-PTI KOLKATA: The West Bengal government has stepped in for damage control after chit fund company Saradha Group went bust reviving memories of the collapse of Sanchayita Investments in the early eighties when several investors and agents committed suicide. Sanchayita collected more than Rs 120 crore in 1980 before its offices were raided and it folded up with only a handful of people getting back a minuscule amount of money. Two main...
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What has gone, has gone: Mamata Banerjee-Romita Datta
-Live Mint West Bengal chief minister dashes Saradha depositors' hopes of any imMediate state-assisted recovery Kolkata: What has gone, has gone," West Bengal chief minister Mamata Banerjee told depositors of the Saradha Group, dashing their hopes of any imMediate state-assisted recovery of dues from the floundering units of the group that collected the money. Banerjee launched two separate investigations and promised to introduce a new law to deal firmly with fraudulent financial...
More »Death of a young man-Prabhat Patnaik
-The Telegraph Since I belong to the Left, I know I am likely to be prejudiced against Mamata Banerjee. I try to guard against this prejudice. I try not to let my overall political stance colour my judgment of particular events associated with her. For the last several days, therefore, I have tried to ignore the attacks on Communist Party of India (Marxist) offices in West Bengal in the wake of the...
More »Saradha group boss held in Kashmir, BJP wants CBI to probe chit funds
-PTI Srinagar: The Jammu & Kashmir Police on Tuesday detained Saradha group chairman & managing director Sudipto Sen and a director of the company from Sonamarg, where they had fled after their Calcutta-based chit fund business collapsed last week leaving thousands of depositors and agents stranded. "We have detained Sudipto Sen and Debjani Mukherjee, chairman-cum-managing director and a director of the Saradha group respectively, and Arvind from Sonamarg," the inspector general of...
More »Deposit schemes: Blame game starts as Bengal grapples with fallout
-The Hindu Business Line Kolkata: Everyone knew that the bomb was ticking. But, there was not much action to curb the mushrooming ponzi schemes that were collecting thousands of crores from hapless investors across West Bengal since 2007-08. Some promised to grow money by 34 times in 25 years by investing in teak bonds. Others offered to double money in 15 months by investing in the potato trade. As a result, investments...
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