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Government issues model guidelines for states to curb Ponzi schemes

Government issues model guidelines for states to curb Ponzi schemes

To protect consumers from Ponzi frauds, the Centre today issued model guidelines for states to regulate direct selling and multi-level marketing businesses while prohibiting pyramid structures as well as money circulation schemes.

Direct selling companies barred from charging entry fee from agents

Direct selling companies barred from charging entry fee from agents

The Centre has decided to bar direct selling companies such as Amway, Tupperware and Oriflame from charging any entry fee from agents or compelling them to buy back unsold stocks.

'Streamline norms for co-op societies to curb ponzi schemes'

'Streamline norms for co-op societies to curb ponzi schemes'

To curb possible diversion of ponzi proceeds, a Parliamentary panel has asked the government to streamline the regulatory regime for multi state cooperative societies and also come out with a legislation for chit funds.

Sebi suspects 'money laundering' in ponzi schemes

Sebi suspects 'money laundering' in ponzi schemes

There is a "huge element of money laundering" in illegal public deposit schemes across the country, a top Sebi official said on Thursday, even as he wondered why not many claimants are coming forward to get back the money in the high-profile Sahara case.

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.

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.

'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.

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.

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.

Ponzi scheme: Sebi bans HCN infrastructure

Sebi has banned HCN infrastructure and share companies' ponzi scheme.

Cabinet clears bill to empower Sebi to deal with ponzi schemes

A Bill to effectively empower the market regulator Sebi to crack down on ponzi schemes and investment frauds was approved by the Cabinet on Thursday.

Govt using information from various nations to check tax evasion

The government on Tuesday said it is effectively using the information received from various countries to combat the menace of tax evasion and avoidance.

Sebi hopes anti-ponzi ordinance would become a law soon

Armed with powers given through an ordinance to take on investment frauds, Sebi chairman U K Sinha today said he hopes it would soon become a permanent law to ensure continued clampdown against illegal investment schemes.