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Chit fund scam: Sudipta Sen breaks down as Debjani Mukherjee sings

-The Indian Express Saradha group CMD Sudipta Sen and executive director Debjani Mukherjee were questioned together for the first time by police today. Sen broke down in front of the interrogators when Mukherjee blamed him for the company going bust, police sources said. Mukherjee, who has been "cooperating" with the police since she was arrested, is likely to become an approver. Officials earlier said that Mukherjee could become approver only after the police...

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Action Against Banks if Guilty: RBI on Cobrapost Sting

-Outlook Reserve Bank of India (RBI) today said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms. "We have done investigations, we have prepared an internal report. There are processes to be followed to take investigations to its logical closure... "The first is action against individual institutions who are involved in practises which are not consistent with the...

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It is only KYC norm violation, says RBI

-The Hindu Mumbai: Reserve Bank of India (RBI) Deputy Governor K.C. Chakrabarty, on Monday, refuted money laundering charges levelled against various banks, and said that all exposures by Cobrapost.com were connected to know-your-customer (KYC) norms. "We are seeing how the banks are following up on the KYC norms. There are certain differences in the manner of reporting of KYC norms in each bank...Need to strengthen KYC guidelines," he said. In March this year,...

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Rules against chit funds stuck in Delhi-Amit Gupta

-The Telegraph Ranchi: Sluggish economy and soaring personal aspirations are teaming up to create fertile ground for quick-rich chit fund schemes and non-banking finance companies such as the now-infamous Saradha to mushroom, but rules to give Jharkhand investors the much-needed safety net are hanging fire since over a year. Jharkhand Assembly had early last year forwarded rules framed by the state's institutional finance department for the President's consideration under The Chit Funds...

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The Political Economy of Shadow Finance in West Bengal-Subhanil Chowdhury

-Economic and Political Weekly The Saradha group's collapse has possibly bankrupted lakhs of small investors robbing them of their life svaings, and has rendered thousands of its agents jobless. The scam highlights the failure of the government and its regulatory agencies to reign in the mushrooming chit fund companies in West Bengal. It also brings under the scanner the Trinamool Congress' proximity with the tainted group. In the wake of the...

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