Ponzi Schemes

PACL lured investors with land-for-deposit schemes and paid old investors with new funds, duping 50 million people across 10 states in a massive fraud

Alleged ponzi scheme operator Bhupendrasinh Zala collected Rs 450 crore from 11,000 investors through 17 offices he set up across Gujarat between 2020 and 2024, a police official said on Monday. Zala, a resident of Himmatnagar town of Sabarkantha, was held from Mehsana district on December 27 after being on the run for almost a month. He is in police custody till January 4. During interrogation, it was revealed that Zala, through his entity BZ Financial Services, collected Rs 450 crore from unsuspecting investors by offering them unusually high returns on deposits, said Deputy Inspector General of Police (CID-Crime) Parikshita Rathod. "He opened 17 branches across Gujarat to target investors. Our investigation has found he collected Rs 450 crore in four years and then purchased movable and immovable assets worth Rs 100 crore. Moreover, he did not pay Rs 100 crore to depositors as promised," she told reporters in Gandhinagar. "So far, we have learnt that nearly 11,000 individuals ..

Violations of regulatory guidelines were confirmed through supervisory scrutiny; the regulator dealt with some of these platforms bilaterally for remedial action

US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down

The Ponzi scheme allegedly swindled Rs 6,600 crore from investors by promising high returns through Bitcoin mining

An Indian-American has been indicted by a grand jury in a Ponzi scheme with the FBI urging victims of the investment adviser in Texas to come forward. Siddharth Jawahar, 36, has been ordered imprisonment until sentencing by the court. The FBI on Wednesday said it is seeking potential Miami-area victims of Jawahar who has been accused of running a multimillion-dollar Ponzi scheme. According to the indictment, from July 2016 through roughly December 2023, Jawahar took in more than USD 35 million from Swiftarc investors but spent about USD 10 million on investments in companies. Jawahar used the money from new investors to repay older investors and to fuel an extravagant lifestyle that included flights on private planes, stays at luxury hotels and expensive outings at lavish restaurants, the indictment says. In 2015, Jawahar began investing the majority of client funds in a single investment, Philip Morris Pakistan (PMP), the indictment says, and eventually, 99 per cent of client fund

The Economic Offence Wing (EOW) of Odisha police has unearthed a pan-India cryptocurrency-based Ponzi scam worth more than Rs 1000 crore, a police official said on Monday

The Enforcement Directorate (ED) said that it has attached movable and immovable properties worth Rs 81.7 crore related to Future Makers Lifecare Pvt Ltd, a Hisar-based company

The founder of cryptocurrency investment platform BitConnect, an Indian national, has been indicted on charges of orchestrating a global Ponzi scheme worth $2.4 bn, federal prosecutors said.

Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades

14 FIRs were registered by Rajasthan Police and Crime Branch, Surat, Gujrat against Abhinav Gold International Marketing Pvt. Ltd. and its directors Anil Birla, Murlidhar Birla and others

Saradha ponzi scam prime accused Sudipta Sen has alleged that several influential people, including prominent political leaders, have taken "financial advantage" of him

Enquire how the high returns being promised will be generated, and whether you are comfortable taking the accompanying risk

Here are some tools that will help you detect a scam from a mile away and avoid touching one even with a 10-foot barge pole

The Rajya Sabha passed with voice vote the bill which would save gullible investors from ponzi schemes

Despite investigation, chances of getting back deposited money look bleak

The news of Bengaluru-based IMA cheating thousands once again underlines the need for investors to steer clear of unregulated deposit schemes

Chahal executed this fraud through falsely representing that his company had earned returns of roughly 28 to 34 per cent annually

It has provisions for repayment of deposits to gullible investors trapped by schemes which raise funds illegally

The ordinance on ponzi schemes will prohibit all deposit-taking activities that are not regulated by various regulators