-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...

-The Hindu Even as thousands come to terms with the loss of life savings in the West Bengal "chit funds," it is interesting to find politicians promising new stern laws against such funds. Absence of laws is the least of the reasons for such schemes flourishing in the State. We are not short of such laws - in fact, we have plenty of laws that prohibit such schemes and provide for...

-The Hindustan Times The meltdown of the Saradha Group and subsequent focus on the state's multiple ponzi scams are hitting Bengal's film industry where it hurts the most - right in the pocket. The release of Asharey Gappo, a film funded by Angel Cinevision & Media - a deposit-taking company (popularly known as a ponzi fund) - has now been postponed indefinitely, even though the funding company does not have any apparent...

-The Times of India MUMBAI: The multi-crore chit fund scam is not just restricted to West Bengal, but is wide spread across the country, especially in Maharashtra. The state could be sitting on a time bomb with one estimate pegging the racket as high as Rs 10,000 crore. Unfortunately, vulnerable people out to make a quick buck are the first to fall for these scams. Promises made by these fly-by-night...

-The Hindu Business Line There can be no denying the need for a legal framework to ensure that the likes of Saradha do not take the entire financial system for a ride. But that said, there will always be greedy investors, willing to be taken in by the tall promises of unscrupulous operators. The latter's task is made easier by loopholes in the law. Hence, Ponzi operators used the legal loopholes...