Chit Fund Fraud

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  CBI Arrests Trinamool Leader Pranab Chatterjee In Chit Fund Fraud Case

  Central Bureau of Investigation (CBI) on Friday arrested Trinamool Congress (TMC)leader and chairperson Board of Administrator (BOA) of Burdwan Municipality in an ongoing investigation in a chit fund fraud case.

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  Probe Agency Arrests 3 In Rs 6,380-Crore Chit Fund Scam

  The Enforcement Directorate has arrested three promoters of a south India based company on money laundering charges in an over Rs 6,300 crore alleged ponzi or chit fund fraud case where lakhs of investors hailing from various states were duped, the agency said on Wednesday.

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  CBI Steps In As Firm In Delhi's Karol Bagh Cheats People Of 10,000 Crore

  The Central Bureau of Investigation (CBI) has pressed charges against a Karol Bagh-based company for allegedly defrauding its investors to the tune of Rs 10,000 crore by promising double returns on their investments in a year, officials said today. CBI registered a case against the company on Wednesday on the direction of the Supreme Court which in...

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  CBI Arrested 5 Ex-Directors Of Private Firms For 'Fraud'

  The CBI has arrested five former directors of a Madhya Pradesh-based private firm in an on-going investigation of a chit fund fraud case.

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  Pearls Group's Bhangoo, Others Sent to 10-day CBI Custody

  Pearls Group CMD Nirmal Singh Bhangoo and three others, arrested in connection with alleged swindling of Rs 45,000 crore from over five crore investors, were on Saturday remanded to 10-day CBI custody by a Delhi court.

• Saradha Was Running Ponzi Schemes, to Face Prosecution: Serious Fraud Investigation Office

  Completing its probe into 'chit fund scam' of 14 Saradha group firms, Serious Fraud Investigation Office (SFIO) today said these companies have been found to be running 'ponzi schemes' and would face prosecution for violation of several laws.

• Budget 2014: Government Proposes New Legislation to Check Chit Fund Frauds

  "This step is expected to facilitate effective regulation of companies and entities which have duped a large number of poor and vulnerable people in this country," he said.

• Saradha scam: Question those named by suspended Trinamool leader Kunal Ghosh, says CPM

  The Communist Party of India-Marxist (CPI-M) yesterday demanded a probe into accusations made by suspended Trinamool Congress (TMC) Rajya Sabha member Kunal Ghosh against a West Bengal minister and two others in the Saradha chit fund scandal.

• Saradha chit fund scam: Trinamool leader Kunal Ghosh questioned for over eight hours

  The Serious Fraud Investigation Office (SFIO) grilled suspended Trinamool Congress MP Kunal Ghosh for more than eight hours in connection with the probe into Saradha chit fund scam and he is expected to be questioned again next week.

• Government to step up public awareness campaign on chit funds

  Amid controversy over duping of investors' money by Saradha group, Consumer Affairs Minister KV Thomas today said the government will intensify public awareness campaign on the risk of investing in fraud chit fund companies and ponzi schemes.

• Corporate Affairs Ministry announces Serious Fraud Investigation Office inquiry into all chit funds

  Amid a growing controversy over the alleged defrauding of investors by Kolkata-based Saradha Group, the Corporate Affairs Ministry today announced that all chit funds that are non-compliant with markets regulator SEBI will be investigated by the Serious Fraud Investigation Office.

• Is Rose Valley Bengal's next big investment fraud?

  West Bengal woke up today to prominent ads in newspapers put out by a company called Rose Valley, appealing to its investors not to panic in the wake of the collapse of the Saradha group's chit fund, which has wiped out the savings of lakhs of small depositors in the state.

• Rose Valley: Bengal's next big investment fraud?

  The Saradha chit fund disaster could just be the tip of the iceberg. Market regulator Securities and Exchange Board of India or SEBI is investigating at least five other such companies in West Bengal for alleged fraud, including Rose Valley, a group that has raised Rs 4000 crore and a collapse of which will lead to a bigger crisis than the Saradha ...