Most Viewed MLM News
1072 GRAMIN DAK SEVAK (GDS) Job 2017 ODISHA POSTAL CIRCLE RECRUITMENT
1072 GRAMIN DAK SEVAK (GD...
NURSE Government Jobs 2017 GOVERNMENT OF BIHAR RECRUITMENT
NURSE Government Jobs 201...
100 TEACHER Government Jobs 2017 KMC RECRUITMENT
100 TEACHER Government Jo...
Industry Experts Suggestions On How To Improve Your Multi Level Marketing
Industry Experts Suggesti...
Top 7 Best MLM Network Marketing Companies 2018 in India
Top 7 Best MLM Network Ma...
1065 ASSISTANT ENGINEER Government Jobs Post 2017 BPSC RECRUITMENT
1065 ASSISTANT ENGINEER G...
606 STATION CONTROLLER and other Job 2017 GUJARAT METRO RAIL RECRUITMENT
606 STATION CONTROLLER an...
TRAINEE ENGINEER and other vacancy LATEST JOBS IN CVPP RECRUITMENT 2018
TRAINEE ENGINEER and othe...
Government Says India Seeks To Block Most Cryptocurrencies in New Bill
Government Says India See...
PEON Government Recruitments 2017 ECOURTS JOBS NOTIFICATION
PEON Government Recruitme...

India Considering Single Agency To Lead Ponzi Investigations

India Considering Single Agency To Lead Ponzi Investigations

An Indian inter-ministerial group evolving a legal framework to protect investors against frauds by ponzi operators is now working on how a single agency can take lead in investigating cases most of which are spread across states.



Central agencies like CBI are capable of taking up inter-state investigations. But they can only be handed over cases either on the request of the state governments or orders of a court.



Keeping this in mind, the inter-ministerial panel is now learnt to be focusing on how ponzi-related cases be handed over to an agency without waiting for court order or state government's recommendation.



Various options are being considered, said sources in know of the development.



The committee is mandated to work out a new set of Standard Operating Procedures (SOP) to be followed by the government for central and state law enforcement agencies for probing ponzi schemes.



A ponzi scheme is a swindle in which quick return on an investment is offered. Major such scams being probed by CBI, Income Tax and other investigating agencies include those relating to Rose Valley and Saradha chit fund wherein investors lost about Rs 15,000 crore and Rs 2,500 crore respectively on false promise of good returns.



The panel has been set up to ensure proper enforcement of regulatory framework for multi-level marketing companies, non-banking finance companies, and companies running collective investment schemes.



Many entities have registered themselves as chit funds but are found to be raising money illegally through fraudulent schemes or ponzi schemes by promising high returns.


  • 0 like
  • 0 Dislike
  • 0
  • Share
  • 627
  • Favorite
  • 22 September, 2015
Previous Next
App
Install