Tag: Ponzi Scheme

"Between 18-20 lakh investors invested their money in the Corporate Debtors' investment schemes. An amount of approximately Rs 7,500 crore was collected. However, most of the investors never received the returns promised to them. The money invested was siphoned off or diverted to associate concerns of RTSCL and CCIL," said the note. In 2012, the SEBI began investigating the ponzi scheme.

Bolangir: At a time when scores of chit fund firms like AT & Seashore are facing CBI action with their officials cooling heels in jail for duping lakhs of innocent depositors, new ponzi firms are still emerging to target gullible investors in Odisha. As per sources, Adarsh Cooperative Societies Limited, a Gujarat-based mobile banking company […]

Bengaluru: Karnataka’s mining baron Gali Janardhana Reddy was arrested here for allegedly shielding the accused in a multi-crore Ponzi scheme, a police officer said on Sunday. “Based on the evidences and statements, Reddy has been arrested and charged with criminal conspiracy,” Additional Commissioner of Police (Crime) Alok Kumar told reporters here. Reddy, 51, will be […]

Berhampur: A woman fled after allegedly cheating crores of rupees from multiple senior citizens with false investment schemes in Berhampur. A complaint has been registered in this regard at Baidyanathpur Police Station. As per reports, the accused who was staying in a rented house at Ayodhya Nagar in the city disguised herself as the Odisha […]

New Delhi:  The CBI has filed a supplementary charge sheet against Green India group in Bhubaneswar for allegedly duping people of over Rs 69 crore through a ponzi scheme, officials said here Wednesday. In the charge sheet filed before Bhubaneswar special court, the CBI has charged private individuals Pradeep Kumar Singh, Jitendra Kumar Mishra and […]

Bhubaneswar: In what can be considered as a major blow to hopes of large depositors who had lost their investment of more than Rs 10,000 in various ponzi schemes in Odisha, the State Minister on Monday informed the Assembly that as of now the government has no such provisions to ensure refund of the duped […]