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Thousands of Indian investors lose $100 mn in Falcon Invoice Ponzi scheme

VCCircle

VCCircle · 5m ago

Thousands of Indian investors lose $100 mn in Falcon Invoice Ponzi scheme

Thousands of Indian investors lost nearly $100 million in a Ponzi scheme orchestrated by Falcon Invoice Discounting. The scheme promised high returns by claiming to connect investors with major companies like Amazon, but instead used funds from new investors to pay old ones. Police in Telangana arrested two individuals and are searching for Falcon's founder. Many victims, who were lured via social media, are struggling to recover their life savings.

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Crypto kingpin behind Rs 200-crore fraud in Himachal Pradesh still at large

Economic Times

Economic Times · 1y ago

Crypto kingpin behind Rs 200-crore fraud in Himachal Pradesh still at large

Police are still searching for the mastermind behind a cryptocurrency fraud that has swindled people in Himachal Pradesh, India, out of over Rs 200 crore ($27 million) since 2018. The gang used deceptive tactics to lure investors by promising high returns in a short period of time. They created a network of investors and operated a Ponzi-style scheme, with initial investors bringing in more people. The fraudsters launched multiple coins, manipulated their prices, and built fake websites. Five people have been arrested so far, and investigations are ongoing.

Alteria Capital eyes up to $100 mn fundraise for Shorter Duration Fund

Livemint

Livemint · 1y ago

Alteria Capital eyes up to $100 mn fundraise for Shorter Duration Fund

Venture debt fund Alteria Capital plans to raise $80 million to $100 million for its Shorter Duration Scheme. The scheme aims to provide working capital solutions to startups in sectors like fintech, consumer, and B2B platforms. Alteria's third fund consists of two schemes, with the shorter duration scheme targeting a 13-14% return for investors. The fund has been instrumental in backing early and growth-stage startups in India and has a portfolio that includes names like Rebel Foods and BharatPe.

GainBitcoin scam case: CBI seizes cryptocurrencies worth over Rs 23.94 crore

Economic Times

Economic Times · 5m ago

GainBitcoin scam case: CBI seizes cryptocurrencies worth over Rs 23.94 crore

The CBI seized cryptocurrencies worth over Rs 23.94 crore during an operation targeting the GainBitcoin scam, linked to Amit and Ajay Bhardwaj. The scam, initiated in 2015 through platforms like GainBitcoin, promised investors a 10% monthly Bitcoin return. Operating as a Ponzi scheme, it later switched investor payouts to a less valuable in-house cryptocurrency, MCAP. Extensive investigations have been launched, with multiple electronic devices sent for analysis to identify implicated parties and trace funds.

Tom Brady got ₹460 crore from FTX for a week's worth of work, claims author

Inshorts · 1y ago

Tom Brady got ₹460 crore from FTX for a week's worth of work, claims author

NFL quarterback Tom Brady reportedly lost $30 million in stock after the collapse of cryptocurrency brand FTX, which he had endorsed. FTX founder Sam Bankman-Fried, who was worth over $20 billion, is now facing federal charges and potential prison time. Brady had been paid $55 million for minimal work over three years, and his ex-wife Gisele Bundchen also lost $18 million in stock. Both were accused, along with other celebrities, of being involved in an alleged "ponzi scheme" in a lawsuit filed by FTX investors.

Are We Really Doing the Bitcoin Hype Cycle Again?

Gizmodo

Gizmodo · 1y ago

Are We Really Doing the Bitcoin Hype Cycle Again?

The article discusses the renewed interest in cryptocurrency following the crash of 2022. Bitcoin has reached its highest price since 2021, and there is excitement over the SEC's approval of spot Bitcoin ETFs. However, the author warns against blindly following the crypto hype cycle, citing past instances of heartbreak for investors. They argue that crypto is a Ponzi scheme and highlight its association with illegal activities. The article also questions the timing of investments, as timing the market can be challenging. Overall, the author advises caution and emphasizes the potential risks involved in crypto investments.

ED restores Rs 1,000 cr worth assets to Andhra govt to help Ponzi victims

Economic Times

Economic Times · 1m ago

ED restores Rs 1,000 cr worth assets to Andhra govt to help Ponzi victims

The Enforcement Directorate (ED) has restored assets worth over Rs 1,000 crore to the Andhra Pradesh government to aid victims of the Agri Gold Ponzi scheme. The scheme involved the Agri Gold group collecting deposits from 19 lakh customers under the pretense of real estate investment, which turned fraudulent. The assets, including agricultural land and plots, will be handed to victims, marking a significant restitution step under the Prevention of Money Laundering Act.

EV Startup Bounce Infinity In Talks To Raise Up To $40 Mn Funding

Inc42 · 1y ago

EV Startup Bounce Infinity In Talks To Raise Up To $40 Mn Funding

Bengaluru-based electric vehicle manufacturer Bounce Infinity is seeking to raise a funding round of $20 million to $40 million. The startup plans to use the funds to expand its manufacturing capacity, increase its B2B business, and explore international markets. While new investors will lead the funding round, existing investors such as Peak XV Partners, Accel Partners, and Falcon Edge will also participate. Bounce Infinity recently signed a $45 million agreement with Sun Mobility to deploy 30,000 electric scooters in key Indian markets.

GainBitcoin Scam: Supreme Court orders CBI to conduct a probe

Inc42 · 1y ago

GainBitcoin Scam: Supreme Court orders CBI to conduct a probe

The Supreme Court has ordered a CBI (Central Bureau of Investigation) probe into the GainBitcoin Ponzi Scheme. The court overturned the anticipatory bail of accused Ajay Bhardwaj and transferred the trial of all related cases to the CBI Court in New Delhi. GainBitcoin, a multi-level marketing scheme promising a 10% monthly return on Bitcoin investments, victimized over 100,000 individuals. Some victims are concerned about the transfer to CBI and believe that the Maharashtra Police should continue to lead the investigation. The case highlights the challenges India faces in addressing crypto-related financial crimes.

Amazon-backed M1xchange raises $10 Mn from Filter Capital

Entrackr

Entrackr · 2m ago

Amazon-backed M1xchange raises $10 Mn from Filter Capital

M1xchange has raised Rs 84 crore ($10 million) from Filter Capital through a secondary transaction to support its digital supply chain finance operations targeting micro, small, and medium enterprises (MSMEs). The latest funding round comes two months after Jindal Stainless and its subsidiary, Jindal Stainless Steelway Limited, acquired a 9.62% stake in M1xchange. The firm has raised over $47 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. Founded by Sundeep Mohindru and Vivek Misra, M1xchange operates as a Trade Receivables Discounting System (TReDS) platform, facilitating invoice financing of approximately Rs 10,000 crore ($1.2 billion) monthly for MSMEs, corporates, and financiers. Since its inception in April 2017, the platform claims to have facilitated over Rs 1.75 lakh crore ($20 billion) in invoice discounting and onboarded 50,000 MSMEs, 2,800 corporates, and 66 financial institutions, including banks and NBFCs. The firm reported a 100% year-on-year growth in transaction volumes. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore. Filter Capital, a growth investment firm, focuses on technology-driven businesses in India, including fintech, SaaS, and logistics. Its portfolio includes Capillary Technologies, Chalo Mobility, LoadShare Networks, and THB.

Short-Seller Viceroy's report triggers fall in Vedanta stock

Economic Times

Economic Times · 1m ago

Short-Seller Viceroy's report triggers fall in Vedanta stock

A report by US-based Viceroy Research Group has led to an 8% intraday slump in Vedanta's Mumbai-listed shares. The firm describes the London-based Vedanta Resources as a financially unsustainable holding company, resembling a 'Ponzi' scheme, and warns of insolvency risks. Vedanta refutes these claims, labeling them as false propaganda. Viceroy, a short seller, accuses Vedanta of draining resources and escalating debt, while Vedanta remains focused on ongoing business initiatives amid a demerger process.

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