Sebi suspects money laundering in ponzi schemes

TIL Desk/Business/Mumbai-There is a “huge element of money laundering” in illegal public deposit schemes across the country, a top Sebi official said, even as he wondered why not many claimants are coming forward to get back the money in the high-profile Sahara case.

“So far as Sahara is concerned, we have a decent amount of money but not many claimants. That is a question mark, as to why there are no claimants despite the fact that we have made multiple advertisements seeking applications to pay the money,” Sebi Whole Time Member S Raman told.

Speaking on the sidelines of the launch of a website under the State Level Coordination Committees (SLCC) scheme to tackle the menace of illegal money pooling activities, Raman said there is “huge element of money laundering” in such schemes.