India’s list of high-profile notorious businessmen/tycoons (fraudsters) who have illicitly fled the nation after duping the nation is getting longer and scarier as extradition cases remain in foreign courts, in anticipation of swift and impartial judgements for Indian agencies. This goes on even as new and bigger scams continue to surface, sabotaging the public’s trust in the banking, regulatory and law enforcement system of the nation.
The Economic Offences Wing (EOW) which deals with money laundering and economic offences valued more than Rs.50 lakh recently disclosed that a whopping sum of Rs.19,668 crore has surfaced in three years alone. However, the refund that the investors have received from EOW is only Rs.2.5 crore from 74 investors.
The scams here mostly concern Ponzi schemes, where large sums of money are taken for non-existent made-up projects to lure. Ordinarily, the operator initially pays quite a large dividend to the investors to lure them into investing more. Those returns are paid through the money invested by others instead of the profit earned by the investor in question.
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