-The Hindu Kolkata: The agitation against fraudulent deposit-taking companies continued to spread in the State with the police intervening in some places to prevent the situation spinning out of control. There were instances of agents heckling investors. Demanding that their money be returned, a group of investors protested outside one of the companies at Lake Town near the city on Saturday. At Salt Lake nearby, another company faced the ire of anguished...
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Sebi says working hard to protect investors from Ponzi schemes
-PTI The regulator is working hard to ensure that small investors' savings are not put to risk, says Sebi chief U.K Sinha With lakhs of investors getting defrauded by Ponzi schemes in West Bengal, Securities and Exchange Board of India (Sebi) chairman U.K Sinha on Wednesday said the regulator is working hard to ensure that small investors' savings are not put to risk. "Within the powers given to us, Sebi is working extremely...
More »The Political Economy of Shadow Finance in West Bengal-Subhanil Chowdhury
-Economic and Political Weekly The Saradha group's collapse has possibly bankrupted lakhs of small investors robbing them of their life svaings, and has rendered thousands of its agents jobless. The scam highlights the failure of the government and its regulatory agencies to reign in the mushrooming chit fund companies in West Bengal. It also brings under the scanner the Trinamool Congress' proximity with the tainted group. In the wake of the...
More »Mamata Banerjee seeks to blame Centre for chit fund scam
-PTI Kolkata: West Bengal Chief Minister Mamata Banerjee, who has sought to blame the Centre for the chit fund scam, has claimed that the central government reduced the rate of interest in small savings to drive depositors towards Ponzi schemes. "It is because the Centre has reduced the interest rates in small savings in the post office, poor people and those who have retired keep their money in these chit funds with...
More »West Bengal chit fund scam hits the state's film industry -Priyanka Gupta
-CNN-IBN Kolkata: The West Bengal chit fund is getting bigger each day. It has now turns out that Ponzi schemes in the state financed not just media houses but Tollywood films as well. In the past four years, at least one in three films has been produced by groups that run Ponzi schemes. Rose Valley, a deposit-taking company which is now under the MCA scanner, has produced 18 films including three National...
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