Centre probing 164 Ponzi companies, says Jaitley
Central agencies are probing 164 Ponzi or chit fund companies for duping customers, said Finance Minister Arun Jaitley on Friday. He released a list of firms being investigated by the Serious Fraud Investigation Office (SFIO). A Ponzi scheme is a fraudulent investment operation, wherein the operator pays returns to its investors from capital, which new investors have given the operator.