Kavali Ponzi Scheme: Investors Across AP, TG, Karnataka Duped
1 month, 2 weeks ago

Kavali Ponzi Scheme: Investors Across AP, TG, Karnataka Duped

Deccan Chronicle  

Tirupati: The online trading and investment scam that has rocked Kavali town in Nellore district is reckoned to be a large-scale fraud with implications across multiple states. A police investigation started after Telangana's Makthal MLA Vakiti Srihari reached out to Kavali MLA Venkata Krishna Reddy, seeking justice for his constituents who had fallen victim to Subhani’s fraudulent schemes. According to sources, the fraudulent operations in Kavali town were carried out under the label of Ananthartha Associates, a firm that promised high returns through stock market trading and online investments. As details of the scam emerged, the district police claim, they took swift action and suspended two constables for their involvement in Ananthartha Associates’ financial dealings.

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History of this topic

Gujarat businessman, nephew duped of Rs 1.4 crore in cryptocurrency investments
4 days, 16 hours ago

Gujarat businessman, nephew duped of Rs 1.4 crore in cryptocurrency investments

India Today  

A man in Gujarat's Surat and his nephew have alleged that they were duped by fraudsters of Rs 1.43 crore under the pretense of cryptocurrency investments, police said on Sunday. Police stated that the complainant, Mukeshbhai Savani, who runs an embroidery factory in Surat, was introduced to Hiren Kumbhani and Viram Goyani, who were involved in the cryptocurrency business, in …

Cryptocurrency scams busted near Assam-Bangladesh border
3 weeks ago

Cryptocurrency scams busted near Assam-Bangladesh border

The Hindu  

The Assam Police have busted a couple of multi-level cryptocurrency scams by cybercriminals operating from villages near the Assam-Bangladesh border. Within three days, the police in western Assam’s South Salmara-Mankachar district arrested five persons for running fraudulent cryptocurrency schemes. The police said the accused used online payment platforms such PhonePe, Paytm, and Binance, a Chinese cryptocurrency exchange for Bitcoins, Ethereum, …

Online frauds pocket ₹54 lakh from two in Kalaburagi
1 month, 1 week ago

Online frauds pocket ₹54 lakh from two in Kalaburagi

The Hindu  

Despite several awareness drives by the cyber police, people continue to fall prey to online frauds. In the latest of such crimes, two people from Kalaburagi were cheated of ₹54 lakh in as many incidents by fraudsters and two cases have been registered at the Cyber, Economic Offences and Narcotics Police here. In one of the cases, a resident of …

Thousands of Indians lose ₹870 crore savings in ponzi scheme promising high returns in Telangana; 2 arrested
1 month, 1 week ago

Thousands of Indians lose ₹870 crore savings in ponzi scheme promising high returns in Telangana; 2 arrested

Hindustan Times  

Thousands of Indians lost nearly ₹870 crore in a Ponzi scheme in Telangana after a company cheated them into making short-term investments promising returns of up to 22%, Reuters reported citing statements from Telangana Police and multiple victims. The company allegedly collected ₹1,700 crore from nearly 7,000 investors since 2021. Delhi-based jeweller Ankit Bihani said he met with 50 other …

Half-priced dreams, full-priced nightmares: Why are Keralites such easy prey for scamsters?
1 month, 1 week ago

Half-priced dreams, full-priced nightmares: Why are Keralites such easy prey for scamsters?

New Indian Express  

During the fag-end of 2024, a 45-year-old man from Kerala lost a staggering Rs 4.05 crore over a two-and-a-half month period to a cyber scam. Earlier, in September 2024, a scamster hailing from Rajasthan cheated a Kozhikode doctor to the tune of Rs 4.08 crore. Kerala police said that during the year 2023, a total of 23,753 people in the …

How 28-year-old Anandhu Krishnan took Keralites for a Rs 1000 crore half-price ride
1 month, 2 weeks ago

How 28-year-old Anandhu Krishnan took Keralites for a Rs 1000 crore half-price ride

New Indian Express  

It is said to be an around Rs 1000-crore scam and has the whole of Kerala agog. Claiming to be on a mission to empower people and drawing upon the gullibility of the common folk, he baited them using Corporate Social Responsibility funds as a ruse and siphoned off their hard-earned money allegedly with the help of multiple NGOs and …

Mumbai’s Torres jewellery scam has Ukrainian ties: What we know about Ponzi scheme and crores of investment
2 months, 2 weeks ago

Mumbai’s Torres jewellery scam has Ukrainian ties: What we know about Ponzi scheme and crores of investment

Live Mint  

Investigators probing an investment scam linked to a Torres jewellery store in Dadar, Maharashtra, found that Ukraine nationals were among the key accused in the case. Officials told news agency PTI that more and more investors are coming forward to lodge a complaint According to NDTV, six stores of the Torres jewellery chain closed last week after crores of investments …

Assam online trading scam: CBI conducts raids in 5 states; 1 key accused arrested
4 months, 1 week ago

Assam online trading scam: CBI conducts raids in 5 states; 1 key accused arrested

Hindustan Times  

The Central Bureau of Investigation has arrested one of the prime accused persons from West Bengal in connection with 41 cases of online trading fraud in Assam. In a statement issued on Friday, the CBI stated that one Gopal Paul, who is the primary accused in the one of the cases, was arrested from his hideout in Siliguri in West …

Online trading fraud: Three men from Coimbatore and Namakkal arrested
4 months, 2 weeks ago

Online trading fraud: Three men from Coimbatore and Namakkal arrested

The Hindu  

The Cyber Crime Wing of the Tamil Nadu Police arrested three men from Coimbatore and Namakkal districts on charges of cheating several people by coaxing them to transfer money on the false promise of high returns on investments in an online trading scheme. On July 19, a complainant from Madurai reported that he was defrauded of ₹92 lakh after he …

Police bust Rs 2,200 crore online trading scam in Assam, two arrested
6 months, 3 weeks ago

Police bust Rs 2,200 crore online trading scam in Assam, two arrested

India Today  

Assam Police has arrested two people in connection with a Rs 2,200 crore financial scam involving fraudulent online stock market investment, sources said. The accused, Vishal Phukan, 22, from Dibrugarh, and Swapnil Das from Guwahati, allegedly enticed investors with guarantees of a 30 per cent return on their investments within 60 days. Phukan, who allegedly used his luxurious lifestyle to …

Several People Cheated in Investment Scam across Karimnagar, Peddapally, Asifabad, Siddipet
8 months ago

Several People Cheated in Investment Scam across Karimnagar, Peddapally, Asifabad, Siddipet

Deccan Chronicle  

Hyderabad: Several people from Karimnagar, Peddapally, Asifabad, and Siddipet districts fell victim to a fraudulent investment scheme orchestrated through a mobile app. The scheme was bolstered by Sandeep Tanden from Mumbai, who claimed to have made seven crore rupees, assuring potential investors that they could earn two lakh rupees for every lakh invested. The scam operated on a chain method …

Odisha: Crime Branch busts investment fraud gang, nabs 15
8 months, 2 weeks ago

Odisha: Crime Branch busts investment fraud gang, nabs 15

New Indian Express  

BHUBANESWAR: In a major crackdown against scamsters engaged in online investment frauds, the Crime Branch of Odisha Police on Tuesday busted an inter-state gang and arrested 15 of its members for their alleged involvement in cheating people and swindling over Rs 20 crore across the country in the last few months. The accused lured people in around nine states including …

Online scamsters cheat victims of ₹3 crore in Kerala’s Ernakulam Rural police limits in recent times
8 months, 3 weeks ago

Online scamsters cheat victims of ₹3 crore in Kerala’s Ernakulam Rural police limits in recent times

The Hindu  

Just days after the Kochi City police issued an advisory against the surging online scams revealing how nearly ₹25 crore had been cheated in about 400 cases since the start of 2024, the Ernakulam Rural police have now revealed that scamsters have cheated many victims of over ₹3 crore in recent times in a similar manner. While nearly ₹2 crore …

Odisha Crime Branch issues advisory on online investment frauds
10 months, 1 week ago

Odisha Crime Branch issues advisory on online investment frauds

New Indian Express  

BHUBANESWAR: The Crime Branch of Odisha Police on Saturday issued an advisory for citizens on online investment frauds that promise lucrative returns to investors. The agency has already registered 25 cases of online investment frauds amounting to a whopping Rs 17 crore in the last four months. The Crime Branch pointed out that in recent years there has been a …

Over 50 victims defrauded of ₹10-₹15 crore in real estate fraud
10 months, 2 weeks ago

Over 50 victims defrauded of ₹10-₹15 crore in real estate fraud

The Hindu  

Officials of the Cyberabad Economic Offences Wing on Friday busted a real estate fraud in Sadasivpet of Sangareddy by nabbing Obili Papannagari Rama Chandra Reddy, the proprietor of Obili Housing for defrauding 50 victims of approximately ₹10-₹15 crore. Rama Chandra along with V.B Gupta, Managing Director of Prathista Properties and other marketing agents were selling a pre-launch offer on unregistered …

Govinda to be questioned in connection with Rs 1,000 crore online ponzi scheme | Deets inside
1 year, 6 months ago

Govinda to be questioned in connection with Rs 1,000 crore online ponzi scheme | Deets inside

India TV News  

The Economic Offence Wing of Odisha Crime Branch will soon question Bollywood actor Govinda in connection with a Rs 1000 crore online Ponzi scam. The company, according to the EOW, was involved in illegally operating a pyramid-structured online ponzi scheme under the garb of crypto investment. This scheme is believed to be one of the largest cryptocurrency-based Ponzi schemes in …

Crypto Ponzi Scam Valued At Rs 1,000 Cr Uncovered By Odisha Police: All You Need To Know
1 year, 7 months ago

Crypto Ponzi Scam Valued At Rs 1,000 Cr Uncovered By Odisha Police: All You Need To Know

ABP News  

The Odisha Police's Economic Offence Wing has announced a significant breakthrough in its investigation, uncovering a Crypto Ponzi scam valued at Rs 1,000 crore. The EOW's recent operation led to the arrest of Gurtej Singh Sidhu, the Indian head of 'STA Crypto token,' a Ponzi firm located in Sri Ganganagar, Rajasthan. Beyond Odisha, the Ponzi scam boasted more than two …

Ponzi Scams In West Bengal: NUJS Kolkata Prepares Research Report In Collaboration With University Of Leicester
1 year, 8 months ago

Ponzi Scams In West Bengal: NUJS Kolkata Prepares Research Report In Collaboration With University Of Leicester

Live Law  

The West Bengal National University of Juridical Sciences on Wednesday, 19th July, 2023, hosted the inauguration of a research report on “Preventing Ponzi scams in West Bengal: Profiling the victims and proposing the legal antidote”, a collaborative research project between NUJS Kolkata, and the University of Leicester, UK. Although Governments have brought in several legislations in the aftermath of the …

Karnataka government to revive Bitcoin scam probe, says Home Minister G Parameshwara
1 year, 9 months ago

Karnataka government to revive Bitcoin scam probe, says Home Minister G Parameshwara

India Today  

The Siddaramaiah-led Congress government in the state will re-examine the Bitcoin scam that made headlines in 2021, Home Minister Dr G Parameshwara said. Home minister Dr G Parameshwara said, “We are in power now and we will dig things up. We will re-examine the Bitcoin scam.” The cabinet minister said the BJP leaders in the state had alleged an "adjustment …

14 booked for duping thousands of ₹3.8 cr in chit fund scam over 2 years
5 years ago

14 booked for duping thousands of ₹3.8 cr in chit fund scam over 2 years

Hindustan Times  

Patiala Police have booked 14 persons, all of Ferozepur, for duping over 10,000 residents across the state, collectively of ₹3.77 crore in a ponzi scam on Friday. HT Image This fraud ran for over two years from 2016 to June 2018, when the first complaint was lodged by Gagandeep Singh, of Seona village, in Patiala; he lost ₹23 lakh to …

Rs 500 Cr online cryptocurrency scam busted in Thane, around 25,000 cheated
6 years, 9 months ago

Rs 500 Cr online cryptocurrency scam busted in Thane, around 25,000 cheated

Deccan Chronicle  

Thane: The Thane Police has busted an online cryptocurrency racket, which had allegedly collected an estimated Rs 500 crore from people with a promise of good returns, and has arrested one person, an official said on Tuesday. Some people had floated a company about a year back and launched their own cryptocurrency called the 'Money Trade Coin ', through which …

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