For more than two decades, he pulled off $65 billion, making it the biggest Ponzi scheme
Summary: New Delhi [India], Aug 17 (ANI): The Enforcement Directorate (ED) on Saturday said that it has attached assets worth Rs 261 crore of a Haryana-based multi-level marketing group, which is accused of cheating investors with a Ponzi scheme
The SECP would like to warn the public not to be misled by such fraudulent activities and Ponzi schemes
launched by the entities/companies through advertising in the electronic and print media, websites, emails and mobile text messages.
Shaik, 45, the title sponsor of a cricket league in the UAE last year, has been charged with cheating, criminal breach of trust and criminal intimidation for peddling Ponzi schemes
as Halal investment programmes.
The government has proposed these stringent provisions in wake of several ponzi schemes
where gullible investors, mostly poor people, were defrauded of amounts running into thousands of crores of rupees.
BANKING AND CREDIT NEWS-September 28, 2018--Russian central bank reveals Ponzi scheme
that could have duped investors
The SEC has raised the red flag on 30 social media accounts, pages and groups believed to be Ponzi schemes
: Road to Stockmarket/Dreambuilders; Steady Money Onpal; G-Funds; Team Amazing Grace; Team Donatos; Building Bridge; GBS New Hope; GBS Trust Traders; Whilmz Team International; Whilmz International Online Paluwagan; Rosca - Money's Worth Onpal; Warriors Team Onpal; Xplosion; Red Packet; Elite Savers Club; Share Ko Profit Ko; SUTM and BOJ; Real Team Angel; Original Team Angels; Return of the Comeback Team Angels Internationals; Cone Weekly Investment; 2DO Marketing Services; Power7 M2G; Onpal Adhoc; Swift Learners Guild; Exclusive Circle of Earners; Old TBC; and Lover's Profit Sharing.
Mavrodi's MMM financial pyramid was a typical Ponzi scheme
in which earlier investors receive their profits from subsequent investors.
Last November, Central Bank Governor Valiollah Seif described the way some credit institutions had operated as Ponzi schemes
, saying in an interview with state television that the institutions would pay unsustainable interest rates--sometimes as high as 89 percent--using money acquired from new depositors.
Although Ponzi schemes
bilked investors for the past 120 years, the 1990s and 2000s experienced a series of high profile, high dollar Ponzi schemes
Understanding Ponzi Schemes
: Can Better Financial Regulation Prevent Investors From Being Defrauded?