MLA in Seashore Chitfund scam case

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.

Webwork Trade Links

28 Jun 2017

CBI takes over Rs 500 cr online ponzi scam probe

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

30 May 2016

New law on cards to tackle Sahara-like Ponzi scams

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.

19 Feb 2016

Shocking! Income Tax dept smells a rat on Freedom 251 launch?

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.

14 Jan 2016

Veteran cricketers Yuvraj Singh, Harbhajan Singh linked to Rs 45,000 crore ponzi scam: Reports

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

31 Jan 2015

Investors robbed of $11 mn Bitcoins in four years: Study

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.

22 Dec 2014

Madoff victims' payout nearing $7.2 billion: Trustee

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.

Special Investigation Team

12 Dec 2014

Change laws, put cash curbs to check black money menace: SIT

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).

05 Dec 2014

RBI to bring out Charter on consumer rights

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.

14 Sep 2014

Ponzi menace: SEBI wants states to put frontline checks

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.

12 Aug 2014

Sebi slaps Rs 31 lakh fine on 3 persons for fraudulent trades

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

12 Aug 2014

Rajya Sabha passes Bill to give teeth to Sebi to tackle ponzi menace

Lok Sabha had last week passed this Bill.

24 Jul 2014

Madoff letter to US judge appears to be fake

US judge on Wednesday denied a bizarre motion supposedly filed by Madoff that claimed the US intelligence agencies used "bio-electric sensors” to influence the case against him.

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