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 Adooye.com, 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 »

CBI Probing 243 Ponzi Schemes

NEW DELHI: The Supreme Court on Monday said it was actively supervising the CBI probe into 243 cases relating to chit fund scams in West Bengal, Odisha, Assam and Tripura while declining to monitor investigations into cases in Odisha. However, the court said it would not dilute the focus of the investigation by permitting the CBI… Continue Reading »