PONZI SCHEMES

  • Odisha: Court asks jail authorities to produce Seashore CMD on October 14 September 27, 2014

    Bhubaneswar: A local court has directed the superintendent of Jeypore jail in Odisha's Koraput district to produce Seashore CMD Prashant Das before it on October 14. District and sessions court judge DP Choudhury issued the direction yesterday while hearing a petition of the Enforcement Directorate which wanted to take Das on...
  • Ponzi schemes: Lawmakers quiz regulators, ministry officials September 18, 2014

    New Delhi: Lawmakers on Thursday quizzed officials of RBI, SEBI and the government about the steps being taken to avoid recurrence of fraudulent moneypooling activities like Saradha scam. The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or...
  • Saradha scam: SFIO completes probe, says 14 firms were running 'ponzi schemes' September 15, 2014

    New Delhi: The Serious Fraud Investigation Office of the Ministry of Corporate Affairs on Monday completed its probe into the multicrore Saradha scam and said 14 firms were running 'ponzi schemes'. Investigations have revealed that primary source of payments to subscribers was collections made from newly enrolled members rather than...
  • Saradha chit fund scam: A year on, duped investors remain penniless August 29, 2014

    Kolkata: Agony, despondency, exasperation and anger. The emotions in West Bengal's countryside remain pretty much the same as they were a year ago when Saradha Group went bust. While the company's bosses Sudipta Sen, Debjani Mukherjee and Trinamool Congress MP Kunal Ghosh are in custody, duped investors have nothing. Most...
  • Over 300 bank accounts, 200 firms used to commit Saradha scam: ED June 8, 2014

    New Delhi: A complicated maze of 338 bank accounts and 224 companies was used by the perpetrators of the Saradha chitfund scam which is alleged to have duped numerous investors of their hard earned monies in various states including West Bengal, Odisha and Assam. The Enforcement Directorate (ED), which has been...
  • JP Morgan Chase to pay $ 1.7 billion in penalties for Madoff ties January 8, 2014

    The US prosecutors have secured a whopping $ 1.7 billion penalty from banking giant JP Morgan, which has been criminally charged for ignoring warning signs of Bernard Madoff's massive Ponzi scheme and will pay the amount to the victims of the Madoff fraud. Manhattan's top federal prosecutor Indiaborn Preet Bharara yesterday...
  • SEBI to help those duped by ponzi schemes to get back money July 27, 2013

    Bhubaneswar: In a major relief to depositors duped by ponzi schemes, the Securities and Exchange Board of India (SEBI) on Saturday said its new powers would help in recovery of money from the fraudulent firms and return them to the investors. "Through the new ordinance, SEBI can search and seize...
  • WB chit fund scam: Court refuses CBI probe June 19, 2013

    Kolkata: The Calcutta High Court on refused to grant the prayer for a CBI investigation into the multicrore Saradha chitfund scam at the present stage. A division bench comprising Justice AK Banerjee and Justice MK Chaudhuri, passing its order on PILs seeking CBI probe into the scam, refused the prayer...
  • Odisha chit fund: Police probe links with media, builder May 27, 2013

    Bhubaneswar: Police in Odisha have begun investigations into allegations linking some mediapersons and builders with a chit fund group after prima facie that there were financial transactions between them, an official said Monday. The commissionerate of police here is examining the bank accounts and other relevant documents of about 25 people,...
  • Odisha chit fund scam: Artha Tatwa owner alleges politicians involved May 14, 2013

    Bhubaneswar: Weeks after CNNIBN 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...
  • WB chit fund scam: What forces people to invest in ponzi schemes? May 14, 2013

    Kolkata: As the Calcutta High Court begins hearing pleas seeking a CBI probe into the Sharada group chit fund scam on Tuesday, CNNIBN has found that it is unemployment and stunted industrial and agricultural growth in the state that is forcing people to invest in ponzi schemes. Seventyyearold Sunil Sarkar recounts...
  • I was only a trustworthy employee of Sen, says Debjani May 11, 2013

    Kolkata: Chit fund aided Saradha Group promoter Sudipta Sen's close aide Debjani Mukherjee on Friday claimed she was only a "trustworthy employee" of Sen and that she was sacked for raising her voice against the company's fund collection method. "When I found out that my boss was doing business in...
  • Sudipta's properties to be posted in police websites May 7, 2013

    Kolkata: The amount of property amassed by Sudipta Sen, the chairman of the Saradha Group, which has been accused of duping thousands of investors, will be made public by the police. "We are planning to make public the amount of money that Sen and his associate Debjani Mukherjee has made...
  • WB chit fund scam: Father of ponzi scheme agent commits suicide May 6, 2013

    Kolkata: Two more people committed suicide in West Bengal on Monday over the chit fund scam case. In the first case, the father of a ponzi scheme agent committed suicide at Sodepur in North 24 Parganas. Sixty fiveyearold Jagdish Roy was upset after his son who had a total liability of...
  • WB chit fund scam hits the state's film industry April 29, 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...
  • Delhi: Man arrested for allegedly running ponzi scheme April 28, 2013

    New Delhi: After the West Bengal chit fund scam, another ponzi scheme has been exposed. An alleged conman named Bhoop Singh alias Bhanu has been arrested in New Delhi for allegedly duping nearly 10,000 investors mainly from Maharashtra. He was also wanted for cheating cases in Goa, Gujarat and Rajasthan....
  • WB: Chit fund firms run for cover as panic hits the sealing April 26, 2013

    Rose Valley's chairman Goutam Kundu wrote to West Bengal CM Mamata Banerjee on April 23 seeking protection from the administration. He claimed in his letter that his group had assets worth Rs 10,000 crore, and the money collected from depositors was safe in his hands. ...
  • Mumbai: ED arrests businessman in a fraud case December 15, 2012

    Mumbai: The Enforcement Directorate (ED) on Saturday arrested Sayed Masood, Chairman of City Group, from New Delhi in connection with a fraud case. "We have arrested Sayed Masood from New Delhi and he will be brought to Mumbai and produced in a court," said an ED official. Masood is accused of...
  • Stock Guru just the tip of the iceberg: Experts November 20, 2012

    Mumbai: The Rs 2,300 crore Speak Asia scam, the Rs 1,700 crore Aryarup scam and now the Rs 500 crore Stock Guru scam all these cases involved accusations of duping investors with false promises. Experts, however, chillingly add that these are just the tip of the iceberg. Several direct...
  • Stanford found guilty in Ponzi scheme March 6, 2012

    Houston: Financier and cricket mogul Allen Stanford was found guilty of perpetrating a $7 billion Ponzi scheme, a US jury declared on Tuesday. The mustachioed extycoon had pleaded not guilty to bilking 30,000 investors from more than 100 countries through bogus investments with Stanford International Bank. Jurors found him guilty of 13...
  • Full Tilt Poker site was Ponzi scheme: Feds September 21, 2011

    New York: An Internet poker company that was blocked from operating in the US in the spring as part of an online gambling crackdown was "not a legitimate poker company, but a global Ponzi scheme," federal prosecutors said Tuesday. The popular Full Tilt Poker website illegally raided player accounts to...
  • NRI businessman held for duping celebrities August 3, 2009

    London: An NRI businessman Kautilya Nandan Pruthi and his two British accomplices have been arrested in London on charges of allegedly duping more than 600 people including many celebrities. Pruthi's victims include celebrities like former English cricketer Darren Gough and singer Jerome Flynn. His online profile describes him as a 'zany entrepreneur...
  • Judgement day for Wall Street swindler Madoff June 28, 2009

    New York: Bernard Madoff, who became a symbol of greed in the financial crisis for masterminding Wall Street's biggest investment fraud, faces the rest of his life in prison in one of the stiffest punishments for whitecollar crime when he is sentenced on Monday. The courtroom drama will unfold with the...