Ponzi Scheme News
"If the BJP-led government at the Centre is involved in any conspiracy against us, it will also face the consequence," TMC leader cautioned.
What this means in simple English is that the government is issuing fresh bonds and raising money to repay maturing bonds as well as to pay interest on the existing bonds.
A federal bankruptcy judge on Tuesday approved JPMorgan Chase & Co's $543 million deal to end two private lawsuits stemming from its relationship with convicted Ponzi scheme mastermind Bernard Madoff.
Effectively, the government ran UTI to the ground, bought back the assets of its victims for a pittance by offering them a Hobson's choice, and is now ready to make a killing by selling off those assets when the equity markets are much higher
There have been a number of cases in past few years of entities raising huge amounts of money from gullible investors through illegal CIS (Collective Investment Scheme) activities, many of which later faced crackdown by Sebi.
JPMorgan Chase & Co, already beset by other costly legal woes, will pay over $2 billion for ignoring obvious warning signs of Bernard Madoff's massive Ponzi scheme, authorities said today.
The tips are so mind boggling that it looks like modern day financial planners have borrowed a leaf from ancient scriptures to make the foundation principles of modern day personal finance.
Accusing the Odisha government of being hand in gloves with various ponzi companies looting poor investors, Congress today demanded a CBI probe and a white paper on the issue before walking out of the Assembly.
The cases of retail investors losing money in ponzi schemes are even higher than wealthy investors losing money in such schemes. In India, the Tamil Nadu police became so fed up with such scams that they threatened to arrest investors who invested in such promised high return schemes.
Ghosh had been summoned by the Bidhanagar Police for six times in the past one month in connection with the same scam.<br /><br />
This is a perfect Ponzi scheme where the government is paying off old debt by issuing new debt.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
Both banks and government seem able to get the RBI to do what they want. Banks are captive to the government, and the regulator is bending over backwards to oblige loss-making banks. The next crisis will thus be in the banking system.
The outgoing RBI governor also said that financial inclusion and financial literacy are among the top priorities for the central bank.<br /><br />
As of now, the Sebi can regulate only listed companies. The amendment will allow it to regulate unlisted companies too, which will bring Sahara Real Estate Corporation and Sahara Home Finance Corporation, the two Sahara companies that allegedly raised about Rs 17000 crore through illegal optionally fully convertible debentures.<br /><br />
Even while the Bitcoin is making governments across the world sit up and take notice, the Reserve Bank of India (RBI) has adopted the wait-and-watch approach
Faced with a mushrooming ponzi menace across the country, the government is considering a possible ban on promotion of money-collection schemes promising unrealistic returns.
When asked whether the government would come out with an ordinance for implementing the amendments, Pilot replied in the affirmative.