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New law on cards to tackle Sahara-like Ponzi scams

New law on cards to tackle Sahara-like Ponzi scams

 India plans a legislation to close a regulatory loophole that has made it possible for fraudsters to dupe millions of savers, as Prime MinisterNarendra Modi strives to bring the rural poor into the mainstreambanking system.

Shocking! Income Tax dept smells a rat on Freedom 251 launch?

Shocking! Income Tax dept smells a rat on Freedom 251 launch?

After all that massive buzz that Ringing Bells made by launching the 3G smartphone priced at just Rs 251, Income tax Department's investigation team is reported to have visited the Ringing Bells office.

Veteran cricketers Yuvraj Singh, Harbhajan Singh linked to Rs 45,000 crore ponzi scam: Reports

Veteran cricketers Yuvraj Singh, Harbhajan Singh linked to Rs 45,000 crore ponzi scam: Reports

Both the Punjab cricketers Yuvi and Bhajji allegedly received plots of lands in Mohali as gifts.

Investors robbed of $11 mn Bitcoins in four years: Study

Investors robbed of $11 mn Bitcoins in four years: Study

Frauds such as online ponzi schemes have skimmed at least $11 million in Bitcoin deposits from unsuspecting cyber customers over the past four years, a study says.

Madoff victims' payout nearing $7.2 billion: Trustee

Victims of Bernard Madoff`s massive Ponzi scheme will get afresh $322 million payout if a US judge approves the request by the trustee liquidating the convicted fraudster`s firm, bringing the recovery total to more than $7 billion.

Change laws, put cash curbs to check black money menace: SIT

The SIT said that making tax evasion of Rs 50 lakh or more a 'predicate offence' would allow necessary action under the Prevention of Money Laundering Act (PMLA).

RBI to bring out Charter on consumer rights

The RBI is working towards bringing out a charter on consumer rights to curb instances of ponzi and online lottery schemes, a senior Bank official said here on Friday.

Ponzi menace: SEBI wants states to put frontline checks

As illicit money-pooling schemes sprout across nooks and corners of the country, SEBI has asked state governments to put in place the first line of defence against such activities and provide 'early warning systems' for cases requiring action by the capital markets regulator.

Sebi slaps Rs 31 lakh fine on 3 persons for fraudulent trades

Sebi had conducted an investigation into the trading in shares of the four companies for the period January 1, 2009 to August 31, 2009.

Madoff letter to US judge appears to be fake

US judge on Wednesday denied a bizarre motion supposedly filed by Madoff that claimed the US intelligence agencies used "bio-electric sensors” to influence the case against him.

Cabinet to consider proposal for SEBI ordinance Friday

The Cabinet is likely to consider Friday a proposal to bring an ordinance that provides more powers to market regulator SEBI for cracking down on ponzi schemes.

Cattles sold for 'ghee' investments; Sebi sees ponzi at play

As per the latest financial details accessed by Sebi, the scheme named 'Cattles & Ghee' had mobilised a total amount of Rs 745 crore as on March 31, 2011. Further funds could have been garnered from the depositors since then.

RBI Governor briefs Parliament panel over chit-fund scam

RBI Governor D Subbarao today briefed a Parliamentary panel on regulatory issues concerning the recent chit-fund scam in West Bengal and discussed steps that could be taken to prevent recurrence of such frauds

Sinha talks tough on ponzi schemes as Sebi turns 25

Speaking on the occasion to mark Sebi's 25 years, Sinha said that the government has been supportive to the regulator throughout this journey and he expects the same to continue.

Lack of banking facilities drove people towards ponzi schemes

An economist, Ajitava Rai Chaudhuri, says it is the easy availability of need-based loans and high returns on short-term investments that propel people to invest in ponzi schemes.