The workshop spawned many suggestions to improve the existing framework. All were collated and forwarded to the Inter-Ministerial Group constituted by the Centre.
Multidisciplinary School of Economic Intelligence, and the National Academy of Customs, Excise & Narcotics (NACEN), Mumbai, hosted a two-day workshop on how to tackle Ponzi schemes on June 8 and 9.
The workshop was inaugurated by deputy governor of Reserve Bank of India SS Mundra. The guest of honour was Praveen Dixit, DGP, Anti-Corruption Bureau, Maharashtra, and Harmeet Singh, principal additional director general, MDSEI. The purpose of the workshop was to discuss the various aspects of Ponzi schemes, observe the shortcomings and to recommend measures to plug loopholes and improve the system.
Ponzi schemes are one of the biggest types of economic fraud and target unsuspecting investors. As per figures available, Ponzi schemes have led to default of over Rs80,000 crore, affecting over 6 crore people. Lack of awareness among the investors is a big factor in the widespread prevalence of such fraud, say experts.
Among the attendees were senior officers from 26 states, police organisations, Mumbai Police, CID, central agencies ED, FIU, CBI, RBI, SEBI, SFIO, income tax and service tax department officers, and public sector banks. Speakers at the workshop were from Mumbai Police, Financial Intelligence Unit, Reserve Bank of India, Enforcement Directorate, Serious Fraud Office, Tamil Nadu Police and other states.
The workshop spawned many suggestions to improve the existing framework. All were collated and forwarded to the Inter-Ministerial Group constituted by the Centre.
What is a Ponzi scheme?
A Ponzi scheme is a fraudulent investment operation, in which the operator, an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments in the form of short-term returns that are either abnormally high or unusually consistent.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}