-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...
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Mamata's nephew a party to Ponzi schemes: CPM
-The Hindustan Times Demanding a CBI inquiry into Saradha Group financial scam, CPI(M) has accused chief minister Mamata Banerjee's nephew of being involved in Ponzi schemes. "Mamata Banerjee's nephew Abhishek Banerjee, who is the leader of Trinamool Youth Congress, runs a company which is involved in real estate and micro-finance and has made a huge amount of money in the last two to three years. Its turnover has skyrocketed to 300 crores...
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...
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 »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...
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