Money-laundering: Sumangal boss, arrested, sent to police custody

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.

Odisha starts attaching chit fund group`s properties

Odisha Monday started the process of confiscating properties of scam-tainted chit fund companies in the state to compensate duped investors.

Odisha designates 4 ADJs to deal with chit-fund cases

In a bid to expedite the process of attaching properties of ponzi scheme companies, Odisha government said four ADJs have been appointed as designated courts for the purpose.

Bengal minister behind Saradha chief`s rise: Suspended Trinamool MP

Accused of being involved in the Saradha scam, suspended TMC MP Kunal Ghosh named a WB minister for the meteoric rise of scam kingpin Sudipta Sen.

ED gets Sudipto Sen`s custody for interrogation

ED got custody of Sudipto Sen, main accused in a multi-crore chit fund scam, in connection with a money laundering case filed by it.

Saradha scam: WB govt to distribute compensation from September 30

Giving hope to lakhs of depositors defrauded by ponzi schemes of Saradha Group, Mamata Banerjee said state govt would start distributing compensation from September 30.

Coalgate, other scams of Rs 7000 cr unearthed by CVC in 2012

Coalgate along with ponzi frauds and other alleged scams involving an amount of over Rs 7,000 crore were detected by the CVC last year.

Odisha to frame rules for implementing depositors` bill

Odisha government on Tuesday said it would soon frame rules for early implementation of the law.

Agent of ponzi scheme operator kills self

Unable to bear the pressure of investors to return their money, a woman agent of a ponzi scheme operating company allegedly committed suicide.

Govt takes steps to curb ponzi schemes

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.

Govt guidelines soon to differentiate genuine, ponzi 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.

‘Five ministers, 8 BJD MLAs linked to ponzi scam i

Ridiculing the ruling BJD`s Delhi rally, Odisha Jan Morcha on Monday claimed that five ministers and eight ruling party MLAs were involved in the multi-crore chitfund scam in the state.

Parl panel to submit report on ponzi schemes in Mo

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.

Left leaders meet PM, FM, seek CBI probe in chit fund scam

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.

Mamata Banerjee meets Pranab Mukherjee

Earlier in the day state Finance Minister Amit Mitra met Prime Minister Manmohan Singh and asked him to expedite the presidential assent.

`Don`t confuse `Ponzi schemes` with chit funds`

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.

Bihar Dy CM demands CBI probe into ponzi schemes

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.

Act against cos which raised money through ponzi schemes: BJP

A ponzi scheme is a fraudulent investment operation that gives returns to its investors from their own money and not from profits of the operating companies.

Chit fund scam: Sex workers lose savings in Ponzi schemes

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.

Ponzi scam: Govt red-flags over 250 dubious financial transactions

Finance Ministry red-flagged over 250 suspicious banking transactions, most of them related to Multi Level Marketing (MLM) or ponzi schemes and alerted agencies concerned and state governments.