-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...
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Can legal measures root out Chit fund frauds? - No -Pratim Ranjan Bose
-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...
More »WB Chit fund scam: Governor calls special Assembly session next week
-CNN-IBN Kolkata: West Bengal Governor MK Narayanan has called a special session of the state Assembly next week beginning April 29 to discuss the Chit fund scam. Speaker Biman Banerjee, in fact, has called an all-party meeting at 3 pm on Friday to discuss the special session. But the TMC wants the West Bengal Protection of Depositors' Interest in Financial Institution Bill to be returned by the Centre so that it could...
More »Trinamool runs aground: It is foundering on Bengal’s cheat funds and could well sink with them -Abheek Barman
-The Times of India The collapse of Saradha Group, promoted by Sudipta Sen, is the greatest threat yet to Mamata Banerjee's Trinamool Congress regime in Bengal. It could also imperil the finances of millions of people in Bengal, Assam, Jharkhand, Bihar, Orissa and eastern Uttar Pradesh. Trinamool's blatant association with the bigwigs of Saradha, which raised vast amounts of money from poor people before collapsing, is a potentially fatal political body blow....
More »Saradha Group donated heavily to Trinamool govt, bought Mamata's art -Madhuparna Das and Subrata Nagchoudhury
-The Indian Express Kolkata: When the Saradha Group's Bengali daily Sakalbela began publication, Mamata Banerjee sent her best wishes. It was more than a customary greeting. It was an impassioned message that seemed to have come from the chief minister's heart. "We will have to pass the dark night to begin our journey in the light of dawn," she said. "An alert conscience, right direction, truth and fearless news is what people...
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