Established in 2006 IMA hit the big time around 2015 and managed to thrive despite warnings against its fraudulent schemes from the RBI, income tax investigations, and a public declaration by the government of Karnataka in November 2018 of seizure of the firm's assets.
Sanjay Bhati, the alleged owner of Garvit Innovators Promoters Limited (GIPL), was accused of cheating people under the garb of a “multi-level marketing scheme”called ‘BikeBot’, which promised to double people's investment within a year.
The Enforcement Directorate (ED) has registered a case of money laundering in connection with a Rs 600 crore alleged ponzi scheme in Bengaluru in which Ballari mining baron and BJP leader G Janardhana Reddy is alleged to be involved.
Reddy was granted bail two days after the former mining baron was arrested by the Bengaluru Police's Central Crime Branch unit for allegedly receiving funds from a finance firm accused of swindling hundreds of investors via Ponzi schemes.
Directors of Quirky Technology were arrested after a ponzi scheme run by the firm was exposed. The accused ran a platform through which they solicited investment and offered returns of up to 10 per cent every month.
Vikas Mhetre (49) and Vilas Dalvi (53), who were arrested on Saturday, have been accused of colluding with the employees of the official liquidator, appointed by the Bombay High Court, to file backdated affidavits in order to claim refunds.
After an investigation, it was found that the company initially paid the due profit to its investors but after the scheme collapsed in March 2016 the payment stopped and the office had to be shut down.