Ponzi

  • JP Morgan Chase to pay $ 1.7 billion in penalties for Madoff ties 08-01-2014 02:59 PM

    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...
  • SEBI to help those duped by ponzi schemes to get back money 27-07-2013 10:43 PM

    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 13-07-2013 07:37 AM

    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, is...
  • Odisha investment scam: Seashore CMD arrested from Mumbai 19-06-2013 11:31 PM

    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,...
  • WB chit fund scam: Court refuses CBI probe 19-06-2013 04:45 PM

    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 05-06-2013 06:47 PM

    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 28-05-2013 06:45 PM

    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...
  • Odisha chit fund: Police probe links with media, builder 27-05-2013 02:50 PM

    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...
  • Odisha chit fund scam: Artha Tatwa owner alleges politicians involved 14-05-2013 09:30 AM

    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? 14-05-2013 09:11 AM

    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...
  • I was only a trustworthy employee of Sen, says Debjani 11-05-2013 05:40 AM

    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 07-05-2013 02:44 AM

    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 06-05-2013 05:09 PM

    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...
  • Mamata accuses centre of inaction against 'ponzi' firms 03-05-2013 06:09 AM

    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 29-04-2013 08:42 AM

    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 28-04-2013 08:34 AM

    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 26-04-2013 11:53 PM

    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 15-12-2012 04:00 PM

    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...
  • Stock Guru just the tip of the iceberg: Experts 20-11-2012 09:26 AM

    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 06-03-2012 11:55 PM

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  • Money laundering case against Speak Asia 03-01-2012 10:31 PM

    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...
  • Full Tilt Poker site was Ponzi scheme: Feds 21-09-2011 10:51 AM

    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...