-PTI Srinagar: The Jammu & Kashmir Police on Tuesday detained Saradha group chairman & managing director Sudipto Sen and a director of the company from Sonamarg, where they had fled after their Calcutta-based chit fund business collapsed last week leaving thousands of depositors and agents stranded. "We have detained Sudipto Sen and Debjani Mukherjee, chairman-cum-managing director and a director of the Saradha group respectively, and Arvind from Sonamarg," the inspector general of...

-PTI KOLKATA: The West Bengal government has stepped in for damage control after chit fund company Saradha Group went bust reviving memories of the collapse of Sanchayita Investments in the early eighties when several investors and agents committed suicide. Sanchayita collected more than Rs 120 crore in 1980 before its offices were raided and it folded up with only a handful of people getting back a minuscule amount of money. Two main...

-The Telegraph Kolkata: Chief minister Mamata Banerjee today flagged a four-member panel headed by a retired judge, a task force and an ordinance in her first comprehensive comments on the Saradha Group collapse that has triggered fears of a default contagion in Bengal. It was not clear if it was a stray remark or addressed at those seeking immediate relief for depositors but the chief minister also said that "ja gechhey ta...

-The Hindustan Times The sorry plight of thousands of small savers duped by a deposit-collecting firm in West Bengal is, perhaps, symptomatic of a wider malaise that runs deep in the Indian economy. What if a company asked you to invest Rs. 200,000 and promised to give you Rs. 8,000 a month for five years and a swanky sedan at the end of the fifth year? What if a company asked...

-The Hindu     ‘Crorepati'-politicians wear their wealth like a badge of honour Bangalore: With the new breed of "crorepati"-politicians wearing their wealth like a badge of honour, the old slogans of "Garibi Hatao" (remove poverty) have become passé. The rise in the prominence of moneybags from real estate, the private education sector, and industry in the city's political landscape has not only deflected social issues but it has also changed the benchmark for a...