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.

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.

11.5 kg gold stolen from chit fund firm

In a major robbery, around 11.5 kg gold and Rs 6 lakh in cash were stolen from the lockers of a chit fund company office in Madhira town in the early hours of Friday. 

According to sources, masked miscreants gained entry into the office by removing the window grills, broke open two lockers and decamped with the huge quantity of gold and cash all worth about Rs 3.50 crore.

Cheated chit fund investors approach police

About 30 investors approached Superintendent of Police R. Ponni on Tuesday and submitted a petition complaining that a private chit fund operator had cheated them of several lakhs of rupees and escaped.

QNet: The Suresh Thimiri link between Vihaan and Transview

The case of QNet, the Hong Kong-based controversial multi-level marketing (MLM) operator is taking new twists every day even as all top executives of the company in India decided to stay hidden citing a case filed with economics offences wing (EOW) of Mumbai police.

SpeakAsia’s Maharashtra head nabbed

MUMBAI: The economic offences wing on Tuesday night arrested three persons, including the Maharashtra head of SpeakAsia, in connection with in a Rs 2,276 crore fraud case.

The accused—Abhishek Kulshrestha, Tabrez Ansari and Saeed Mazgaonkar—were remanded in police custody till November 4. "Kulshrestha holds a degree in business administration and worked for the firm between April 2010 and February 2013. He hails from Bareili in UP," said a senior police officer.

SEBI begins examining Sahara Q Shop schemes

Mumbai: Securities and Exchange Board of India (SEBI) has started examining the schemes of Sahara Q shop schemes under the SEBI Act. This fact was brought in the counter-affidavit filed by SEBI in the Writ petition of IPS officer Amitabh Thakur and his wife Nutan before the Allahabad High Court, Lucknow Bench.

Two chit fund operators go missing

Over 100 depositors in Karur lose their money; police promise to track down the culpritsPolice are on the look out for two persons from Karur who ran a chit fund firm but fled by the night without retuning the money collected from depositors. Hapless depositors preferred a complaint with the Superintendent of Police Santhosh Kumar who assured them that prompt action would be taken against the defaulters.

Odisha Police arrests Flourish India director Aditya Kumar Bisoi

Bhubaneswar: Flourish India director Aditya Kumar Bisoi arrested by Economic Offence Wing (EOW) of Crime Branch on charges of duping investors Odisha. Bisoi was arrested by a team of the EOW last night after several complaints were lodged against the chit fund company at Barapali police station of Bargarh district. 

Suspended MP gives crucial papers in chit fund scam

Suspended Trinamool Rajya Sabha MP Kunal Ghosh, who was quizzed by the ministry of corporate affairs’ investigative wing –Serious Frauds Investigation Office (SFIO)— on the Saradha chit fund scam, was said to have handed over some crucial documents to the investigators on Friday. 
According to sources, SFIO will also quiz another the Trinamool MP for his alleged involvement in the scam, which duped lakhs of investors into depositing in ponzi schemes. 

Akshaye Khanna invests Rs 50 lakh to get Rs 1 crore in 45 days, loses all

MUMBAI: Actor Akshaye Khanna has filed a police complaint against an Andheri couple who allegedly duped him of Rs 50 lakh, claiming they would invest the sum in the commodity market with a promise to double it in 45 days.

"In October 2010, my client Akshaye invested the money in Intech Images, owned by the couple. They lured him with false promises of getting the money doubled in just 45 days. However, for almost three years, they continued to give him excuses instead of returning the money," the actor's lawyer Rajendra Dhuru told on Saturday.