Byron Center man guilty in $46,000,000 Ponzi scheme

Mich. -- A Byron Center man has been convicted in a multi-million-dollar investment scheme, according to the office of US Attorney Patrick Miles Jr. David McQueen, 43, was convicted of six counts of mail fraud, six counts of money laundering, and three tax counts, all stemming from a $46 million Ponzi scheme. He faces up to 20 years on each fraud count, up to 20 years on some of the money laundering charges (and up to 10 years on the others), and a year for each tax count.

Chitfund scam hit IFA Shield tournament

KOLKATA: Financial crisis in the aftermath of the chitfund scam in West Bengal has hit hard the 118-year-old IFA Shield which is still looking for sponsors as it will get underway with eight teams from January 29-February 11.One of the oldest football tournaments of the world, the Shield is sandwiched between the ongoing Federation Cup and the final leg of the I-League as many top clubs of the country will be missing from action.

Online and MLM fraud companies

Direct selling has completed 18 years in India and about 8 million of our countrymen are engaged with the industry. The industry continues to grow at rapid speed despite of scams (using the multilevel marketing compensation plans) causing damage of thousands of crores every year.

Scams not only swindle the people but also create confusion about the business model since they impersonate as principled direct selling companies.

Man Held for Chit Fund Fraud

In yet another crackdown, the shadow police on Tuesday nabbed a person for allegedly duping several people by operating a fake chit fund company. The arrested person is Antony Koshi, 35, Kilooor House, Palluruthy. According to police officials, the accused was operating a  chit fund company  called the Mullackal Chits Private Limited at Ranni in Pathanamthitta.

Speak Asia promoter held for Rs 2,200 crore scam

NEW DELHI: Speak Asia promoter Ram Sumiran Pal, one of the three masterminds behind a Rs 2,200 crore online marketing fraud, was arrested by the Delhi crime branch on Tuesday. Pal, 37, and his associates duped at least 24 lakh investors in the scam extending to Singapore, Italy and Brazil among others.

The crime branch received an input that Pal, who was hiding in Dehradun, would visit Connaught Place on Monday.

HC directs SFIO to further probe Tower Infotec chit fund scam

The Calcutta High Court Monday directed the Serious Fraud Investigation Office (SFIO) to continue investigations into allegations that Tower Infotec, a Kolkata-based company had violated legal provisions of SEBI.

Cops raid Apple Chit firm office

Vijayawada: Police and registration officials on Sunday raided the Apple Tree Chit Fund Company office here on Sunday. The firm had downed shutters a month ago after duping investors.Led by District registrar (West Krishna) G. Bala Krishna, sub-registrar Rama Devi and West Zone ACP T. Hari Krishna, the officials opened the locked office at Governorpeta and seized documents relating to the investments made by the firm.

Kunal Ghosh arrested in Saradha chit fund scam

Kunal Ghosh Arrested

Kolkata: Police arrested suspended Trinamool Congress leader Kunal Ghosh on Saturday in connection with the multi-crore Saradha Group ponzy scam. 
The development came just few minutes after Left Front chairman Biman Bose demanded a CBI probe into the chit fund scam and claimed that several names other than that of its chairman Sudipta Sen had cropped up in connection with it. 

EOW seeks to attach assets of Saradha Group

The Economic Offences Wing (EOW) of the Crime Branch on Monday moved the State government seeking approval for attachment of properties of the Kolkata-based Saradha Group, accused in the multi-crore chit fund scam.Two cases were registered against the group in Balasore and Puri. EOW Deputy IG of Police said the Crime Branch had seized properties of the group and wanted to attach them under the Odisha Protection of Interests of Depositors (in Financial Establishments) Rules, 2013.

SC notice to Centre over chit funds

NEW DELHI: The Supreme Court on Tuesday issued notices to the Centre, market regulator Sebi and Reserve Bank of India on a PIL seeking activation of a stringent regulatory mechanism to control activities of mushrooming of chit funds, many of which dupe investors of their life's savings.

Odisha starts attaching chit fund group's properties

The Crime Branch police have submitted a proposal to the state government seeking interim orders for attaching money and properties of the Seashore Group, comprising many companies, over the multi-crore-rupee chit fund scam.
The proposal has been submitted under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011, which received presidential nod in August, Rajesh Kumar, deputy inspector general, economic offences wing (EOW) Crime Branch, told IANS.

Company director held in Odisha chit fund scam

Bhubaneswar: Police arrested the director of a private fund management company in Odisha in connection with a multi-crore-rupee chit fund scam on Thursday, an official said.Rajesh Kumar Sahu, the 40-year-old director of Innovatives Fund Management Ltd., was arrested here in the state capital following complaints that his company received deposits from investors assuring them high returns but did not keep its promises.