-The Hindu Business Line Chit funds, one of India's oldest indigenous financial institutions, are regulated by the Chit Funds Act, 1982, a central statute, and various State-specific regulations. Further, the Securities and Exchange Board of India (SEBI) regulates the operation of ‘collective Investment schemes' (Collective Investment Schemes) through the SEBI 1999 Regulations (CIS Regulations). However, Section 11 AA of the Securities and Exchange Board of India Act, 1992 specifically excludes a...

-PTI Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and North-Eastern states have become a hot-bed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO ( Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the country,...

-The Times of India The enforcement directorate's probe into alleged money laundering by the scam-scarred Saradha group may cover important politicians and their kin, besides media professionals, exposing them to the risk of confiscation of their bank accounts and properties. Sources in the ED, which has already registered a case in Guwahati, said the agency will issue summons to all those who helped siphon off money that Saradha had mopped up from...

-The Indian Express Kolkata: Saradha Realty Ltd, which has gone bust now, may be just the beginning of the unfolding of a deeply entrenched Ponzi scheme network involving dozens of other companies in West Bengal, some of which also wield considerable media power given their ownership of television channels and newspapers. According to information available with the union corporate affairs and finance ministries, six companies, against whom market regulator Securities and Exchange...

-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...