A probe agency has filed a chargesheet in connection with a massive ₹1,600-crore Ponzi scheme allegedly run by a single firm. The company, which was registered with the markets regulator SEBI, was allegedly used by Syed Ziajur Rahman, the mastermind behind the scam, to defraud investors. Further details regarding the chargesheet and the specifics of the allegations have not been disclosed in the provided context.
Ponzi schemes are a type of investment fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The system inevitably collapses because there are insufficient earnings to pay everyone.
While this particular case involves a large sum and a single firm, it is not an isolated incident. Financial fraud and scams continue to be a persistent problem, taking various forms and impacting individuals and institutions alike. For instance, in a separate case, the Central Bureau of Investigation (CBI) recently apprehended a proclaimed offender, Nasreen Taj, who was involved in a significant fraud case against Syndicate Bank. Taj, in collusion with her husband and others, had fraudulently availed a Temporary Overdraft facility and farm loans, diverting the funds for purposes other than those intended. The CBI had filed a chargesheet against her in 2010, but she had been untraceable since 2019.
In another instance of financial irregularities, Anil Ambani is under investigation for allegedly bribing Yes Bank officials to clear loans worth ₹3,000 crores. The Enforcement Directorate (ED) has conducted raids on multiple premises, companies, and individuals in connection with this case.
Furthermore, the Enforcement Directorate (ED) has also uncovered an international tech support scam operating from Chandigarh. Bogus firms falsely claimed to provide software services for companies like Microsoft, HP, and Arlo, defrauding foreign customers. Investigations revealed fraudulent websites and fake office images, with ongoing analysis of call recordings. These cases highlight the diverse nature of financial crimes and the challenges in combating them.
