In India, news of people losing their money in unregulated and fraudulent deposit schemes comes with disconcerting but metronomic regularity. Saradha, Rose Valley, PACL, etc are schemes in which thousands of investors have lost their lives’ savings.
Another one that came to light recently was a deposit scheme run by Bengaluru-based I Monetary Advisory (IMA). The making of a Ponzi scheme Observers say that Ponzi schemes, such as those by IMA (and some time earlier, by Hyderabad-based Heera Group) have becoming increasingly more sophisticated. These groups had some initial ...
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