-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...
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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...
More »Saradha chit fund scam: West Bengal, Northeast hot-bed of investment frauds; NRIs major target
-PTI Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and North-Eastern states have become a hot-bed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO ( Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the country,...
More »Saradha-hit govt plans ordinance teeth for Sebi -Subhomoy Bhattacharjee
-The Indian Express New Delhi: Stung by the Saradha episode, the government has decided to drastically amend legislation governing the market regulator's power to police chit fund companies. The finance ministry will push for the legislation to be cleared in the current session of Parliament and, if that fails, to issue an ordinance immediately afterward. Government managers believe the explosion of Ponzi schemes in West Bengal and in Uttar Pradesh is enough...
More »SEBI digs deeper, chit scam gets bigger -P Vaidyanathan Iyer
-The Indian Express Kolkata: Saradha Realty Ltd, which has gone bust now, may be just the beginning of the unfolding of a deeply entrenched Ponzi scheme network involving dozens of other companies in West Bengal, some of which also wield considerable media power given their ownership of television channels and newspapers. According to information available with the union corporate affairs and finance ministries, six companies, against whom market regulator Securities and Exchange...
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