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Earlier on Thursday, the prime accused in the IMA Ponzi scam, Mohammed Mansoor Khan, was sent to judicial custody till August 14 by a special Prevention of Money Laundering Act (PMLA) court.
Summary: Bengaluru (Karnataka) [India], Aug 3 (ANI): Mohammed Mansoor Khan, prime accused in the multi-crore IMA ponzi scam case, on Saturday, was handed over to special investigation team (SIT).
A Ponzi scam is an investment fraud which lures investors with promises of high financial returns or dividends.
The remark came while the bench was hearing a petition seeking a CBI probe into a ponzi scam in which 94 West Bengal- based companies collected funds to the tune of ` 2,000 crore and allegedly defrauded people in West Bengal and Odisha.
Securities and Exchange Commission, criticized this week for failing to detect the Bernard Madoff's $65 billion Ponzi scam, needs more money and a new way of getting it, said a key lawmaker on Thursday.
Dubai/Sharjah/Ras Al Khaimah: Hundreds of investors in the UAE are believed to have been affected by the Heera Group ponzi scam which has left a trail of devastated lives across India and the Middle East.
In the case of a Ponzi scam, she said this was an investment fraud which promised high financial returns or dividends equivalent to 6-29 percent a month.
ARTHA Tatwa group is one of the biggest firms involved in the Odisha Ponzi scam. It has allegedly swindled more than ` 750 crore from investors.
Bankruptcy court for the Southern District of New York (Manhattan) by trustee Irving Picard, who says will use the money to repay some investors in Madoff's $65 billion Ponzi scam.
Summary: Bengaluru (Karnataka) [India], Aug 1 (ANI): A special Prevention of Money Laundering Act (PMLA) court on Thursday sent Mohammed Mansoor Khan, prime accused in the multi-crore IMA ponzi scam case, to judicial custody till August 14.
THE CBI will probe Matang Sinh's " highlevel" contacts in the government machinery as it digs deeper into his role in the multi- crore Saradha Ponzi scam.
As far as the Philippines is concerned, Amalillo, who is accused of running a Ponzi scam that victimized at least 15,000 people in the Visayas and Mindanao, is a fugitive from justice, she said.