63 countries caught in illegal money pooling in Ponzi Scheme: SFIO.
The Serious Fraud Investigation workplace (SFIO) has preoccupied probes into 63 firms within the current business for allegedly indulgence in ill-gotten cash pooling activities.
This interprets to a mean of seven firms being referred for investigations per month (since the figures area unit until Dec 18).
The count of such firms being stated the white-collar crime probe agency is additionally the best within the last 3 monetary years, consistent with knowledge on the market with the company affairs ministry.
The agency comes below this ministry, that is implementing the businesses Act.
A total of 63 firms that were concerned in "chit fund/MLM (Multi-Level Marketing)/ ponzi activities" are appointed to the SFIO for elaborated probes.
The number might go up since there are a unit 3 months to travel before the fiscal year involves an in depth. In 2016-17, the quantity of such firms that came below the SFIO lens was simply 27 — abundant under 47 seen in 2015- 16.
As per the info, the SFIO investigations were ordered into the affairs of 51 firms for alleged ponzi schemes.
Generally, ponzi schemes area unit ill-gotten cash pooling activities whereby gullible investors area unit lured with guarantees of high returns on investments in an exceedingly short amount.
Authorities, as well as each at the central and state levels, are stepping efforts to curb these reasonably schemes as an outsized range of individuals have fallen prey to such activities.