Shimla, July 17 (IANS) The ED arrested three accused in connection with a cryptocurrency scam in which they defrauded over 2.4 lakh investors, including those in Himachal Pradesh, of nearly Rs 500 crore by promising high returns, an official said on Friday. The Directorate of Enforcement (ED), Shimla Sub-Zonal Office, arrested Milan Garg, Sukhdev Thakur, and Abhishek Sharma under Section 19(1) of the Prevention of Money Laundering Act (PMLA), 2002, said the ED official.The ED initiated an invest…
Latest Ponzi scheme News & Updates
Guwahati, July 10 (IANS) The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth around Rs 5.54 crore in connection with an alleged multi-crore Ponzi scam involving the Jeevan Suraksha Group of Companies, officials said on Friday. The attachment was made under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002.According to the ED, the attached assets include credit balances of about Rs 1.42 crore lying in 48 bank accounts and 22 immovabl…
Mumbai, July 4 (IANS) The Economic Offences Department (EOD) of the Mumbai Police has arrested a man accused of operating an alleged Ponzi scheme that cheated 42 investors of nearly Rs 30.26 crore by promising lucrative returns through a stock market investment platform, officials said on Saturday. According to the investigators, the accused allegedly induced investors to invest through the Investok app by assuring monthly returns ranging from two to five per cent on stock market investments.The…
Hyderabad, July 3 (IANS) The Directorate of Enforcement’s (ED) Hyderabad Zonal Office has auctioned an aircraft (Hawker 800A) seized in a case relating to a Rs 792 crore invoice discounting scam allegedly perpetrated by Amardeep Kumar and his company, Capital Protection Force Pvt Ltd (Falcon Group), an agency statement said on Friday.The Central agency said on Friday that, in a first-of-a-kind action, it auctioned the aircraft through MSTC Limited on July 1 for a sale consideration of Rs 3 crore…
Chennai, July 2 (IANS) The Directorate of Enforcement (ED) on Thursday said it had conducted searches at eight locations across Tamil Nadu and Kerala in connection with a money laundering investigation against M/s Dream Makers Global Pvt. Ltd. (DMGPL), which is accused of operating a multi-level marketing (MLM) and Ponzi scheme that allegedly cheated thousands of investors by promising exorbitant returns on investments. The searches were conducted under the provisions of the Prevention of Money …
New Delhi, June 30 (IANS) The Delhi Police’s Economic Offences Wing (EOW) has busted a Multi-Level Marketing or Ponzi-style franchise investment fraud worth around Rs. 4.17 crores and arrested three directors of M/s Duvera Retails Pvt. Ltd, an official statement said on Tuesday.According to the statement, a complaint was received from Sanjay Jagdish and other investors against M/s Duvera Retails Pvt. Ltd. and its directors, namely Bhoop Singh, Gaurav Verma, and Sanjeev Sharma, alleging that they…
New Delhi, June 1 (IANS) The ED attached 14 immovable properties, worth Rs 1,595.85 crore, belonging to Gian Sagar Educational & Charitable Trust and located at Ramnagar, Punjab, in connection with a Rs 48,000 crore Ponzi scheme of Pearl Agrotech, an official said on Monday. The attached 14 properties have been identified as having been acquired from investor funds, constituting Proceeds of Crime, the ED said.The Directorate of Enforcement (ED), Delhi Zonal Office, took the action under the …
Shillong, May 9 (IANS) The Directorate of Enforcement, Shillong Sub-Zonal Office, has provisionally attached movable properties worth Rs 1.06 crore in connection with the “Global Media App” fraud case involving alleged large-scale cheating of investors through an online earning and investment scheme, officials said on Saturday. The Enforcement Directorate initiated the probe under the Prevention of Money Laundering Act, 2002, based on a First Information Report registered at Madanriting P…
Gandhinagar, May 7 (IANS) Investors have alleged large-scale cheating in a high-return investment scheme linked to Shoot Space Digital Pvt. Ltd., operating from Gujarat International Finance Tec-City (GIFT City), with complaints indicating that more than 33,000 people across multiple states may have been affected after promised returns reportedly stopped, officials said on Thursday. According to multiple investor complaints and preliminary police findings, the company allegedly promoted a scheme…
New Delhi, April 16 (IANS In fresh action in a Rs 500 crore ponzi scheme fraud, the ED searched seven premises across Delhi-NCR, Goa, Jaipur and Mumbai linked to 32nd Avenue Group and seized Rs 1.05 crore cash and jewellery items worth Rs 1.5 crore, an official said on Thursday. The search operation against the company’s promoter-directors, Anubhav Sharma and Dhruv Sharma, and others was conducted on April 13 and 14, the official said in a statement.The directors and promoters were using t…