Economic offences wing arrests director of two ponzi firms for cheating and misappropriating Rs 123 crore. Director promised high returns, used social media and physical meetings to trap investors. Company cheated around 34,000 investors in multiple states and countries. Invested money shifted to foreign accounts.
The Kerala High Court recently held that any financial activity ought to be regulated reasonably within the ambit of law, and it cannot glissade into a situation where its operations become .