Hyderabad: Three members of an inter-state white collar criminal gang who allegedly indulged in fraudulent transactions worth over Rs 3 crore from across the country, including the national capital, were arrested on Tuesday, the police said. The accused, including Anshul Thapar from Ludhiana, K Govardhan from Chitoor in Andhra Pradesh and Jainarayan Sisodia from Delhi, were nabbed from a location in Hyderabad by the Commissioner's Task Force (East Zone) and the Panjagutta police.
The trio's alleged offences include cheating banks to the tune of Rs 2.88 crore by withdrawing or transferring money using cloned credit cards in Delhi, besides alleged swindling Rs 38 lakh in Chennai as well as illegally carrying out balance transfer from banks to the tune of Rs 7.5 lakhs, the police said. They are also wanted in connection with five property-related offences reported from Kanchanbagh police station here.
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12:45 AM, May 22, 2013
New Delhi: A Delhi-based couple was arrested from Kolkata for duping several banks by forging documents, police said Saturday. Kamal Kishore Shukla, 60, and his wife Shashi Shukla, 53 were arrested on May 15 from Kolkata. The duo had obtained housing loans from different banks against a single property in Vaishali area of Uttar Pradesh's Ghaziabad, adjoining Delhi, with the help of fake documents and had even sold the same...
11:26 PM, May 18, 2013
Bangalore: Two Indian IT firms are feeling the heat of the recent $ 45 million global ATM heist. But while they are under scrutiny for possible security breach, industry body NASSCOM says the incident is not a reflection on Indian IT services overall. It is being called the world's largest ATM heist - a sensational global crime that saw $ 45 million being stolen from two banks in the middle...
07:52 AM, May 15, 2013
Kolkata: Violence broke out on Tuesday at an anti-chit fund rally, held by Democratic Students Organisation (student wing of Socialist Unity Centre of India) in Kolkata. Police had to resort to lathicharge to disperse the participants of the rally, who were trying to hold a law violation programme. There are reports of injuries on both sides. More details are awaited. ...
03:35 PM, May 14, 2013
Bhubaneswar: Weeks after CNN-IBN reported a political nexus in Odisha's Rs 20,000 crore investment scam, the crime branch has now arrested the owner of another financial company. The arrested owner of Artha Tatwa, Pradip Sethi, has alleged that ministers, MLAs, top politicians and bureaucrats are also involved in the financial scam. He has claimed that he has video and audio evidence to prove the involvement of politicians. Pradip has now...
09:30 AM, May 14, 2013
Kolkata: Accusing the Left of failing to protect investors in ponzi schemes during its prolonged rule in West Bengal, the Trinamool Congress on Thursday hit back after Left leaders met the Prime Minister and Finance Minister seeking a CBI probe into the chit fund scam. "Who are asking for a CBI probe today? It is those who were unable to pass an effective bill to rein in chit fund companies...
06:47 PM, May 09, 2013
Milan: A Milan appeals court upheld a four-year sentence for tax fraud against former prime minister and centre-right leader Silvio Berlusconi on Wednesday, adding to the complications facing Italy's fragile coalition government. In addition to the jail sentence for tax fraud in connection with the purchase of broadcasting rights by his television network Mediaset, the court's ruling would also bar Berlusconi from holding public office for five years. However, neither...
07:40 AM, May 09, 2013
Kendrapara: A manager of a chit fund was arrested from here even as reports of fraud by bogus non-banking financial companies trickled in from various pockets of Kendrapara and Jagatsinghpur district of Odisha. After DP finance, another chit fund Artha Tatwa (AT) has disappeared cheating investors in Kujang (Jagatsinghpur) and Pattamundai (Kendrapara) to a tune of Rs 20 crore, police said. "Madan Mohan Swain, branch manager of Golden Lion (a...
05:55 PM, May 08, 2013
Bhubaneswar: A scam as big as the chit fund fraud in West Bengal has been exposed, but this time it is in Odisha. A CNN-IBN exclusive shows how fraudulent investment companies are duping investors in the state. Investors have been swindled off nearly Rs 20,000 crore by 40 finance companies in Odisha. Seashore Group, one of the companies being probed by Odisha police, has duped over 80,000 investors and collected...
06:38 PM, May 01, 2013
Kolkata: The West Bengal chit fund is getting bigger each day. It has now turns out that ponzi schemes in the state financed not just media houses but Tollywood films as well. In the past four years, at least one in three films has been produced by groups that run ponzi schemes. Rose Valley, a deposit-taking company which is now under the MCA scanner, has produced 18 films including three...
08:42 AM, Apr 29, 2013
Kolkata: In the wake of the collapse of the Saradha Group, an under pressure Mamata Banerjee is all set to bring a new law that allows takeover of chit fund companies and confiscation of properties. The opposition though has slammed the move saying the Bill has nothing new. This comes even as another investor committed suicide in Purulia. The draft of the new Bill that was circulated among West Bengal's...
07:53 AM, Apr 28, 2013
Kolkata: Debjani Mukherjee, who went from being a receptionist in the Saradha group to becoming an executive director, has now been arrested for defrauding investors. Her story is a fairy tale that ended badly. Debjani Mukherjee is known as 'Madam' by the employees of the Saradha group. She is a mystery woman whose rise up the corporate ladder was staggering - from a receptionist to the executive director of the...
10:08 AM, Apr 27, 2013
New Delhi: The SFIO probe ordered by the government into illegal money-pooling activities of various entities would initially focus on 57 companies, most of which are in West Bengal, Odisha, Bihar and Assam. The Special Task Force under the Serious Fraud Investigation Office (SFIO) would begin its probe with a total of 57 companies, but the ambit could be expanded as the investigation process moves ahead, sources said. Most of...
05:30 PM, Apr 26, 2013
New Delhi: Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and Northeastern states have become a hotbed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO (Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the...
01:54 PM, Apr 26, 2013
Chennai: Well-known Tamil cinema actor 'Powerstar' Srinivasan, was arrested today for allegedly cheating a person of a huge amount of money. Srinivasan, 50, was arrested this morning on a complaint from one P S Ranganathan of Prakasam district in Andhra Pradesh, a police release here said. Ranganathan alleged that Srinivasan took Rs 50 lakh as commission from him with a promise to secure a loan of Rs 20 crore. However...
11:48 AM, Apr 26, 2013
New Delhi: Proceedings were washed out for the third consecutive day in Rajya Sabha as BJP created uproar on the coalgate issue demanding resignation of Prime Minister Manmohan Singh and dismissal of Law Minister Ashwani Kumar. Lok Sabha, which did not transact any business during the last two working days (Monday and Tuesday) on the coal block allocation and 2G spectrum issues, was adjourned for the day on Thursday as...
03:38 PM, Apr 25, 2013
New Delhi: Rajya Sabha was on Thursday was adjourned till noon after opposition BJP and UPA ally SP created ruckus in the House over separate issues. While BJP persisted with its demand for resignation of Prime Minister Manmohan Singh over the coalgate scam, SP members trooped into the well raising the issue of Chinese incursion. Hardly had Chairman Hamid Ansari called the House to order, BJP, SP and Left members...
12:00 PM, Apr 25, 2013
SEBI chief UK Sinha said people have tendency to invest in schemes of fast money making. ...
07:12 PM, Apr 23, 2013
Kolkata: With her government drawing flak after the Saradha Group downed shutters, West Bengal Chief Minister Mamata Banerjee on Monday blamed the erstwhile Left Front regime for the mushrooming of chit funds, alleging it had not even acted on presidential advice for a strong legislation to contain the menace. Breaking her silence on the issue days after the firm went bust, affecting lakhs of agents and distributors who had parked...
05:38 AM, Apr 23, 2013
Kolkata: As lakhs of investors in West Bengal lose their savings in a chit fund scam following the collapse of the Saradha Group, the state government on Monday formed a special investigation team (SIT) and instituted a high-level inquiry into chit fund companies operating in the state. Earlier, the Chief Minister of the state Mamata Banerjee on Monday accused the Centre and the Left of trying to defame her by...
04:44 PM, Apr 22, 2013
