Ponzi Scheme Fraud

CBI busts Rs 350 crore nationwide crypto Ponzi scam, raids seven locations

The CBI has conducted search operations across seven locations after registering a case of Rs 350 crore crypto ponzi scam against seven persons, officials said Friday. The accused persons were allegedly running seven separate modules based in the cities of Delhi, Hazaribag, Bathinda, Ratlam, Valsad, Pudukkottai and Chittorgarh, taking money from gullible investors promising investments in cryptocurrencies, they said. "These ponzi schemes were being promoted through multiple social media groups. An analysis of bank account transactions and cryptocurrency wallets has revealed that the illegal proceeds from these schemes were being converted into cryptocurrencies to obscure their origin," CBI's spokesperson said in a statement. It is alleged that they had conducted transactions of over Rs 350 crore in these schemes, the officials said. On Thursday, the agency swooped down at locations in Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu and Rajasthan. During the searches,

Ponzi scheme operator Zala collected Rs 450 cr from 11k investors: Police

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 ..

Actor Govinda to be questioned in Rs 1,000 cr online ponzi scam: Report

Authorities at Odisha's economic offences wing (EOW) stated that at present, Govinda is neither a suspect nor an accused

CBI arrests private firm's director Sanjay Kumar Singh in ponzi scam case

The CBI has arrested the director of a Durgapur-based company in connection with its probe into a ponzi scam case, a senior official said on Wednesday. Sanjay Kumar Singh, director of a private firm, also known for his close association with arrested TMC leader Raju Sahani, was apprehended following a 10-hour-long grilling session on Tuesday night, the official of the central agency said. "He was arrested after he failed to satisfy our officers with his replies during the grilling session," the CBI official stated. The private firm director was produced before a city court, which remanded him in three-day CBI custody. "Singh had in 2011 colluded with Soumyarup Bhowmik, the then chairman of Burdwan-based Sunmarg Welfare Organisation that ran the ponzi scheme, and committed financial irregularities," the official said. Bhowmik, currently absconding, and Singh had allegedly misappropriated funds to the tune of Rs 419.90 lakh, the CBI official stated. Last month, Sahani was arrested

CBI arrests 11 in connection with Rs 60,000 cr Pearls Ponzi Scheme scam

The Central Bureau of Investigation (CBI) has arrested 11 more persons, including businessmen and Pearls Group employees in connection with Rs 60,000 crore Pearls Ponzi Scheme case.

Bernie Madoff, mastermind of giant Ponzi scheme, dies in prison at 82

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

Ponzi scheme case: ED attaches assets worth Rs 2.80 cr in Bhilwara

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

How to sniff and dodge financial scams and keep your wealth intact

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

IMA ponzi scam: CBI files charge sheet against two K'taka govt officials

The CBI has filed a charge sheet against two Karnataka government officials in the multi-crore I-Monetary Advisory ponzi scam case, alleging they took bribes from IMA promoter to give him a clean chit

CBI arrests Pailan group chief Apurba Saha in Rs 574-crore ponzi scam case

A source in the agency said that Saha had in connivance with others raised around Rs 574 crore from the public through various illegal schemes

Karnataka govt orders CBI to investigate multi-crore IMA ponzi scheme

The government directed the officials of all departments concerned to hand over data, information and records as and when required by the CBI and cooperate in the investigation

Court grants bail to mining baron Janardhana Reddy in ponzi scheme fraud

Reddy was arrested following a marathon questioning after he appeared before the CCB, ending his elusive run for three days