Ponzi Scheme

Ponzi Scheme News

CBI arrests four from Kolkata in Rs 565-crore chit fund case
India

CBI arrests four from Kolkata in Rs 565-crore chit fund case

The four arrested had allegedly associated with the ponzi scheme and received pecuniary benefits, a statement said

‘Cryptocurrencies, such as Bitcoin, are decentralised Ponzi scheme’
Business

‘Cryptocurrencies, such as Bitcoin, are decentralised Ponzi scheme’

Jamie Dimon said ‘stablecoins’ were better options to crypto, if better regulated, since they were tied to the value of dollar

Ponzi schemer Bernie Madoff dies in American prison; he was 82
World

Ponzi schemer Bernie Madoff dies in American prison; he was 82

A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that Madoff swindled out of thousands of people over decades

Hollywood actor Zack Avery arrested for allegedly masterminding multi-million dollar Ponzi scheme involving Netflix, HBO
Entertainment

Hollywood actor Zack Avery arrested for allegedly masterminding multi-million dollar Ponzi scheme involving Netflix, HBO

Zach Avery, whose real name is Zachary Horwitz, told investors his company would buy film distribution rights and license them to Netflix and HBO but in fact had "no business relationship with either company", according to the Securities and Exchange Commission.

Shah Rukh Khan, Anil Kapoor, Pooja Hedgde, Vivek Oberoi served notices for alleged involvement in QNet scam
Entertainment

Shah Rukh Khan, Anil Kapoor, Pooja Hedgde, Vivek Oberoi served notices for alleged involvement in QNet scam

Shah Rukh Khan and cricketer Yuvraj Singh were among the many who were served notices for their alleged involvement in the multi-crore QNet scam.

Mamata Banerjee's Kolkata dharna: Bid to detain Rajeev Kumar overtly political move to assert Centre's right, dismiss Didi's delusions
Politics

Mamata Banerjee's Kolkata dharna: Bid to detain Rajeev Kumar overtly political move to assert Centre's right, dismiss Didi's delusions

The history of the case bears significance in the present context as Mamata on Monday sat on dharna in Kolkata to protect Kumar who is suspected to have tinkered with evidence in the scam. Mamata, known for hitting streets and rabble-rousing for populist causes, seems to have reversed her politics in her constitutional role. She is seen as taking the side of the corrupt and protecting a few of her favourites at the expense of masses.

Police to continue questioning G Janardhana Reddy today; BJP leader spends Saturday night in crime branch waiting room
India

Police to continue questioning G Janardhana Reddy today; BJP leader spends Saturday night in crime branch waiting room

Police questioning of Karnataka mining baron and BJP leader G Janardhana Reddy, who was held by Bengaluru police until 2 am on Sunday morning, is likely to continue on Sunday.

The Great Indian NPA Mess: Banks, govt and industrialists worked together to kick bad loans can down the road
Business

The Great Indian NPA Mess: Banks, govt and industrialists worked together to kick bad loans can down the road

We now have one big problem which the Narendra Modi government is trying to postpone further by merging different public sector banks. The trouble is bringing two rotten eggs together is only going to lead to another rotten egg

Kevin Spacey-starrer Billionaire Boys Club to release in August despite sexual assault allegations against actor
Entertainment

Kevin Spacey-starrer Billionaire Boys Club to release in August despite sexual assault allegations against actor

The film starring Kevin Spacey, Ansel Elgort and Taron Egerton is about young wealthy men in Los Angeles who run a Ponzi scheme

Rahul Dravid, Saina Nehwal, Prakash Padukone duped of crores of rupees by Bangalore-based firm
Sports

Rahul Dravid, Saina Nehwal, Prakash Padukone duped of crores of rupees by Bangalore-based firm

Rahul Dravid, Saina Nehwal and Prakash Padukone have reportedly been duped of crores of rupees.

Gurmeet Ram Rahim convicted of rape: How Babas run Ponzi schemes with selfish politicians, foolish bhakts
India

Gurmeet Ram Rahim convicted of rape: How Babas run Ponzi schemes with selfish politicians, foolish bhakts

In India, Baba-dom is like a ponzi scheme that thrives on the simple formula of everybody trying to benefit at the cost of others down the multi-level chain.

Indian-American former CEO duped $33 million from over 100 investors in the US; jailed for 15 years
World

Indian-American former CEO duped $33 million from over 100 investors in the US; jailed for 15 years

A 44-year-old Indian-American has been sentenced to 15 years in prison for duping over a 100 investors of $33 million through fraudulent schemes.

Michael Ferreira gets bail in Rs 1,000-cr QNet scam: Here's how the Padma awardee got into trouble
Business

Michael Ferreira gets bail in Rs 1,000-cr QNet scam: Here's how the Padma awardee got into trouble

Despite the allegations, QNets Global CEO Trevor Kuna last week said the company has big plans for India

CBI probing Ponzi schemes of Rs 85,000 crore, says agency director
India

CBI probing Ponzi schemes of Rs 85,000 crore, says agency director

The Central Bureau of Investigation (CBI) is probing cases of Ponzi schemes in which over Rs 85,000 crore of over six crore investors are involved and it is assisting the Centre in framing a legislation to put a ban on such deposit-taking activities, agency Chief Anil Sinha said in New Delhi on Friday

Release of Brett Lee's film UNIndian brings back ghost of Pearls Group Ponzi scheme
Entertainment

Release of Brett Lee's film UNIndian brings back ghost of Pearls Group Ponzi scheme

Brett Lee was the brand ambassador for the Pearls Group in 2010, which is believed to have scammed 5.5 crore investors of their savings

Whether Sarada or Narada: TMC's corruption is not new knowledge and won't hugely affect outcome of this election
Politics

Whether Sarada or Narada: TMC's corruption is not new knowledge and won't hugely affect outcome of this election

Even before the still unverified but widely believed to be authentic footage by Narada showing top Trinamool leaders, including some very senior ministers and MPs, accepting bundles of hard cash and talking indiscreetly about various deals and fixings, the Trinamool did not exactly enjoy a public perception of being an incorruptible party.

Rose Valley scam: ED files chargesheet against Gautam Kundu under Prevention of Money Laundering Act
Business

Rose Valley scam: ED files chargesheet against Gautam Kundu under Prevention of Money Laundering Act

In the chargesheet, ED has requested the court to allow it to confiscate properties worth Rs 332 crore which it has already seized in the Rose Valley case.

Budget 2016: Jaitley proposes comprehensive central law to check ponzi menace
Business

Budget 2016: Jaitley proposes comprehensive central law to check ponzi menace

However, there is no comprehensive legal framework for all kinds of illicit money pooling schemes they are mostly governed by state-level laws.

Govt extends UK Sinha tenure by a year as Sebi chief till March next year
Business

Govt extends UK Sinha tenure by a year as Sebi chief till March next year

Sinha quit IAS in 2008 when he was holding the rank of an additional secretary to the government of India and was on deputation as chairman and managing director with UTI Mutual Fund.