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Another multi-level marketing scam hits Hyderabad, 100 people duped

16 June 16

Hyderabad: A new multi-level marketing scam (MLM) has surfaced in Hyderabad with around a 100 victims losing money in the controversial QNet scheme. Several people have come out alleging that they have lost lakhs in the dubious scheme and has demanded arrest of the managers, who have fled with crores. After receiving the complaint from a ... Read More

SEC Halts Ponzi Scheme Aimed At Middle Class

01 June 16

The Securities and Exchange Commission has charged two California men and their investment firm with operating a Ponzi scheme as they purported to specialize in serving middle-class investors and securing exorbitant returns by investing in hot pre-IPO stocks.  The agency also obtained a court-ordered asset freeze against them.   The SEC alleges that instead of using the firm’s purported proprietary trading models and investing in pre- ... Read More

Man cheats investors of Rs 800 cr in ponzi plan across India, held

01 June 16

NEW DELHI: A man accused of duping investors of Rs 800 crore in a ponzi scheme has been arrested. The accused, Mukesh Baghel, allegedly lured people to invest money in recurring or fixed deposit schemes of his company, BPN Real Estate Company. As many as 20 complaints are registered against Baghel at the Hauz Khas police station. ... Read More

Capitec shuts 'MMM' bank accounts

31 May 16

Hawks spokesman Brigadier Hangwani Mulaudzi said the elite police unit was investigating MMM SA to establish whether it was a Ponzi scheme   Speaking to Fin24, the bank's CEO, Gerrie Fourie, said 2000 accounts had been closed to protect its clients. Some of the clients, however, reacted so aggressively that the bank had to bring in security. ... Read More

Fresh e-auction of Rose Valley assets today

31 May 16

Bhubaneswar: After failing to get a single bidder for the immovable properties of chit fund firm Rose Valley Group during the e-auction on May 4, the Odisha government is conducting the process for the second time on Tuesday to repay the duped investors. Official sources said online auction of the properties would be carried out between 11 am and 3pm today. ... Read More

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