-The Indian Express FOR Suranjan and Tumpa Choudhury, a couple from Madhyamgram in North 24-Parganas district, darkness has descended for the second time in their lives. In 2007, Suranja lost his job after the factory, where he worked shut down abruptly. He was then 36. A friend of him advised him to invest in Saradha Group and become an agent of the company. He had no other option than to accept...
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In story of Saradha's crores, Bengal's forgotten hundreds -Madhuparna Das
-The Indian Express West Bengal is not new to chit fund scams. What is unique to the Saradha Group scandal is how it targeted the poorest and the most marginalised, leaving them on the verge of devastation. From 17-year-old agents who raised money from depositors to 50-year-old widows who invested money, the Saradha Group didn't discriminate in roping them in. Since the house of cards started collapsing, two agents and two...
More »Different schemes built on different structures -Vinod Kothari
-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...
More »PM says unauthorized deposit collection has to be curbed
-The Times of India Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region. Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry...
More »Chit fund scam worth Rs 10,000cr in Maharashtra -Nauzer K Bharucha
-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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