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Corporate Governance & Fraud Risk Management
book

Corporate Governance & Fraud Risk Management

by Balwinder Singh
January 2014
Intermediate to advanced content levelIntermediate to advanced
92 pages
3h 17m
English
Pearson Education India
Content preview from Corporate Governance & Fraud Risk Management
68 | Chapter 8
any revenue or prots, the interest (called ‘bonus’)
was obviously being paid from the amount
received from new ‘subscribers’ making it a typi-
cal ponzi scheme. The investigation of the case
revealed that out of 161 investors who were exam-
ined, only one person stated that he used online
gaming service. All the members stated that they
deposited the money attracted by high interest
rates.
At another level, the scheme was violative of
Prize Chit and Money Circulation (Banning) Act,
as the business scheme of the company provided
that the ‘subscribers’ could further enroll more
‘subscribers’ with incentive of an attractive com-
mission ...
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Publisher Resources

ISBN: 9789332540866