Ponzi

  • CPI-M to take action against members involved in ponzi scam Yesterday

    Kolkata: CPI(M) state secretary Biman Bose on Monday said the party will take action if any functionary is proved guilty of being involved in the ponzi scheme scam. "If any functionary of our party (CPI-M) is proved guilty of involvement in the chit fund scam he or she will not be...
  • Odisha: Court asks jail authorities to produce Seashore CMD on October 14 3 days ago

    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...
  • Odisha: HC asks arrested ex-AG to move lower court for bail 5 days ago

    Cuttack: Orissa High Court on Thursday directed arrested former advocate general Ashok Mohanty to move Khurda district and sessions court in Bhubaneswar for bail. If approached, the Bhubaneswar court shall consider the bail application of Mohanty in the first hour of Friday and ensure that the certified copy of the...
  • 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...
  • Odisha CM may face the heat over inaction against ponzi schemes July 13, 2013

    Bhubaneswar: Troubles seem to be brewing for Odisha Chief Minister Naveen Patnaik, who might have to soon face embarrassing questions over his alleged links to a financial fraudster, who duped thousands of investors in the state through fraudulent chit fund schemes. Prashant Dash, the CMD of the Seashore Group,...
  • Odisha investment scam: Seashore CMD arrested from Mumbai June 19, 2013

    Bhubaneswar: The Crime Branch of Odisha Police on Wednesday arrested the CMD of Seashore Group, Prasant Das from Mumbai on charge of duping small investors of crores of rupees, a senior police officer said. Das, who was on the run after several cases were made against him and his company, had...
  • 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...
  • Ponzi schemes: RBI for increasing regulations June 5, 2013

    Mumbai: In the wake of ponzi schemes and chit fund scams, Reserve Bank Governor D Subbarao on Wednesday said there is a need to review the regulations governing these sectors and increase surveillance on such entities. "There is a need to review the regulatory oversight of this sector keeping in...
  • Sudipta Sen, 2 others sent to jail custody till June 3 May 28, 2013

    Canning (WB): Sudipta Sen, the chairman of Saradha Group, which allegedly defrauded thousands of small investors, and two others, were on Tuesday sent to judicial custody till June 3 in cases related to cheating by a court at Baruipur in South 24 Parganas district. Sudipta Sen along with Saradha director Debjani...
  • 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...
  • Mamata accuses centre of inaction against 'ponzi' firms May 3, 2013

    Kolkata: Attacking the opposition over its demand for a CBI probe in the chit fund muddle, West Bengal Chief Minister Mamata Banerjee on Thursday accused the central government of inaction against the burgeoning 'ponzi' firms. "Those who are clamouring for CBI inquiry, I want to ask them why the central...
  • 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. ...
  • ExStanford exec gets 5 years for $7 bn swindle January 22, 2013

    Houston: A judge on Tuesday sentenced the star prosecution witness in the trial of convicted Texas financier R Allen Stanford to five years in prison for bilking investors of more than $7 billion in one of the biggest Ponzi schemes in US history. James M Davis, who was sentenced in...
  • 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...
  • Money laundering case against Speak Asia January 3, 2012

    Mumbai: The Enforcement Directorate (ED) on Tuesday registered a case against Speak Asia, a Singaporebased online survey company, under the Prevention of Money Laundering Act in connection with a multilevel marketing scam, sources said. The firm had allegedly duped over 12 lakh investors, also called as panelists, to the tune of...
  • 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...