In 233 ponzi, chit fund cases no money was restored to investors, says government

By: | Published: August 4, 2017 5:19 PM

The government today 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.

ponzi cases, chit fund cases, money not restored to investors, Minister of State for Corporate Affairs, Arjun Ram Meghwal, Arjun Ram Meghwal lok shabha, lok sabha, Serious Fraud Investigation OfficeThe government today 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.(Reuters)

The government today 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).

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