-The Indian Express In the wake of the collapse of the saradha chit fund company, the Information & Broadcasting Ministry has asked all television channels - general entertainment as well as news and current affairs - to furnish details of their shareholding pattern and equity structure. This includes the saradha Group. According to sources, the ministry's letter, sent on Friday, asks channels to inform whether there had been any changes in their...
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CBI verdict wait for Kunal
-The Telegraph Calcutta: Trinamul MP Kunal Ghosh's future in the party is expected to be decided after Calcutta High Court rules on two petitions by saradha depositors seeking a CBI probe into the sham deposit-mobilisation scandal, party sources told The Telegraph. "Our leaders have been worried since the court indicated on April 25 that it was contemplating a CBI probe," a party source said. "(If action is taken now), Kunal may try to...
More »In story of saradha's crores, Bengal's forgotten hundreds -Madhuparna Das
-The Indian Express West Bengal is not new to chit fund scams. What is unique to the saradha Group scandal is how it targeted the poorest and the most marginalised, leaving them on the verge of devastation. From 17-year-old agents who raised money from depositors to 50-year-old widows who invested money, the saradha Group didn't discriminate in roping them in. Since the house of cards started collapsing, two agents and two...
More »A legal blind spot-CRL Narasimhan
-The Hindu The saradha group's spectacular failure has inflicted severe pain not only on its gullible depositors and agents but in a real sense on India's financial regulators and the State government as well. There is a law and order problem in West Bengal. Very soon, public attention will shift to regulation or the lack of it. The crisis, it appears, will not be confined to one state. In the worst...
More »Under regulator’s nose-Indrani Dutta
-The Hindu Chief Minister Mamata Banerjee may be sleeping easy as she has "settled all the issues at hand" on the saradha scam. saradha Group promoter Sudipto Sen has been booked and a Rs. 500-crore kitty has been created to make refunds to the depositors. However, no one is clear just how the refunds would be made and whether existing laws permit it. Mr. Sen's bubble may have burst. But the travails...
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