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.

EOW seeks cancellation of seashore deal with Idco

Tightening the noose around the Seashore Group, the Economic Offences Wing has sought cancellation of its lease agreement with Industrial Infrastructure Development Corporation (Idco) for a 100- acre land in Nabarangpur district.The company had taken on lease the land for setting up of a maize processing unit in Umerkote block of the southern district. It had also deposited Rs 60 lakh towards security deposit.

Sri Chakra Gold dupes Andhra investors of Rs. 15 crore

Even as hundreds of investors of Abhaya Gold being duped recently by the company is still fresh in public memory, yet another finance company, Sri Chakra Gold Farms and Villas India Limited, downed its shutters taking thousands of investors and company agents for a ride.Some 20,000 customers deposited Rs.15 crore through the company's 5,000- strong agent network spread in several districts in the State.

Two arrested in Saradha chit fund scam case

A man, who was in-charge of the scam-tainted Saradha Group chit fund company in North Bengal and Malda district, and his wife were arrested by police on a complaint that they siphoned off money taken from depositors.The police on Friday said Debashis Deb Sharma, 50, and his wife Manasi Deb Sharma were arrested on Thursday night based on a complaint lodged by Ashraful Sheikh at the Chanchal Police Station.

Mailam Chit Fund owner held for defrauding 251 investors

The proprietor of Mailam Chit Funds Private Limited was on Wednesday arrested and remanded to judicial custody by the Central Crime Branch (CCB) on charges of duping 251 investors to the tune of Rs 7 crore.CCB sources said Ilampooranan, who ran Mailam Chit Funds Private Limited, was picked up by the investors and general public on Tuesday night from a lodge on GP Road where he was staying. He was then handed over to the Anna Salai Police, who handed him over to Central Crime Branch.

Chit fund scam: Showcause notice to channels run by Saradha group

NEW DELHI: The Information and Broadcasting Ministry has issued showcause notice to the channels run by West Bengal-based Saradha group for alleged violations of uplinking and downlinking guidelines. 
The ministry has also asked the Home Ministry to specify if its clearance to the channels is still valid after it came to notice that new people had been nominated as directors in the company that runs the channels, a senior official said. 

Three Russians held for duping people in Assam

GUWAHATI: City Police arrested six officials, including three Russians, for running a chit fund scheme on behalf of a private firm called Mavrodi Mondial Moneybox India or MMM India from a private hotel here on charges of duping several customers in the state. 
The three Russian agents were identified as Alexei Muratov, Danis Rosaov and Andre Kilyn. The other three are Dinesh Kotian, Rimish Balan, both Mumbai based officials of the company, and Nabajit Das, a local agent.