SEBI Brought Down Hammer on 250 Ponzi Schemes


Courtesy: The New Indian Express, 22 August 2015 – CHENNAI: The Securities and Exchange Bureau of India (SEBI) has taken a tough stand against any companies indulging in perpetrating Ponzi schemes, with Chairman U K Sinha saying that the regulator had brought down the hammer on 250 such companies over the last few years. “We… Continue Reading »

Bill to check ponzi schemes put on hold


Courtesy: Zee News, 2 August 2015 – New Delhi: A proposed bill to check fraudulent multi-level marketing (MLM) or ponzi schemes has been put on hold by the government. The Finance Ministry had started the process to amend Prize Chits and Money Circulation Schemes (Banning) Act, 1978 to check the menace of ponzi schemes which continue… Continue Reading »

CBI registers 72 cases relating to ponzi schemes: Govt


Courtesy: Zee News, 11 August 2015 – New Delhi: The government on Tuesday said CBI has registered 72 cases relating toponzi schemes in about 3 years, while the Enforcement Directorate has initiated action in 57 cases under the money laundering law. “Central Bureau of Investigation (CBI) has also registered a total of 72 cases (71 regular… Continue Reading »

ED lists dishonest CAs in Ponzi scams


Courtesy: TOI, Jul 13 2015 – KOLKATA: In the wake of various scams in the country, the Enforcement Directorate (ED) is preparing a consolidated list of unscrupulous chartered accountants who supposedly helped the companies launder money. The directorate has also asked the Institute of Chartered Accountants of India to provide them with financial expertise and… Continue Reading »

HC asks TN govt to act against MLM scheme


Courtesy: Zee News, June 13 2015 – Chennai: Madras High Court has described multi-level marketing schemes as Pyramid schemes stated to be non-sustainable business model and asked the government to consider preventive measures so that people are not lured by such schemes. “The state government may look into the issue from the perspective of not… Continue Reading »

ED attaches Rs.4.12 Cr properties in MLM case

Courtesy: The Hindu, April 10 2015 – Enforcement Directorate officials of Hyderabad on Friday attached properties worth over Rs.4.12 crore belonging to two companies in a multi-level-marketing case facing charges of cheating. The properties belonging to M/s Moonlife Teamworks India Private Limited, its managing director P. Narayanachary and M/s Sri Chandra Farms and Resorts India Limited… Continue Reading »

Six crore Indians hit by Ponzi schemes


Courtesy: DNA India, 15 June 2015 – Ponzi schemes are one of the biggest types of economic frauds targeting unsuspecting investors. As per figures available, Ponzi schemes have led to default of over Rs 80,000 crore, affecting over six crore people. Lack of awareness among investors is a big factor responsible for the widespread prevalence… Continue Reading »

EOW arrests Madras Café actor for running Ponzi scheme


Courtesy: TOI, Jun 3, 2015 – Leena Maria Paul and live-in partner Sekar Chandrashekhar had previously duped Canara Bank in Chennai of Rs 19 crore. The Economic Offences Wing (EOW) of the Mumbai police have arrested south Indian ac tor Leena Maria Paul, her partner Sekar Chandrashekhar and four others four allegedly cheating people by promising them… Continue Reading »

Adooye.Com, Another MLM, Shuts Shop

Courtesy: MoneyLife, 14 Oct 2014 The Bangalore Police are investigating, which was selling a ‘package’ that promised money for watching online advertisements and enrolling new members, in a classic money circulation scheme. The MLM, which reportedly collected over Rs600 crore has quietly shut shop and left over two lakh registered customers in the lurch… Continue Reading »

‘Jan Dhan’ scheme to help tackle ponzi menace: SEBI

New Delhi: Expecting the government’s efforts to expand financial inclusion to help curb the ponzi menace in the country, Securities and Exchange Board of India (Sebi) Chairman U K Sinha has said that agents, lured by 20-30 per cent commissions, have been pushing illicit schemes among gullible investors in the absence of good savings products…. Continue Reading »