The Central Bureau of Investigation (CBI) has booked seven individuals in a case related to digital currency Ponzi schemes (an investment fraud that pays existing investors with funds collected from new investors), for allegedly promising high returns involving crypto currency transactions exceeding Rs 350 crore, sources said.
The ED initiated money laundering investigation on the basis of an FIR and chargesheet filed by the CBI, Kolkata against Burdwan Sunnmarg Welfare Organization and others.
Though police filed the case on June 11 under sections 406 and 420 of the Indian Penal Code (IPC), a Special Investigation Team (SIT) is probing scam as directed by the state government.
His arrest comes a day after he (Reddy) drove to the CCB office on Saturday evening in response to its summons in the Ponzi case.
Since inception on December 20, 2016, the company received cumulatively Rs 954 crore as investments under Haj/Umrah and Ultimate plans.
Niket Shah of New Jersey was charged by the Securities and Exchange Commission (SEC) , which also ordered a preliminary injunction and asset freeze against him.
A Thai court has sentenced a fraudster to a total of 13,275 years in prison, a media report said. Pudit…
