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Govt orders SFIO to probe 187 companies for running Ponzi schemes

Govt orders SFIO to probe 187 companies for running Ponzi schemes

The government has ordered SFIO to conduct probe against 187 companies that had allegedly floated Ponzi, or multi-level marketing (MLM), schemes, Parliament was informed on Tuesday.

 

'Wrong perception impacting chit funds business'

Distancing themselves from illicit money pooling schemes, an apex body of chit funds on Tuesday said their business has taken a big beating because of the wrong 'perception' that all deposit-taking activities are illegal.

Ponzi schemes: Sebi says acted against 250 firms already

Ponzi schemes: Sebi says acted against 250 firms already

Talking tough on illegal money- pooling schemes, regulator Sebi today said it has passed orders against 250 companies engaged in such activities and has also managed to recover Rs 26 crore from them so far.

CBI registers 72 cases relating to ponzi schemes: Govt

The government on Tuesday said CBI has registered 72 cases relating to ponzi schemes in about 3 years, while the Enforcement Directorate has initiated action in 57 cases under the money laundering law.

Bill to check ponzi schemes put on hold

A proposed bill to check fraudulent multi-level marketing (MLM) or ponzi schemes has been put on hold by the government.

Bill to check ponzi schemes put on hold

A proposed bill to check fraudulent multi-level marketing (MLM) or ponzi schemes has been put on hold by the government.

72 cases registered by CBI against ponzi schemes in last 3 years

The CBI has registered 72 cases, including one preliminary enquiry, related to ponzi schemes during the last three years, the government said on Tuesday.

New SOPs for agencies probing ponzi schemes in the offing

A new set of Standard Operating Procedures (SOP) is being formulated by the government for central and state law enforcement agencies for probing illegal multi-level marketing or ponzi schemes.

'Govt amending law to provide compensation to duped investors'

Thousands of crores of rupees are stuck in these schemes as CBI Director Anil Sinha had recently said that Rs 80,000 crore of 6 crore investors stands locked in such scams probed by the agency.

Over Rs 80,000 crore stuck in ponzi cases: CBI Director

Around Rs 80,000 crore of six crore Indians are blocked in the ponzi scam being investigated by the CBI, the agency Director Anil Sinha said Monday.

CBI probing larger conspiracy angle in ponzi schemes: Sinha

In the wake of rising incidents of fraudulent money pooling schemes in West Bengal and Odisha, CBI is probing the possible involvement of political and other influential people, Minister of Finance Jayant Sinha said in Parliament Tuesday.

Yet to recover Rs 2,394 crore of investor money from Saradha: Govt

Government on Tuesday said as much as Rs 2,394 crore of investors' money that was collected through ponzi schemes by the West Bengal-based Saradha Group is yet to be recovered.

CPI-M, TMC clash in Rajya Sabha over ponzi schemes issue

 The issue of ponzi schemes cheating small investors of crores of rupees in West Bengal was raised today in Rajya Sabha, leading to a clash between arch-rivals CPI-M and TMC.

ED attaches 2,631 bank accounts of Rose Valley

In the biggest such criminal action against Ponzi schemes, Enforcement Directorate (ED) on Thursday attached 2,631 bank accounts of the Rose Valley group containing Rs 295 crore under the stringent provisions of the anti-money laundering law.

Arun Jaitley deeply disappointed as TMC chief Mamata Banerjee slams BJP

Arun Jaitley deeply disappointed as TMC chief Mamata Banerjee slams BJP

Slamming Mamata Banerjee's remarks in response to BJP's allegations of her party's involvement in multi-crore Saradha chit-fund scam, Finance Minister Arun Jaitley on Sunday said that he is deeply disappointed by her statement.

'Multi-pronged approach to curb illegal money pooling schemes'

Sebi chief UK Sinha on Saturday exuded confidence that a multi-pronged approach, including effective use of powers vested with it, would help control the menace of illegal money pooling schemes.

Govt aims at raising savings; re-launches Kisan Vikas Patra

With the objective to raise savings in the country, the government on Tuesday re-launched Kisan Vikas Patra (KVP), an instrument which will provide trusted option of investment to poor and keep them off ponzi schemes.

Parl panel to gather public views on collective investment schemes

Amid rising instances of fraudulent money pooling activities duping investors, a high-level Parliamentary panel has sought views from the public on the efficacy of regulations governing collective investment schemes.

Lok Sabha passes Bill to give teeth to Sebi to tackle ponzi menace

The crucial Sebi bill aimed at tackling the ponzi menace was Wednesday approved by Lok Sabha with government saying that Prime Minister Narendra Modi will soon announce a financial scheme which will discourage people from being allured by fraudulent operators.

Bill to give Sebi special powers passed by Lok Sabha

The Securities Laws (Amendment) Bill, 2014, aims to empower capital market watchdog Securities and Exchange Board of India (Sebi) by giving powers such as authority to seek call data records, was Wednesday approved by the Lok Sabha.