Indian-origin man in US charged with â¹1.6-crore fraud
The US securities regulator has charged an Indian-origin man with stealing over $250,000 (over â¹1.6 crore) in a Ponzi scheme. Niket Shah used Spark Trading Group to allegedly defraud over 15 investors including friends and co-workers into contributing money to his funds. Shah allegedly lied about his success as a trader and altered financial statements to make funds appear profitable.