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Saradha scam: ED attaches assets worth Rs 60 cr

30 October 14

Moving ahead in the multi-crore Saradha chit funds scam case, the Enforcement Directorate (ED) today attached assets, including a school, a cement factory and few resorts, worth Rs 60 crore in West Bengal in connection with its money laundering probe. The agency, while issuing its seventh attachment of properties order under the Prevention of Money Laundering Act (PMLA), seized an operational school called Linclon High School, a cement factory ... Read More

CBI questions 3 Sebi officials in Saradha scam case

30 October 14

NEW DELHI: The Central Bureau of Investigation (CBI) has questioned three senior officials of Securities and Exchange Board of India (Sebi) as part of its investigation into the Saradha scam. Sources in the investigating agency said Sebi's former executive director (ED) KN Vaidyanathan and serving EDs SV Muralidhar Rao and S Ravindran have been examined on procedures related to enquiry and proceedings against SRIL (Saradha Realty). ... Read More

Award winning Oriya author donates ponzi firm's Rs.10 lakh honorarium

29 October 14

Kendriya Sahitya Academy award winning Oriya author Manoj Das has donated Rs.10 lakh that he received as honorarium from the tainted chit fund company, Seashore Group, for acting as advisor to its two literary magazines, to the Chief Minister's Relief Fund. Eighty year old Das, best known for his short stories, took the step following criticism about his association with the ponzi company in certain quarters. The Seashore Group is currentl ... Read More

Mizoram: ZNP worker arrested for extortion bid

29 October 14

The Mizoram Police arrested a Zoram Nationalist Party (ZNP) worker and his accomplice for threatening an Aizawl resident to pay Rs 20 lakh. The party, however, denied its involvement. Jacob Lianhuapa (40), the chief organiser of ZNP’s youth wing and Vanlalliana (20), who has been living with Jacob for some time, were arrested by investigators late on Monday night. The ZNP stripped Lianhuapa of his position as chief organiser of the youth ... Read More

Former Lincolnton teacher sentenced in Ponzi scheme

29 October 14

A former Lincoln County school teacher was sentenced Tuesday to four years in prison for a Ponzi scheme that defrauded investors of more than $1 million. Carl David Wright, 54, of Iron Station also must serve three years of supervised release after his prison term ends and pay $817,975 restitution to his victim investors. Prosecutors said Wright orchestrated the scheme from August 2008 to March 2013 by encouraging his victims ... Read More

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