Ponzi Scam

Bank and demat account deposits apart from cash worth about Rs 37 crore has been seized by the ED as part of a money laundering probe against a Mumbai-based financial consultant and his company who are alleged to have duped investors of Rs 600 crore through a Ponzi scheme. The federal agency said on Sunday that the action was undertaken after carrying out raids in the metropolitan city on June 21 against Amber Dalal and his company Ritz Consultancy Services. The Enforcement Directorate case of money laundering stems from a Mumbai Police FIR that charged the Chartered Accountant and his company with taking money from investors through a "suspected Ponzi scheme that promised high returns." Dalal "absconded" with this money after giving initial returns. It has been gathered that Dalal raised more than Rs 600 crore from 1,300 investors, the ED said in a statement. He was arrested by the EOW, Mumbai Police and is presently under judicial custody, it said. Dalal raised money from invest

The Enforcement Directorate has summoned actor Prakash Raj for questioning in a money laundering case linked to an alleged Rs 100 crore ponzi and fraud case against a Tiruchirapalli-based jewellery group, official sources said Thursday. The investigation pertains to a case against Pranav Jewellers, a partnership firm based in Tiruchirapalli, whom it had raided on November 20 and claimed to have seized "unexplained" cash of Rs 23.70 lakh and some gold jewellery. Raj (58) has been a brand ambassador of this company. He has been asked to depose before the federal agency in Chennai next week. The actor, who has played various roles in Hindi and South Indian movies, has been an outspoken critic of the BJP. The ED case stems from an FIR of the Tamil Nadu Police Economic Offences Wing. According to the police complaint, Pranav Jewellers and others collected Rs 100 crore from the public under the guise of a gold investment scheme with the promise of high returns, the federal agency said in

A Delhi court has allowed a man accused in a money laundering case related to the alleged Rs 60,000-crore ponzi scam involving the Pearls Group to travel abroad to explore educational institutions for his daughter. Special Judge Rajesh Kumar Goel allowed Hemant Patil to travel to Luzern and Zurich in Switzerland from October 14 to 22, noting that he was not arrested during the investigation and the supplementary complaint (ED's equivalent to a charge sheet) was filed against him without his arrest. Patil was granted bail on April 20 and the court had directed him not to leave the country without its permission. "There is nothing on record indicating that the accused ever tried to abscond even during the investigation or avoided his appearance before this court. Keeping in view the facts and circumstances of the present case and the submissions made, the present application stands allowed," the judge said. The application stated that Patil wished to travel along with his wife as the

Authorities at Odisha's economic offences wing (EOW) stated that at present, Govinda is neither a suspect nor an accused

The CBI has arrested Harchand Singh Gill, a director of the Pearls Group, who was deported from Fiji in connection with a multi-crore ponzi scam allegedly orchestrated by his company, officials said on Tuesday. Gill was brought from Fiji late Monday night after being deported from the archipelago under 'Operation Trishul' which was launched by the Central Bureau of Investigation (CBI) to bring back fugitives living abroad, they said. The CBI claims that around 30 fugitives were successfully brought to India under the operation since its launch last year. The operation aims to geo-locate proceeds of crimes and fugitives with the help of Interpol and bring them back. The agency started the investigation against the Pearls Group and its founder Nirmal Singh Bhangoo on February 19, 2014 on the allegations of cheating crores of gullible investors by offering them land in return of their investments. The agency has alleged that over Rs 60,000 crore was siphoned off by the company by dup

Trinamool Congress leader and chairman of Halisahar municipality in North 24 Parganas district of West Bengal, Raju Sahani was remanded to five days of CBI custody

An 8-member delegation, led by state Education minister, will meet Governor Jagdeep Dhankhar on Tuesday seeking action against Adhikari, a BJP leader, for his "involvement in corrupt activities".

CBI will question West Bengal minister Manas Ranjan Bhunia at his residence on Monday in connection with its probe into the I-Core ponzi scam, a source in the agency said

Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades

The ED has arrested three promoters of a south India based company on money laundering charges in an over Rs 6,300 crore alleged chit fund fraud case

Here are some tools that will help you detect a scam from a mile away and avoid touching one even with a 10-foot barge pole

Shubhra Kundu, who had evaded ED summons for the last three consecutive times, appeared before the investigation agency officials and was quizzed for more than three hours

Investigations revealed that funds mobilised from various investors were never utilised for the purpose for which they were collected and the same was transferred to bank accounts of other companies

Sebi had collected Rs 491 billion over a period of 15 years from investors through a collective investment scheme in garb of sale and development of agriculture land