Ponzi Schemes

Ponzi like model of P2P lenders prompt crackdown, RBI finds high NPA

Violations of regulatory guidelines were confirmed through supervisory scrutiny; the regulator dealt with some of these platforms bilaterally for remedial action

Uncle Sam's dollar Ponzi scheme

US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down

Explained: The Rs 6,600 cr Bitcoin ponzi scam involving Raj Kundra

The Ponzi scheme allegedly swindled Rs 6,600 crore from investors by promising high returns through Bitcoin mining

Indian American indicted in a Ponzi scheme, victims asked to come forward

An Indian-American has been indicted by a grand jury in a Ponzi scheme with the FBI urging victims of the investment adviser in Texas to come forward. Siddharth Jawahar, 36, has been ordered imprisonment until sentencing by the court. The FBI on Wednesday said it is seeking potential Miami-area victims of Jawahar who has been accused of running a multimillion-dollar Ponzi scheme. According to the indictment, from July 2016 through roughly December 2023, Jawahar took in more than USD 35 million from Swiftarc investors but spent about USD 10 million on investments in companies. Jawahar used the money from new investors to repay older investors and to fuel an extravagant lifestyle that included flights on private planes, stays at luxury hotels and expensive outings at lavish restaurants, the indictment says. In 2015, Jawahar began investing the majority of client funds in a single investment, Philip Morris Pakistan (PMP), the indictment says, and eventually, 99 per cent of client fund

EOW Odisha unearths crypto-ponzi scam worth Rs 1000 crore, 2 held

The Economic Offence Wing (EOW) of Odisha police has unearthed a pan-India cryptocurrency-based Ponzi scam worth more than Rs 1000 crore, a police official said on Monday

ED seizes assets worth Rs 81 cr from Hisar-based firm in ponzi scheme case

The Enforcement Directorate (ED) said that it has attached movable and immovable properties worth Rs 81.7 crore related to Future Makers Lifecare Pvt Ltd, a Hisar-based company

Indian founder of cryptocurrency company indicted for $2.4 bn fraud

The founder of cryptocurrency investment platform BitConnect, an Indian national, has been indicted on charges of orchestrating a global Ponzi scheme worth $2.4 bn, federal prosecutors said.

Bernie Madoff, mastermind of giant Ponzi scheme, dies in prison at 82

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

Ponzi scheme case: ED attaches assets worth Rs 2.80 cr in Bhilwara

14 FIRs were registered by Rajasthan Police and Crime Branch, Surat, Gujrat against Abhinav Gold International Marketing Pvt. Ltd. and its directors Anil Birla, Murlidhar Birla and others

Jailed Saradha boss writes to PM, CM, says many leaders took money from him

Saradha ponzi scam prime accused Sudipta Sen has alleged that several influential people, including prominent political leaders, have taken "financial advantage" of him

Don't lower guard: Not just returns, focus also on a scheme's risks

Enquire how the high returns being promised will be generated, and whether you are comfortable taking the accompanying risk

How to sniff and dodge financial scams and keep your wealth intact

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

Parliament passes bill to curb ponzi schemes, protect poor investors

The Rajya Sabha passed with voice vote the bill which would save gullible investors from ponzi schemes

IMA ponzi scheme case continues to haunt Karnataka's power circles

Despite investigation, chances of getting back deposited money look bleak

Don't fall for the promise of exceedingly high returns in Ponzi schemes

The news of Bengaluru-based IMA cheating thousands once again underlines the need for investors to steer clear of unregulated deposit schemes

Indian-origin businessman jailed in US for $1.3 mn Ponzi scheme

Chahal executed this fraud through falsely representing that his company had earned returns of roughly 28 to 34 per cent annually

How a new Ordinance will protect you from Saradha-like ponzi schemes

It has provisions for repayment of deposits to gullible investors trapped by schemes which raise funds illegally

Cabinet clears ponzi Ordinance, fresh changes in the Companies Act

The ordinance on ponzi schemes will prohibit all deposit-taking activities that are not regulated by various regulators

How a new Bill proposes to tighten the noose on ponzi schemes like Saradha

Unregulated deposit collections would be banned altogether, and deemed an offence ex-ante; the existing framework which only kicks in ex-post, with considerable time lags, will be replaced

Govt clears bill to tighten noose around unregulated deposit schemes

The Bill provides severe punishment and heavy pecuniary fines