The top boss of a city-based company, involved in collecting deposits from the public by floating potato bonds, has been arrested from Mumbai on charges of money laundering and was Monday sent by a court here to police custody till July 18.
Minister of State for Finance Namo Narain Meena informed the Rajya Sabha that an ordinance has been promulgated to amend the Sebi Act that would provide more powers to act against illegal collective investment schemes.
To make a clear distinction between genuine direct-selling companies and fraudulent ponzi schemes, the government will soon put in place a set of `model guidelines` to be followed by different states in such cases.
A Parliamentary panel looking into chit funds and ponzi schemes in the backdrop of Saradha scam in WB, will give its recommendations on preventing recurrence of such incidents to Parliament in the forthcoming Monsoon session.
Leaders of Left parties today met the Prime Minister and the Finance Minister and sought a CBI probe into the ponzi scam in West Bengal and stringent measures to tackle fraudulent money pooling activities.
Against the backdrop of alleged chit fund scam in West Bengal, All India Association of Chit Funds representing the Rs 30,000 crore industry in the country today appealed to public not to confuse `Ponzi schemes` with chit funds.
With a large number of people falling into the trap of ponzi schemes, Bihar Deputy Chief Minister Sushil Modi on Tuesday demanded a CBI inquiry instead of by SFIO into how these groups were collecting money from the public.
Dreams of a better life turned into a nightmare for several sex workers in Kolkata`s largest red light district Sonagachi, who lost their lifelong savings in Ponzi schemes which promised to double their money.