Ponzi

  • Saradha chit fund scam: A year on, duped investors remain penniless 3 days ago

    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 India-born 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 multi-crore 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 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...
  • 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, 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...
  • 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 five-year-old 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. ...
  • Ex-Stanford 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 ex-tycoon 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 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...
  • 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 29, 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 white-collar crime when he is sentenced on Monday. The courtroom drama will unfold with the...
  • Wall Street fraudster guilty, faces up to 150 yrs in jail March 13, 2009

    Washington: Disgraced financier Bernard Madoff pleaded guilty to 11 criminal charges that allege he swindled investors out of billions of dollars on Thursday in the US. His admission could land him behind bars for up to 150 years but that's no reprieve for those who said they trusted Madoff with their...
  • Markopolos, Madoff whistleblower say leave me alone January 11, 2009

    Boston: After a decade of trying to convince US authorities that Bernard Madoff's seemingly high-flying hedge fund was a scam, the man whose warnings could have saved a lot of money for a lot of people issued a terse message to the world: Leave me alone. He will talk to Congressional...
  • Competitor's warnings of Madoff's Ponzi scam unheeded December 19, 2008

    Boston: His repeated warnings that Wall Street money manager Bernard Madoff was running a giant Ponzi scheme have cast Harry Markopolos as an unheeded prophet. But people who know or worked with Markopolos say it wasn't prescience that helped him foresee the collapse of Madoff's alleged $50 billion fraud. Instead,...