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.

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.

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.

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.