Latest news with #Ponzi-style
Time of India
4 days ago
- Business
- Time of India
Mumbai crime branch arrests mastermind of Rs 50 crore Ponzi scam
Mumbai: The city crime branch on Friday arrested Deepak Kumar Jain (65), the alleged mastermind of the Ponzi investment scam involving nearly Rs 50 crore and more than 950 investors. The accused floated a fake business under the name AJ Enterprises, Traders and Franchise Service, promising high monthly returns on investments. Last week, the property cell of the crime branch arrested three directors of the company—Ankit Jain, Hetul Ranka, and Omkar Shivshankar Singh for allegedly defrauding hundreds of investors across Mumbai, Thane, Palghar, and Navi Mumbai. The latest arrest of Deepak Jain was made following fresh evidence linking him to the financial racket. The case came to light when actress Madhuri Pandey filed a complaint stating she and her son invested Rs 2 lakh after being lured by promises of 15% monthly returns in a stationery manufacturing venture. The accused claimed their firm ran a factory, AJ Copier, at MIDC Tarapur, and operated from an office at Shivam Chambers in Goregaon to appear legitimate. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Investigators revealed that the company operated a classic Ponzi-style scheme, enticing investors through agents, false receipts, and word-of-mouth marketing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo Many were shown fake documentation and given verbal guarantees of regular returns. Preliminary analysis of digital and financial records indicates transactions worth over Rs 49 crore, with victims reportedly handing over cash, cheques, and even gold ornaments, for which no official receipts were issued. Police said the accused reportedly threatened and assaulted several investors who demanded returns. Videos of such assaults, including the beating of victims Sunil Satam and Yogesh Lad, were recovered from the mobile phones of Ankit Jain and Omkar Singh. The evidence was retrieved from WhatsApp messages and has been preserved under official panchnamas. The probe has so far uncovered 30 bank accounts linked to the accused spread across 12 banks including HDFC, ICICI, Kotak Mahindra, Yes Bank, and Union Bank. Authorities are also tracking suspicious agent accounts used to funnel investor money. Computers seized from the Goregaon office and from Deepak Jain's private firm Deepak D. Jain and Associates contained detailed investor data and Tally records confirming the extent of the scam. The police have contacted NSDL, CDSL, CIBIL, Facebook, and the hosting services of company websites to freeze digital assets, insurance policies, and stock holdings linked to the accused. Statements from over 75 witnesses have been recorded, including elderly victims and women who allege intimidation and abuse. Police say the accused continue to provide evasive answers and have not fully cooperated with investigators, making it difficult to determine the exact number of victims and the total financial damage, added the officer.
Yahoo
20-06-2025
- Business
- Yahoo
Fraudulent City boss ordered to pay back £64 million
A City boss compared to the The Wolf Of Wall Street has been ordered to pay back £64 million over his role in a multi-million pound Ponzi-style investment scam, prosecutors said. Anthony Constantinou remains on the run after he fled the UK during his fraud trial at London's Southwark Crown Court in June 2023. Hundreds of investors were duped out of a total of £70 million between 2013 and 2015 while he ran Capital World Markets (CWM). A spokesman for City of London Police said a confiscation order was made against him on Thursday for the sum of £64 million, which is payable within three months. The default period of imprisonment was set at 14 years. Police released photographs of some of the luxury vehicles Constantinou spent his fraudulent money on, including a Porsche, Range Rover and luxury motorbike. They previously said he was thought to be in Turkey or Dubai after being stopped in Bulgaria with a fake Spanish passport. CWM had high-profile sponsorship deals with the Honda Moto GP, Chelsea Football Club, Wigan Warriors rugby league club, Cyclone Boxing Promotions and the London Boat Show. The seven-week trial heard how Constantinou spent £2.5 million of investors' money on his 'no expense spared' wedding on the Greek island of Santorini in September 2014, while his son's first birthday party a few days earlier cost more than £70,000. More than £470,000 was paid for private jet hire to fly him and his associates to Moto GP races across Europe as well as a return flight to Nice for a 150,000-euro five-day yacht cruise around the Mediterranean to Monaco. The firm paid £200,000 a quarter to rent 'plush' offices in the City's Heron Tower, while nearly £600,000 was spent on just six months' rent of his large home in Hampstead, north-west London, where his luxury cars were parked in the drive. Promised returns of 60% per year on risk-free foreign exchange (FX) markets, a total of 312 investors trusted their money to CWM. Some were professionals but most were individuals who handed over their life savings or pension pots, with a large number of Gurkhas paying into the scheme, said prosecutor David Durose KC. Constantinou denied wrongdoing but was found guilty of one count of fraud, two counts of fraudulent trading and four counts of money laundering and sentenced to 14 years in prison in his absence. Adrian Foster, of the Crown Prosecution Service (CPS), said: 'This was a callous scam targeting members of the public. Many people lost their hard-earned money because of Constantinou's greed and false promises in this fake investment scheme. 'We continue to pursue the proceeds of crime robustly with the City of London Police, where we identify available assets to disrupt and deter large-scale frauds like this case. 'In the last five years, over £478 million has been recovered from CPS obtained confiscation orders, ensuring that thousands of convicted criminals cannot profit from their offending. £95 million of that amount has been returned to victims of crime, by way of compensation.' Constantinou was previously jailed for a year at the Old Bailey in 2016 after being found guilty of sexually assaulting two women during after-work drinks. One of the victims described how the parties were just like the raucous scenes depicted in Martin Scorsese's The Wolf Of Wall Street, starring Leonardo DiCaprio as rogue New York trader Jordan Belfort.
Business Upturn
10-06-2025
- Business
- Business Upturn
Bitget Anti-Scam Report Shows AI-Related Scams Drive $4.6B in Crypto Losses in 2024
VICTORIA, Seychelles, June 10, 2025 (GLOBE NEWSWIRE) — Bitget , the leading cryptocurrency exchange and Web3 company, has released its 2025 Anti-Scam Research Report in partnership with blockchain security firms SlowMist and Elliptic. The report reveals that global crypto scam losses surged to $4.6 billion in 2024, with deepfake technology and social engineering emerging as the dominant tactics behind high-value thefts. The publication marks the official launch of Bitget's Anti-Scam Month, a month-long initiative dedicated to security education and ecosystem-wide awareness. The report highlights how AI-powered scams have moved beyond phishing emails to include fake Zoom calls, synthetic videos of public figures, and Trojan-laced job offers. Among its key findings, the report identifies three primary scam categories—deepfake impersonation, social engineering schemes, and Ponzi-style projects cloaked in DeFi or NFT branding—as the leading causes of user loss. It also outlines how stolen funds are funneled through cross-chain bridges and obfuscation tools before reaching mixers or exchanges, complicating enforcement and recovery efforts. Additional insights include case studies from major scam incidents in Hong Kong, the rising use of Telegram and X (Twitter) comment sections as phishing entry points, and the continued growth of professionally run fraud rings operating across borders. 'The biggest threat to crypto today isn't volatility—it's deception. That's why Bitget has designated the entire month of June as Anti-Scam Month—an initiative to elevate industry standards and user awareness. This report is the flagship release within that effort. AI has made scams faster, cheaper, and harder to detect. At Bitget, we believe fighting back requires both technological rigor and ecosystem-wide collaboration. Our goal is to help users trade smarter, not just faster,' said Gracy Chen, CEO at Bitget. The report also details how Bitget's Anti-Scam Hub, innovative detection systems, and a $500M+ Protection Fund are being actively deployed to mitigate user risks. SlowMist provided detailed forensic insights into scam tactics, ranging from address poisoning to job offer Trojans, while Elliptic examined the laundering patterns of stolen cryptocurrency through cross-chain bridges and mixer platforms. 'Criminals are constantly evolving their methods of attack, using AI and finding new ways to scale their activities. This means that reciprocally, we are also working to scale our technology and blockchain capabilities to track and identify the new methods criminals are using. Our work with Bitget reflects a shared urgency to expose these evolving threats and give users the tools to protect themselves,' said Arda Akartuna, Lead Crypto Threat Researcher, Elliptic, APAC. 'This report reflects the real-world patterns we're seeing on-chain every day. From phishing rings to fake staking dApps, the tactics may change—but the psychology is always the same. Users must be informed, skeptical, and security-minded at all times,' said Lisa, Security Operations Lead, SlowMist. The report closes with actionable recommendations for both users and institutions, including scam red flag indicators and best practices for avoiding common traps in DeFi, NFT, and Web3 environments. For the full report, please visit here . About Bitget Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, please contact: [email protected] Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use . A photo accompanying this announcement is available at Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Toronto Sun
06-06-2025
- Business
- Toronto Sun
Fugitive FX Ponzi scheme boss assumed dead on the run may be alive: Police
Anthony Constantinou stole at least £70 million and was sentenced to 14 years in prison in his absence Published Jun 06, 2025 • 2 minute read Anthony Constantinou departs Southwark Crown Court in March 2023. Photo by Chris J. Ratcliffe / Bloomberg The fugitive boss of a bogus London FX firm convicted as the mastermind behind a Ponzi-style investment scheme, was thought to have died in Mexico while on the run, but London police aren't so sure. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Anthony Constantinou stole at least £70 million (US$95.1 million) from investors he lured with the promise of risk free returns, and was sentenced to 14 years in prison in his absence. News outlets including UK tabloid The Sun and Miami-based website OffshoreAlert reported that Constantinou died of a heart attack in July 2024 while in Guadalajara, Mexico. A death certificate has been filed in Mexico and seen by the City of London Police, but investigators remain unconvinced that Constantinou has actually died, according to lawyers at a court hearing on Thursday. They have evidence of Constantinou's cremation within 24 hours of his death, but some of the documents reviewed contain inaccuracies, including that Constantinou's mother was Mexican. He is known to be of Greek-Cypriot heritage. This advertisement has not loaded yet, but your article continues below. 'There remains an active search for his whereabouts,' David Durose, a prosecution lawyer, said in court. 'If there were more legitimate grounds to believe that the defendant may have died the Crown would be looking more carefully at it.' Constantinou had no legal representation at the hearing. The police want to recover some of the investor cash that was lost in the scheme and asked the judge to make an order that would help them seize assets. So far recoveries have been minimal, despite Constantinou enjoying a lavish lifestyle, with money being traced through a number of offshore jurisdictions. Constantinou was sentenced in his absence after he disappeared weeks into his trial in 2023. A warrant for his arrest was issued shortly after. Weeks after he disappeared he was arrested in Bulgaria for carrying fake identification documents, but for unknown reasons he was let go. His firm, CWM, lured in victims with false promises of generous returns on risk-free foreign exchange market transactions and lavish perks. Operating out of an office in the City of London's Heron Tower, he enticed investors from late 2013 by boasting of generous returns on allegedly risk-free foreign exchange market transactions, for a minimum investment of £100,000. Client funds were also used to boost Constantinou's lifestyle including his £2.5 million wedding in Santorini, the court heard. Sunshine Girls Sunshine Girls Toronto & GTA Toronto & GTA Olympics
Straits Times
06-06-2025
- Business
- Straits Times
Fugitive ponzi scheme boss assumed dead may be alive, London police say
Anthony Constantinou stole at least £70 million (S$122 million) from investors he lured with the promise of risk free returns. PHOTO ILLUSTRATION: UNSPLASH LONDON – The fugitive boss of a bogus London FX firm convicted as the mastermind behind a Ponzi-style investment scheme was thought to have died in Mexico while on the run, but London police are not so sure. Anthony Constantinou stole at least £70 million (S$122 million) from investors he lured with the promise of risk free returns, and was sentenced to 14 years in prison in his absence. News outlets including UK tabloid The Sun and Miami-based website OffshoreAlert reported that Constantinou died of a heart attack in July 2024 while in Guadalajara, Mexico. A death certificate has been filed in Mexico and seen by the City of London Police, but investigators remain unconvinced that Constantinou has actually died, according to lawyers at a court hearing on June 5. They have evidence of Constantinou's cremation within 24 hours of his death, but some of the documents reviewed contain inaccuracies, including that Constantinou's mother was Mexican. He is known to be of Greek-Cypriot heritage. 'There remains an active search for his whereabouts,' prosecution lawyer David Durose said in court. 'If there were more legitimate grounds to believe that the defendant may have died the Crown would be looking more carefully at it.' Constantinou had no legal representation at the hearing. The police want to recover some of the investor cash that was lost in the scheme and asked the judge to make an order that would help them seize assets. So far recoveries have been minimal, despite Constantinou enjoying a lavish lifestyle, with money being traced through a number of offshore jurisdictions. Constantinou was sentenced in his absence after he disappeared weeks into his trial in 2023. A warrant for his arrest was issued shortly after. Weeks after he disappeared, he was arrested in Bulgaria for carrying fake identification documents, but for unknown reasons, he was let go. His firm, CWM, lured in victims with false promises of generous returns on risk-free foreign exchange market transactions and lavish perks. Operating out of an office in the City of London's Heron Tower, he enticed investors from late 2013 by boasting of generous returns on allegedly risk-free foreign exchange market transactions, for a minimum investment of £100,000. Client funds were also used to boost Constantinou's lifestyle including his £2.5 million wedding in Santorini, the court heard. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
