Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | PM says unauthorized deposit collection has to be curbed    </title>
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-The Times of India



Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and..."/>
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-The Times of India



Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and..." />
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                            <div align="justify">-The Times of India</div><p align="justify"><br />Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region.</p><p align="justify">Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry of corporate affairs (MCA), the Serious Frauds Investigation Office (SFIO) to probe the issue and protect the interest of small investors.</p><p align="justify">&quot;Unauthorized collection of deposits, in exchange for the promise that exorbitant rate of return will be given, is something which has to be curbed,&quot; Singh told reporters after a function at the Rashtrapati Bhawan.</p><p align="justify">There is also talk of arming stock-market regulator the Securities and Exchange Board of India (SEBI) with more power to deal with such cases. The Reserve Bank of India (RBI) has also been asked to join the probe to end the menace of illegal chit funds.</p><p align="justify">The Centre is also seeking better coordination between various agencies to end the overlap of regulatory functions and close the gaps that provide headroom for fly-by-night firms to raise funds illegally promising exorbitant returns.</p><p align="justify">The finance ministry on Saturday detailed the steps taken by the government to probe chit funds which use a network of local agents who are paid hefty commissions to raise money from gullible investors promising astronomical returns. Promoters of such companies often siphon off the funds wiping out the hard-earned savings of investors in rural and semi-urban areas.</p><p align="justify">The MCA has ordered inspection of the books of accounts and other records of 31 companies. Last year it had ordered the SFIO to investigate these companies. The Registrar of Companies in West Bengal has issued notices to 42 companies calling for information and explanation relating to collection of funds by those firms. &quot;These orders have been issued by the MCA primarily to ascertain if these companies are violating the provisions of the Companies Act, 1956 and to decide the future course of action,&quot; the statement said.</p><p align="justify">SEBI, MCA and SEBI have initiated action against several companies which have come to its notice for violation of one or more of its regulations. In over 59 cases in the eastern region, SEBI has initiated prosecution cases in Collective Investment Schemes (CIS) and other related matters in various courts.</p><p align="justify">The Department of Financial Services (DFS) had also written to all the state chief secretaries last year, urging the state governments to strengthen the coordination mechanism between their regulatory entities such as the Economic Offences Wing (EOW) of the State Police and the central agencies such as RBI, SEBI, Registrar of Companies, Revenue Department and ED.</p><p align="justify">The RBI has also been roped in earlier this year and the matter is currently under examination by them. SEBI has already ordered Saradha Realty India Ltd; to wind-up their existing collective investment schemes and refund the money collected under the plan with returns which are due to the investors as per the terms of offer, within a period of three months from the date of the order, failing which prosecution proceedings would be pursued.</p><p align="justify">The I-T Department has initiated investigation of Saradha Group from the perspective of violation of the Income Tax Act, 1961. The ED has registered a case under the Prevention of Money Laundering Act (PMLA), 2002, against the company, including its CMD Sudipta Sen. </p>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/india/PM-says-unauthorized-deposit-collection-has-to-be-curbed/articleshow/19762166.cms" class="re" target="_blank">The Times of India, 28 April, 2013, http://timesofindia.indiatimes.com/india/PM-says-unauthorized-deposit-collection-has-to-be-curbed/articleshow/19762166.cms</a><div class="clear"></div>
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Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and..."/>
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    <h1 class="cat-box-title">PM says unauthorized deposit collection has to be curbed</h1>
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                            <div align="justify">-The Times of India</div><p align="justify"><br />Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region.</p><p align="justify">Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry of corporate affairs (MCA), the Serious Frauds Investigation Office (SFIO) to probe the issue and protect the interest of small investors.</p><p align="justify">&quot;Unauthorized collection of deposits, in exchange for the promise that exorbitant rate of return will be given, is something which has to be curbed,&quot; Singh told reporters after a function at the Rashtrapati Bhawan.</p><p align="justify">There is also talk of arming stock-market regulator the Securities and Exchange Board of India (SEBI) with more power to deal with such cases. The Reserve Bank of India (RBI) has also been asked to join the probe to end the menace of illegal chit funds.</p><p align="justify">The Centre is also seeking better coordination between various agencies to end the overlap of regulatory functions and close the gaps that provide headroom for fly-by-night firms to raise funds illegally promising exorbitant returns.</p><p align="justify">The finance ministry on Saturday detailed the steps taken by the government to probe chit funds which use a network of local agents who are paid hefty commissions to raise money from gullible investors promising astronomical returns. Promoters of such companies often siphon off the funds wiping out the hard-earned savings of investors in rural and semi-urban areas.</p><p align="justify">The MCA has ordered inspection of the books of accounts and other records of 31 companies. Last year it had ordered the SFIO to investigate these companies. The Registrar of Companies in West Bengal has issued notices to 42 companies calling for information and explanation relating to collection of funds by those firms. &quot;These orders have been issued by the MCA primarily to ascertain if these companies are violating the provisions of the Companies Act, 1956 and to decide the future course of action,&quot; the statement said.</p><p align="justify">SEBI, MCA and SEBI have initiated action against several companies which have come to its notice for violation of one or more of its regulations. In over 59 cases in the eastern region, SEBI has initiated prosecution cases in Collective Investment Schemes (CIS) and other related matters in various courts.</p><p align="justify">The Department of Financial Services (DFS) had also written to all the state chief secretaries last year, urging the state governments to strengthen the coordination mechanism between their regulatory entities such as the Economic Offences Wing (EOW) of the State Police and the central agencies such as RBI, SEBI, Registrar of Companies, Revenue Department and ED.</p><p align="justify">The RBI has also been roped in earlier this year and the matter is currently under examination by them. SEBI has already ordered Saradha Realty India Ltd; to wind-up their existing collective investment schemes and refund the money collected under the plan with returns which are due to the investors as per the terms of offer, within a period of three months from the date of the order, failing which prosecution proceedings would be pursued.</p><p align="justify">The I-T Department has initiated investigation of Saradha Group from the perspective of violation of the Income Tax Act, 1961. The ED has registered a case under the Prevention of Money Laundering Act (PMLA), 2002, against the company, including its CMD Sudipta Sen. </p>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/india/PM-says-unauthorized-deposit-collection-has-to-be-curbed/articleshow/19762166.cms" class="re" target="_blank">The Times of India, 28 April, 2013, http://timesofindia.indiatimes.com/india/PM-says-unauthorized-deposit-collection-has-to-be-curbed/articleshow/19762166.cms</a><div class="clear"></div>
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        LATEST NEWS UPDATES | PM says unauthorized deposit collection has to be curbed    </title>
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Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and..."/>
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-The Times of India



Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and..." />
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    <h1 class="cat-box-title">PM says unauthorized deposit collection has to be curbed</h1>
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                            <div align="justify">-The Times of India</div><p align="justify"><br />Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region.</p><p align="justify">Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry of corporate affairs (MCA), the Serious Frauds Investigation Office (SFIO) to probe the issue and protect the interest of small investors.</p><p align="justify">&quot;Unauthorized collection of deposits, in exchange for the promise that exorbitant rate of return will be given, is something which has to be curbed,&quot; Singh told reporters after a function at the Rashtrapati Bhawan.</p><p align="justify">There is also talk of arming stock-market regulator the Securities and Exchange Board of India (SEBI) with more power to deal with such cases. The Reserve Bank of India (RBI) has also been asked to join the probe to end the menace of illegal chit funds.</p><p align="justify">The Centre is also seeking better coordination between various agencies to end the overlap of regulatory functions and close the gaps that provide headroom for fly-by-night firms to raise funds illegally promising exorbitant returns.</p><p align="justify">The finance ministry on Saturday detailed the steps taken by the government to probe chit funds which use a network of local agents who are paid hefty commissions to raise money from gullible investors promising astronomical returns. Promoters of such companies often siphon off the funds wiping out the hard-earned savings of investors in rural and semi-urban areas.</p><p align="justify">The MCA has ordered inspection of the books of accounts and other records of 31 companies. Last year it had ordered the SFIO to investigate these companies. The Registrar of Companies in West Bengal has issued notices to 42 companies calling for information and explanation relating to collection of funds by those firms. &quot;These orders have been issued by the MCA primarily to ascertain if these companies are violating the provisions of the Companies Act, 1956 and to decide the future course of action,&quot; the statement said.</p><p align="justify">SEBI, MCA and SEBI have initiated action against several companies which have come to its notice for violation of one or more of its regulations. In over 59 cases in the eastern region, SEBI has initiated prosecution cases in Collective Investment Schemes (CIS) and other related matters in various courts.</p><p align="justify">The Department of Financial Services (DFS) had also written to all the state chief secretaries last year, urging the state governments to strengthen the coordination mechanism between their regulatory entities such as the Economic Offences Wing (EOW) of the State Police and the central agencies such as RBI, SEBI, Registrar of Companies, Revenue Department and ED.</p><p align="justify">The RBI has also been roped in earlier this year and the matter is currently under examination by them. SEBI has already ordered Saradha Realty India Ltd; to wind-up their existing collective investment schemes and refund the money collected under the plan with returns which are due to the investors as per the terms of offer, within a period of three months from the date of the order, failing which prosecution proceedings would be pursued.</p><p align="justify">The I-T Department has initiated investigation of Saradha Group from the perspective of violation of the Income Tax Act, 1961. The ED has registered a case under the Prevention of Money Laundering Act (PMLA), 2002, against the company, including its CMD Sudipta Sen. </p>                                                           
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    <br><a href="http://timesofindia.indiatimes.com/india/PM-says-unauthorized-deposit-collection-has-to-be-curbed/articleshow/19762166.cms" class="re" target="_blank">The Times of India, 28 April, 2013, http://timesofindia.indiatimes.com/india/PM-says-unauthorized-deposit-collection-has-to-be-curbed/articleshow/19762166.cms</a><div class="clear"></div>
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PM says unauthorized deposit collection has to be curbed

Published on Apr 28, 2013   Modified on Apr 28, 2013

-The Times of India Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region. Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry of corporate affairs (MCA), the Serious Frauds Investigation Office (SFIO) to probe the issue and protect the interest of small investors. "Unauthorized collection of deposits, in exchange for the promise that exorbitant rate of return will be given, is something which has to be curbed," Singh told reporters after a function at the Rashtrapati Bhawan. There is also talk of arming stock-market regulator the Securities and Exchange Board of India (SEBI) with more power to deal with such cases. The Reserve Bank of India (RBI) has also been asked to join the probe to end the menace of illegal chit funds. The Centre is also seeking better coordination between various agencies to end the overlap of regulatory functions and close the gaps that provide headroom for fly-by-night firms to raise funds illegally promising exorbitant returns. The finance ministry on Saturday detailed the steps taken by the government to probe chit funds which use a network of local agents who are paid hefty commissions to raise money from gullible investors promising astronomical returns. Promoters of such companies often siphon off the funds wiping out the hard-earned savings of investors in rural and semi-urban areas. The MCA has ordered inspection of the books of accounts and other records of 31 companies. Last year it had ordered the SFIO to investigate these companies. The Registrar of Companies in West Bengal has issued notices to 42 companies calling for information and explanation relating to collection of funds by those firms. "These orders have been issued by the MCA primarily to ascertain if these companies are violating the provisions of the Companies Act, 1956 and to decide the future course of action," the statement said. SEBI, MCA and SEBI have initiated action against several companies which have come to its notice for violation of one or more of its regulations. In over 59 cases in the eastern region, SEBI has initiated prosecution cases in Collective Investment Schemes (CIS) and other related matters in various courts. The Department of Financial Services (DFS) had also written to all the state chief secretaries last year, urging the state governments to strengthen the coordination mechanism between their regulatory entities such as the Economic Offences Wing (EOW) of the State Police and the central agencies such as RBI, SEBI, Registrar of Companies, Revenue Department and ED. The RBI has also been roped in earlier this year and the matter is currently under examination by them. SEBI has already ordered Saradha Realty India Ltd; to wind-up their existing collective investment schemes and refund the money collected under the plan with returns which are due to the investors as per the terms of offer, within a period of three months from the date of the order, failing which prosecution proceedings would be pursued. The I-T Department has initiated investigation of Saradha Group from the perspective of violation of the Income Tax Act, 1961. The ED has registered a case under the Prevention of Money Laundering Act (PMLA), 2002, against the company, including its CMD Sudipta Sen.

The Times of India, 28 April, 2013, http://timesofindia.indiatimes.com/india/PM-says-unauthorized-deposit-collection-has-to-be-curbed/articleshow/19762166.cms

Tagged with: Chit fund Saradha Group Corporate Governance Fraud crime

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