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  Business   Economy  04 Aug 2017  Meghwal orders SFIO probe into 233 ponzi scams defaulting investors

Meghwal orders SFIO probe into 233 ponzi scams defaulting investors

PTI
Published : Aug 4, 2017, 4:42 pm IST
Updated : Aug 4, 2017, 4:42 pm IST

Meghwal said no money has been returned to investors in as many as 233 cases related to chit fund and ponzi schemes.

The government on Friday said money has not been restored to the investors in as many as 233 cases related to ponzi, chit fund and multi-level marketing activities.
 The government on Friday said money has not been restored to the investors in as many as 233 cases related to ponzi, chit fund and multi-level marketing activities.

New Delhi: The government on Friday said money has not been restored to the investors in as many as 233 cases related to ponzi, chit fund and multi-level marketing activities.

In a written reply to Lok Sabha, Minister of State for Corporate Affairs Arjun Ram Meghwal said the ministry ordered investigation by SFIO in 233 cases between 2012-13 and 2017-18 (till July).

 

The cases were related to ponzi, chit fund and multi-level marketing activities.

"No money in these cases has been restored back to the investors," the minister said.

The ministry ordered probe by Serious Fraud Investigation Office (SFIO) on complaints of serious nature involving companies which have defaulted after raising money from the public.

Of these 233 matters, cases pertaining to West Bengal are 152, followed by Odisha (31); Uttar Pradesh (11); 10 each by Assam and Delhi and Maharashtra (8).

Tags: ponzi schemes, chit fund scams, arjun ram meghwal
Location: India, Maharashtra, Mumbai (Bombay)