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Mathematical proof Ponzi, pyramid schemes will fail

31 May 16

Cape Town - Faced with empty wallets and rising costs, thousands of South Africans are placing their faith in “get rich quick” schemes that lure desperate consumers with promises of unrealistic investment returns. However, whether a Ponzi or a pyramid scheme, it can be mathematically proven that such schemes will eventually collapse and leave investors with nothing.   Ponzi and pyramid schemes are essentially the same, ... Read More

Ponzi schemer Shekhar Chandrashekhar conned Chennai doctor of Rs 50 lakh

31 May 16

The notoriety of Ponzi scheme operator Shekhar Chandrashekhar knows no end. The master conman, who, other than duping over 500 investors of Rs 19 crore in Mumbai, is already accused of bribing jail staff and doctors to get admitted to hospitals and posing as powerful ministers’ associates to stall court proceedings. He was booked in another cheating case in Chennai recently. ... Read More

Sarada Chit Fund Scam: SC asks Calcutta HC to hear Manoranjana Sinh's appeal

31 May 16

A Division Bench of India's Supreme Court on 30 May asked Calcutta High Court to look into the case of Manoranjana Sinh, one of the accused in the Sarada Chit Fund scam. The SC has neither dismissed nor rejected the bail application of the accused. Sinh's lawyers have clarified that the Supreme Court heard the listed matter on 25 May and allowed their client the liberty to mention and list the matter of bail he ... Read More

Rose Valley chit-fund scam 7 times bigger than Saradha

28 May 16

NEW DELHI: The West Bengal-based Rose Valley group cheated investors of Rs 17,000 crore, the CBI has confirmed, making the chit-fund scam seven times bigger than the Saradha scandal that generated a lot of political heat in the eastern state. The hospitality-to-real estate group robbed millions of investors, most of them from low-income group, in at least 10 states, including West Bengal, Odisha and An ... Read More

Bengaluru Couple Behind Rs 100 Crore Chit Fund Scam Arrested

12 May 16

BENGALURU: In a major breakthrough, police have arrested a a couple who had allegedly cheated more than 85 people of Rs 100 crore through a chit-fund scam. The accused have been identified as M Srinivas, 63, and his wife B G Pushpalatha, 55. Both are residents of Vijaya Bank Layout, behind Indian Institute of Management, off Bannerghatta Road. Jayanagar pol ... Read More

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