Page 22 - Unlicensed Digital Investment Schemes (UDIS)

Endnotes

1. The Wizard of Lies, Henriques, Diana, St. Martin’s Press, Investigation Office is preparing a comprehensive digital
2011. database of shell companies and their associates.
2. https://en.wikipedia.org/wiki/International_reply_coupon 20. Strategy India Blog, https://www.strategyindia.com/blog/
3. Jarvis, Christopher, The Rise and Fall of Albania’s Ponzi scam-alerts/
Schemes, IMF Working Paper, 99/98. 21. Kulkarni, Amol, Survey Responses, September 2017, citing
4. Carvajal, Ana, Monroe, H., Pattillo, C., Wynter, B., Ponzi data extracted from Government of India, Ministry of
Schemes in the Caribbean, IMF Working Paper, WP/9/95 . Finance Department of Financial Services, Unstarred Ques-
5. See https://www.theguardian.com/global-develop- tion No. 3880, March 24, 2017/CHAITRA 3, 1939 (SAKA).
ment-professionals-network/2016/jan/13/ugandan- 22. From http://destiny-2000.com website still live as of 5
victims-still-fighting-for-compensation-years-late-cowe; March 2018. The Company motto was ‘Together we
See http://www.businessdailyafrica.com/26000-pyramid- Build Our Dream.’
scheme-victims-sue-for-lost-cash/-/539546/2647582/-/ 23. Destiny Groups Formidable Trap of Deceiving People,
tbbjb1z/-/index.html Neazy, Sheikh Nahid, The Independent, 11 March, 2016,
5. See https://www.bbc.com/news/business-29916178 available online at http://www.theindependentbd.com/
6. See https://www.reuters.com/article/us-china-fraud/lead- home/printnews/36788
er-of-chinas-9-billion-ezubao-online-scam-gets-life-26- 24. See https://www.bb.org.bd/aboutus/regulationguideline/
jailed-idUSKCN1BN0J6 lawsnacts.php
7. Reeves, Aaron, McKee, M., Stuckler, D., Economic Suicides 25. Tor is a free software for enabling anonymous communica-
in the Great Recession in Europe and North America, The tion. For more information : https://en.wikipedia.org/wiki/
British Journal of Psychiatry, June 12, 2014. Tor_(anonymity_network)
8. Gurun, U. Stoffman, N. Younder, S., Trust Busting: the Effect 26. Google store, https://play.google.com/store/apps/de-
of Fraud on Economic Behavior, Cornell University, 12 July tails?id=info.guardianproject.orfox&hl=en
2017. 27. http://www.tokenschedule.com/news/zimbabwean-bit-
9. According to the International Organization of Securities coin-price/
Commission, regulators’ communication with consumers 28. https://bitcoinist.com/voguepay-co-founder-bitcoin-will-
is limited to anecdotal evidence of impact. Final Report, enable-online-commerce-nigeria/
IOSCO, May 2015 https://www.iosco.org/library/pubdocs/ 29. Markets for counterfeit money, counterfeit passports, fake
pdf/IOSCOPD485.pdf US ID, and illicit drugs can be found on the TOR network
10. http://ifie.org/ifieasia/SCMalaysia_Fraud_Preso_only_ “.onion”.
branded[1].pdf 30. https://the-ken.com/under-radar-regulation-crypto-con-
11. World Bank, Global Findex Database, 2017, https://global- men-spin-brazen-Ponzi-schemes/
findex.worldbank.org/sites/globalfindex/files/country- 31. Meyerowitz, Steven, Bank to Pay $400,000 to Victims of
book/Kenya.pdf Ponzi Scheme it Failed to Detect and Report, 4-28-2011,
12. World Bank, Global Findex Database,2017 https://globalfin- LexisNexis.com
dex.worldbank.org/sites/globalfindex/files/countrybook/ 32. https://www.nytimes.com/2017/09/21/technology/face-
Nigeria.pdf book-russian-ads.html?mcubz=0
13. MMM has subsequently restarted and its URL, Facebook 33. Munya, Grace Githaiga and Victor Kapiyo, ‘Intermediary
page, Twitter and Instagram accounts are still live as of 21 Liability in Kenya,’ Kenya ICT Action Network, 2012.
February 2018. 34. https://timesofindia.indiatimes.com/city/Noida/rs-5-5-
14. Report of the Taskforce on Pyramid Schemes, Ministry of crore-frozen-in-Ponzi-case/articleshow/57135701.cms and
Co-Operative Development and Marketing https://www. https:/www.mdianama.com/2017/09/223-mobikwik-
slideshare.net/guestd260ae/report-of-the-taskforce-on- money-missing/
pyramid-schemes 35. Fortune, http://fortune.com/2017/06/16/airbnb-troo-
15. Per the NPSVI’s post of September 6, 2019 at https://www. ly-background-checks/
facebook.com/NPSVI/ 36. https://www.facebook.com/terms.php
16. Ajao, Niyi, ITU Survey responses, September 2017 37. https://www.facebook.com/business/news/new-
17. Kulkarni, Amol, ITU Survey Responses, September 2017 ads-policy-improving-integrity-and-security-of-financial-
18. And, https://mmm-india.net/ remains live as of 12 Septem- product-and-services-ads
ber 2019. 38. Available online at http://fsdkenya.org/publication/
19. In a Lok Sabha unstarred Question No. 2113, Answered consumer-protection-diagnostic-study-kenya-2/
28th July, 2017 (SHRAVANA 6, 1939 (SAKA), the Minister
of State for Finance announced that the Serious Fraud

20 • Unlicensed Digital Investment Schemes (UDIS)