Ponzi Scheme

Ponzi Scheme News

PACL head Nirmal Bhangoo arrested in alleged Rs 45,000 cr investment scam
Business

PACL head Nirmal Bhangoo arrested in alleged Rs 45,000 cr investment scam

The case involves alleged collection of about Rs 45,000 crore from roughly 55 million investors across the country

Saradha scam: Court orders Madan Mitra to stay in judicial custody
India

Saradha scam: Court orders Madan Mitra to stay in judicial custody

The judicial custody of Trinamool Congress leader and former West Bengal minister Madan Mitra, was extended by a city court by another 14 days

Saradha scam: To pay back investors, ED seeks court's nod to auction assets
India

Saradha scam: To pay back investors, ED seeks court's nod to auction assets

The Enforcement Directorate (ED) is soon expected to approach a special court in Kolkata seeking permission to auction Saradha Group's seized assets, valued at about Rs 1,000 crore, in an attempt to pay back duped investors.

This one number suggests that the real estate bubble may be fizzling out
Business

This one number suggests that the real estate bubble may be fizzling out

The Reserve Bank of India(RBI) puts out the sectoral deployment of credit data at the end of every month. The latest data for the one year period ending March 20, 2015, shows that lending to the commercial real estate sector by banks grew by 8.9% to Rs 1,68,000 crore. The overall lending by banks on the other hand grew by a very similar 8.6%.

Why real estate Ponzi scheme will continue despite new Real Estate Bill
Business

Why real estate Ponzi scheme will continue despite new Real Estate Bill

The Bill requires real estate companies to compulsorily deposit half of the money raised from buyers for a particular project into a monitorable account.

Ponzi scam: ED charge sheets Rose Valley chairman Gautam Kundu, 5 others
Business

Ponzi scam: ED charge sheets Rose Valley chairman Gautam Kundu, 5 others

The Sebi in June 2014 had ordered Rose Valley to refund the money to the investors

Assam looks to tighten law against ponzi scheme
India

Assam looks to tighten law against ponzi scheme

The bill, which was introduced by the Parliamentary Affairs Minister Nilamani Sen Deka in the Assembly today, proposed that no court shall grant anticipatory bail to anyone committing an offence under this Act.

Indian man sentenced to prison for running ponzi scheme in the US
World

Indian man sentenced to prison for running ponzi scheme in the US

A 37—year-old Indian man here has been sentenced to over five years in prison for running a USD 3.8 million ponzi scheme.

Three reasons why Supreme Court should appoint a receiver for Sahara
Corporate

Three reasons why Supreme Court should appoint a receiver for Sahara

Appointment of receiver would not only expedite the matter but also end the all round agony

Saradha probe: CBI registers fresh cases against two companies
India

Saradha probe: CBI registers fresh cases against two companies

CBI sources said the agency registered cases against Ramel Industries and Annex Infrastructure in connection with its probe.

Odisha Assembly stalled for second day over ponzi scam
Politics

Odisha Assembly stalled for second day over ponzi scam

As soon as the House assembled for the day, both Congress and BJP members were on their feet shouting slogans and waving placards and banners which slammed the BJD government for the 'loot of poor people's hard-earned money by tainted chit fund companies'.

 Govt aims at raising savings, re-launches Kisan Vikas Patra
Economy

Govt aims at raising savings, re-launches Kisan Vikas Patra

KVP would serve two purposes, the Union finance minister said, adding, one it would help poor gullible investors to channelise their savings towards trusted government scheme instead of some ponzi schemes, where hard earned savings disappears.

Saradha scam: Over 279 companies were used to channelise money
India

Saradha scam: Over 279 companies were used to channelise money

As a multi-agency probe continues in Saradha scam, findings of one official investigation suggests that the group floated at least 279 companies to channelise the money.

Odisha chit fund scam: CBI books BJD MLA for links with Artha Tatwa group
India

Odisha chit fund scam: CBI books BJD MLA for links with Artha Tatwa group

The CBI on Friday arrested a ruling BJD MLA in Odisha for his alleged complicity with Artha Tatwa Group chief Pradip Sethy.

Tatwa scam: BJP accused Odisha CM of shielding tainted ex-AG
India

Tatwa scam: BJP accused Odisha CM of shielding tainted ex-AG

Stating that state's BJD government is gradually coming under the grip of CBI, Mohapatra ridiculed Patnaik saying "law is not taking its course in Odisha."

Saradha scam: CBI arrests two stock brokers
Economy

Saradha scam: CBI arrests two stock brokers

CBI today arrested two stock brokers for allegedly being involved in misappropriation of funds of scam-hit Artha Tatwa (AT) group

SFIO confirms Saradha group was running ponzi schemes; will face prosecution
Money

SFIO confirms Saradha group was running ponzi schemes; will face prosecution

Completing its probe into 'chit fund scam' of 14 Saradha group firms, SFIO today said these companies have been found to be running 'ponzi schemes' and would face prosecution for violation of several laws.

CBI interrogates former Odisha Attorney General in ponzi scehem scam
India

CBI interrogates former Odisha Attorney General in ponzi scehem scam

Former Odisha Advocate General Ashok Mohanty was interrogated by CBI on Saturday.

The question Saradha raises: Are India's poor unknowingly funding terror outfits?
Economy

The question Saradha raises: Are India's poor unknowingly funding terror outfits?

The bigger concern is where did all the money raised by Saharas and PACLs - by defrauding the poor - go