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Wednesday, April 01, 2020

ponzi scheme


Noida ‘Bike Bot’ scam now reaches capital

July 09, 2019 2:28 am

‘Bike Bot’ was founded in 2018 by Sanjay Bhati, a BSP politician, and Vijay Kasana. Police said they allegedly duped several people of Rs 42,000 crore.

IMA Jewels scam: Drawn to ‘halal’ firm and its founder ‘who spoke of god’, 40,000 investors left in lurch

June 26, 2019 3:03 am

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.

Delhi: BSP leader held for ponzi scheme that duped 2 lakh people

June 08, 2019 5:48 am

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.

Rs 239-crore assets of TMC MP’s firm seized in Ponzi scheme probe: ED

January 29, 2019 4:35 am

The properties belong to Alchemist Infra Realty Ltd (AIRL), which has been earlier prosecuted by the Securities and Exchange Board of India (SEBI) for duping investors through the scheme.

ED to probe Janardhana Reddy under money laundering Act

November 28, 2018 4:51 am

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.

Ponzi scam: Karnataka ex-BJP minister G Janardhana Reddy granted bail

November 15, 2018 2:35 am

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.

Two Sakinaka firm directors arrested for Rs 32 crore fraud

September 09, 2018 9:08 am

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.

Mumbai: Two arrested for filing backdated affidavits to claim refunds

August 27, 2018 2:03 am

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.

Two Goans, living in Dubai, sentenced to 517 years jail for running ponzi scheme

April 11, 2018 2:08 pm

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.

Ponzi scheme: ED attaches assets worth Rs 207 cr of Samruddha, promoter

June 13, 2017 5:22 am

The funds generated through the ponzi scheme was laundered for expansion of other businesses like construction, media, hospitality, software, etc and for personal comforts.