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…
Latest Ponzi schemes News & Updates
Mumbai, July 1 (IANS) In a significant legislative move to crack down on modern financial scams and expedite justice for duped investors, the Maharashtra Legislative Assembly on Wednesday passed a crucial Bill to amend the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 for addressing modern digital asset fraud and tightening judicial loopholes. The Bill was presented by the Minister of State for Home, Yogesh Kadam.Acknowledging the evolving landscape of …
Hyderabad, March 23 (IANS) Hyderabad Police on Monday arrested 32 accused during simultaneous raids in Telangana, Andhra Pradesh and Karnataka in four cases relating to Q-Net/ Vihaan direct selling multi-level marketing scam. Hyderabad Police Commissioner V. C. Sajjanar told a news conference on Monday that the arrests were made by 30 special teams from the Central Crime Station (CCS) of theHyderabad City Police conducted simultaneous lightning raids in various parts of Telangana, Andhra Pradesh…
Hyderabad, Dec 23 (IANS) The Directorate of Enforcement (ED), Hyderabad Zonal Office, has filed a charge sheet under the provisions of the Prevention of Money Laundering Act (PMLA) against Sun Pariwar Vupadi Management Pvt Ltd, an official statement said on Tuesday.The charge sheet was filed before the Special PMLA Court of Metropolitan Sessions Judge, Rangareddy, and the court has taken cognizance of the same, the ED added.The Central agency initiated an investigation based on various FIRs regi…