Cattles sold for 'ghee' investments; Sebi sees ponzi at play

Last Updated: Sunday, June 2, 2013, 16:19

As per the latest financial details accessed by Sebi, the scheme named 'Cattles & Ghee' had mobilised a total amount of Rs 745 crore as on March 31, 2011. Further funds could have been garnered from the depositors since then.

Assam Minister files defamation case against Saradha

Last Updated: Saturday, June 1, 2013, 18:16

Assam Health and Education Minister Himanta Biswa Sarmah filed a criminal defamation case against ponzi scheme Saradha Group and its chairman Sudipta Sen on Saturday for allegations against him in a purported letter to CBI.

RBI Governor briefs Parliament panel over chit-fund scam

Last Updated: Friday, May 24, 2013, 21:44

RBI Governor D Subbarao today briefed a Parliamentary panel on regulatory issues concerning the recent chit-fund scam in West Bengal and discussed steps that could be taken to prevent recurrence of such frauds

Sinha talks tough on ponzi schemes as Sebi turns 25

Last Updated: Friday, May 24, 2013, 21:22

Speaking on the occasion to mark Sebi's 25 years, Sinha said that the government has been supportive to the regulator throughout this journey and he expects the same to continue.

Lack of banking facilities drove people towards ponzi schemes

Last Updated: Sunday, May 12, 2013, 11:25

An economist, Ajitava Rai Chaudhuri, says it is the easy availability of need-based loans and high returns on short-term investments that propel people to invest in ponzi schemes.

Chit funds: Maha govt to auction property of defaulters

Last Updated: Monday, May 6, 2013, 23:38

Maharashtra government has decided to auction property of those who have cheated investors of crores of rupees through chit funds and ponzi schemes, Home Minister R R Patil said.

CPI-M flays govt move to float fund for duped investors

Last Updated: Thursday, April 25, 2013, 19:40

CPI(M) sharply criticised the Trinamool Congress govt`s move to set up a relief fund to compensate investors hit by the collapse of Saradha Group.

Pilot writes to state CMs for police action in fraud schemes

Last Updated: Monday, April 22, 2013, 16:22

The Centre has written to state CMs for vigorous police action against erring entities.

Federal officials allege USD 600 million Ponzi sch

Last Updated: Saturday, August 18, 2012, 16:31

The action by the Securities and Exchange Commission on Friday is intended to help investors recoup money and avoid devastating losses.

FBI arrests brother of Madoff over Ponzi scheme link

Last Updated: Friday, June 29, 2012, 20:22

Peter Madoff, 66, was taken into custody at his lawyer`s Manhattan office this morning, according to FBI spokesman J Peter Donald.

Ponzi scam: Allen Stanford jailed for 110 years

Last Updated: Friday, June 15, 2012, 15:17

Texan financier Allen Stanford has been sentenced to 110 years in prison for orchestrating a USD 7 billion Ponzi scheme.

USD 30M Ponzi scheme targeted Muslims: Prosecutors

Last Updated: Thursday, November 18, 2010, 22:02

Federal prosecutors say a taxi driver turned prominent businessman in Chicago`s South Asian community is among 3 people indicted for defrauding hundreds of Muslims out of USD 30 million.