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 been remanded to 14 days judicial custody.
The Artha Tatwa group has duped more than 50,000 depositors. The Seashore Group of companies, which is the main defaulter, also allegedly enjoyed Biju Janata Dal's patronage for the past eight years.
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09:30 AM, 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, CNN-IBN has found that it is unemployment and stunted industrial and agricultural growth in the state that is forcing people to invest in ponzi schemes. Seventy-year-old Sunil Sarkar recounts how he found his son Jayanta Sarkar's body at the terrace hanging by a rope. Jayanta, who was allegedly...
09:11 AM, May 14, 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 a way that was against my principles, I started raising my voice against him. Not considering my dedication towards the...
05:40 AM, May 11, 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 from ponzi schemes. We are waiting for a court order to do it," DC (DD) Bidhanagar City Police, Arnab Ghosh...
02:44 AM, May 07, 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 five-year-old Jagdish Roy was upset after his son who had a total liability of Rs 1 crore was heckled by investors at his house. His son Bidhan was an agent of Annexe group...
05:09 PM, May 06, 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 organisations like the SEBI and the RBI never took steps against the chit funds. These organisations are the one who...
06:09 AM, May 03, 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
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. Bhanu was arrested by the Delhi Police from Delhi's Jamia Nagar. ...
08:34 AM, Apr 28, 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. ...
11:53 PM, Apr 26, 2013
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 a Houston federal court, was facing up to 30 years in prison after pleading guilty in 2009 to three fraud and...
11:48 PM, Jan 22, 2013
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. ...
04:00 PM, Dec 15, 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 selling companies are cropping up, with flimsy promises to investors. At least 329 of them are now under the scanner....
09:26 AM, Nov 20, 2012
Mumbai: The Enforcement Directorate (ED) on Tuesday registered a case against Speak Asia, a Singapore-based online survey company, under the Prevention of Money Laundering Act in connection with a multi-level marketing scam, sources said. The firm had allegedly duped over 12 lakh investors, also called as panelists, to the tune of Rs 1,300 crore, after assuring them commission if they introduced new members. Speak Asia had promised lucrative returns to...
10:31 PM, Jan 03, 2012
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 fund operations and make lavish payments to its owners, Justice Department lawyers said in a revised civil lawsuit filed in...
10:51 AM, Sep 21, 2011
Victims include ex-cricketer Darren Gough and singer Jerome Flynn. ...
07:07 AM, Aug 03, 2009
Investor who ruined hundreds of people faces life in prison. ...
10:01 PM, Jun 28, 2009
Disgraced financier B Madoff swindled investors out of billions of dollars. ...
08:00 AM, Mar 13, 2009
Markopolos, who was due to testify before a Congressional panel early this monthwanted to get out of the spotlight. ...
08:23 AM, Jan 11, 2009
Markopolos waged a remarkable battle to uncover fraud at Madoff's operation. ...
02:38 PM, Dec 19, 2008
