-IANS KOLKATA: West Bengal chief minister Mamata Banerjee on Thursday came in for sharp criticism from within her party and the opposition after she suggested people to "smoke more" to provide compensation to victims of a Chit fund scam. "Smoking is bad.. let there be tax on it. But am I responsible for what Sudipta Sen did? Why should I pay more tax on every cigarette I smoke? I haven't fleeced the...
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Chit fund: TMC questions role of Chidambaram's wife in Saradha group
-PTI On the back foot over the Chit fund scam in West Bengal, Trinamool Congress on Thursday raised questions over the role of a senior Chennai-based lawyer who happens to be wife of the Union finance minister. Sudipta Sen, chairman of the scandal-ridden Saradha group, who was arrested two days ago, has said in a purported letter to CBI that politicians, journalists and lawyers had blackmailed him and taken money assuring him...
More »Fixing the foundations
-The Indian Express Chit fund scams shine the light on the need to overhaul the financial regulatory architecture Cases of semi-regulated or unregulated entities making unrealistic promises to consumers are roiling the financial landscape. It is high time the government sees the pattern and undertakes fundamental change. The search for a solution must factor in two realities. The first is the failure of the formal regulated financial system. The breakdown of present...
More »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 »The fall of Saradha group revives old ghosts of ponzi schemes going bust -Atmadip Ray
-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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