-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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Cheat funds, again
-The Hindu The spectacular failure of the Saradha Group domiciled in West Bengal but also operating in a few adjoining States reinforces certain important messages from past scams. The first lesson to investors and regulators alike is that it is still possible for unscrupulous promoters to design and operate Ponzi schemes built around promises of extraordinary returns that are clearly unsustainable. Such schemes depend upon a steady stream of fresh deposits...
More »Security forces can be tried in criminal courts too, says SC -Utkarsh Anand
-The Indian Express Stating that all security forces personnel accused of crimes against civilians will not necessarily be tried only by their courts, the Supreme Court on Thursday ruled that criminal courts can also have jurisdiction in such cases. Setting ASIde the orders of a lower court and high court in Jammu and Kashmir, a bench led by Justice C K Prasad Thursday ordered that the trial of two BSF personnel, accused...
More »Punish convicts for the crime as well as its brutality, Supreme Court says -Dhananjay Mahapatra
-The Times of India The increased brutality in committing crimes, including gang rapes in the recent past, has not been lost on the Supreme Court, which has promised to the society that the accused if convicted would get adequately punished not only for the crime but also for their depravity. It said all trial courts, while awarding punishment to a convict, must follow the cardinal principle of sentencing policy which mandated "the...
More »Blame game and a cover-up-Saadia
-The Hoot A huge media conglomerate was built up by a chit fund company which has now collapsed. Can the West Bengal government whose MP was part of the empire disclaim responsibility, asks SAADIA. About 1400 journalists have lost their jobs because a chit fund company's little-known Chief Managing Director ventured to become a media mogul in West Bengal some three years back. Almost every three months, the Saradha Group that had...
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