Ponzi Scheme
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Mumbai police arrests Torres CEO in 1,000 crore ponzi scheme case that duped over 3,700 investors
Maharashtra | Jan 28, 2025, 06:58 AM ISTIn the Torres ponzi scam, Ukrainian masterminds "lured" investors with promises of high returns ranging from 2-9 per cent weekly on investments in gold, silver, diamond jewellery, and gemstones.
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Maharashtra: Enforcement Directorate conducts raids at multiple locations in Rs 100 crore ponzi scam
Maharashtra | May 04, 2024, 09:18 AM ISTMaharashtra: ED probe revealed that Vinod Khute, who is absconding and suspected to be presently residing in Dubai, is the mastermind of various illicit multi-level marketing and Ponzi schemes, illegal trading, crypto exchange, and wallet services through the VIPS Group of companies.
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Rs 2,000 crore Ponzi racket detected in West Bengal
India | Aug 15, 2022, 03:47 PM ISTA state financial official said that from Sunday afternoon till late night, the sleuths of the DEO conducted a marathon raid and search operations at the residence of a Kolkata- based businessman, Amarnath Shroff at Harish Mukherjee Road in south Kolkata.
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SC issues notice to CBI, ED on bail plea of actor Mohd Naseer in Ponzi schemes cases
Entertainment | Jun 13, 2022, 07:14 PM ISTNaseer, a visually impaired actor who had acted in the 2009 Bollywood Hindi movie -- 'The Shadow, the Dark Side of Truth', is in jail from 2019 in connection with the cases lodged by CBI and the ED.
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Noida's 'Bike For You' ponzi scam accused held, 6 motorcycles recovered
Crime | Jul 13, 2020, 11:17 AM ISTThe Noida (Gautam Buddh Nagar) police on Sunday said it has arrested one person in connection with a ponzi scheme through which crores of rupees had been collected from gullible investors. The accused, Abhilaakh Singh alias Ashu, was absconding for a long time and was nabbed on Saturday from his home in Etah district of Uttar Pradesh by a team from Phase III police station here, officials said.
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IMA Ponzi scheme CBI takes over probe in bribery case
India | Sep 05, 2019, 08:59 AM ISTIt is alleged that Kumar received a bribe of Rs five crore from the IMA group, which had allegedly duped investors by offering them high returns on their investments.
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Karnataka Govt orders CBI probe into multi-crore IMA ponzi scheme
India | Aug 20, 2019, 08:57 PM ISTThe CBI has also been asked to 'identify and investigate persons involved in the illegal activities in connection with affairs of IMA, Bengaluru and its group entities.'
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Bengaluru: Over 300 kg fake gold bars found hidden under IMA scam mastermind's swimming pool
India | Aug 08, 2019, 01:40 PM ISTOver 300 kg of fak gold bars were recovered from IMA Group Ponzi scam's mastermind's, hidden under the swimming pool on Wednesday. According to PTI report, the Special Investigation Team (SIT) probing the multi-crore IMA scam seized 303 kg of fake gold bars hidden under the swimming pool in the sixth floor of a building in Bengaluru belonging to group owner Mohammed Mansoor Khan.
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Bill to check ponzi schemes in Lok Sabha
India | Jul 19, 2019, 03:58 PM ISTA Bill which seeks to tackle the menace of illicit deposit-taking activities in the country was introduced in Lok Sabha on Friday.
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What is Saradha scam? How did India's biggest Ponzi scheme unravel
India | Feb 05, 2019, 09:49 PM ISTSaradha scam promised investors, mostly poor people from the Naxal-belt in eastern India, a 50 per cent per annum return on their investment, ie, double the money in three years.
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Govt introduces bill to check ponzi schemes, prescribes 10-yr jail
Business | Jul 18, 2018, 06:20 PM ISTThe 'Banning of Unregulated Deposit Schemes Bill, 2018', introduced by Minister of State for Finance Pon Radhakrishnan, provides for punishment for fraudulent default in repayment to depositors and attachment of assets of entities engaged in such activities.
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Indian-origin man in US charged with USD 250,000 Ponzi scheme
World | Mar 25, 2018, 09:17 AM ISTNiket Shah of New Jersey was charged by the Securities and Exchange Commission (SEC) which also ordered a preliminary injunction and asset freeze against him.
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ED conducts search at 3 jewellery outlets of ponzi scheme firm Rose Valley
India | Dec 27, 2017, 05:16 PM ISTA team of ED officials visited the outlets to ascertain the extent of alleged money laundering that had taken place in setting up the expensive showrooms.
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Rs 3,700 cr online ponzi scam: We will be back again, says main accused as UP Police announces SIT for probe
India | Feb 04, 2017, 11:06 AM ISTA Special Investigation Team ( SIT) will be constituted to probe the Rs 3700 crore online Ponzi fraud, Uttar Pradesh DGP Javeed Ahmed announced on Friday. "UP STF busts 3700-crore internet based cheating racket across
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Noida scam accused received calls from Dubai, Nigeria for investment: STF
India | Feb 03, 2017, 03:14 PM ISTthe Uttar Pradesh Special Task Force (STF) on Thursday arrested three persons for allegedly duping more than 6 lakh people of over Rs 3,700 crore through an online portal in around 90 days.
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TMC leaders arrested for Ponzi scam, no link with party's anti noteban stand: CBI
National | Jan 18, 2017, 05:06 PM ISTThe Central Bureau of Investigation has said that the arrest of two TMC leaders for their alleged role in the Rose Valley ponzi scam has no connection with the party's strong opposition to noteban and
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CBI arrests Samruddh Jeevan chief in ponzi scam
India | Apr 27, 2016, 09:38 PM ISTCBI today arrested Chairman-cum- Managing Director of Samruddh Jeevan Foods India Limited Mahesh Kishan Motewar from Bhubaneswar in connection with ongoing probe in a ponzi scam case.
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Sebi warns investors to stay away from ponzi schemes
Jul 30, 2015, 07:28 PM ISTAhmedabad: Sebi chairman UK Sinha on Thursday said small investors should stay away from various ponzi schemes which promise very high returns in a short duration.Speaking at a financial literacy awareness campaign here, Sinha stated
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Ponzi Scheme: ED Attaches Rs 1.04 Cr Assets of Mumbai Firm
India | Oct 08, 2014, 05:14 PM ISTNew Delhi: Enforcement Directorate (ED) has attached properties worth Rs 1.04 crore in connection with its money laundering probe against a Mumbai-based firm and its owner for allegedly running illegal chit fund schemes few years
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CBI to file first chargesheet in Saradha scam by October end
India | Oct 08, 2014, 07:23 AM ISTKolkata: The Special Crime Branch of CBI, which started probing the Saradha multi-crore rupees ponzi scheme scam four months ago, would file the first chargesheet by October end."By the end of October, we will file