-The Economic Times For many, it is a sense of deja vu. Fifteen years ago, the government and India's financial regulators came under fire after hundreds of crores were cleaned up by a few individuals and entities from gullible investors, who were promised fabulous returns from plantation schemes. In the uproar that followed, the government and the regulators sought to palm off the responsibility of regulation of such schemes on each...
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I was used, blackmailed by Trinamool MPs: Saradha Group CMD to CBI -Madhuparna Das
-The Indian Express Kolkata: Saradha Group CMD Sudipta Sen has sent an 18-page letter to the CBI containing names of several key politicians, officials and legal experts who allegedly milked the company for money. The letter, which reached the CBI in Delhi as Sen remained at large, was forwarded by the agency to its office in Kolkata, and it was subsequently referred to the Bidhannagar police commissionerate. Bidhannagar police commissioner Rajeev Kumar received...
More »Deposit schemes: Blame game starts as Bengal grapples with fallout
-The Hindu Business Line Kolkata: Everyone knew that the bomb was ticking. But, there was not much action to curb the mushrooming ponzi schemes that were collecting thousands of crores from hapless investors across West Bengal since 2007-08. Some promised to grow money by 34 times in 25 years by investing in teak bonds. Others offered to double money in 15 months by investing in the potato trade. As a result, investments...
More »CAG raps Bihar govt for 'fiscal indiscipline'
-The Times of India PATNA: The Bihar government, which keeps crying for more central assistance, could not spend Rs 1472.61 crore in 2012 and surrendered 100 per cent funds in 192 schemes, depriving the beneficiaries of the benefits, according to the CAG report for 2011-12 presented in state assembly on Tuesday. Central funds for several schemes also remained unutilized, it said. The CAG also regretted the lack of objective planning in utilization...
More »CAG rapped Bihar government for lack of plan on utilisation of funds
-PTI PATNA: CAG has ticked off Nitish Kumar government for lacking objective planning for utilisation of funds drawn on Abstract Contingency(AC) bills. The Bihar government had withdrawn Rs 16,033.01 crore on AC bills between 2009-12 of which the plan head drawals accounted for Rs 12,332.64 crore which indicated that object level planning was absent as items of expenditure were known while drawing the amount, CAG said in its report on state finances...
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