-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...
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Netas, scribes may come under ED lens -Pradeep Thakur
-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...
More »Bengal's film industry dances to ponzi fund tune -Anindita Acharya
-The Hindustan Times The meltdown of the Saradha Group and subsequent focus on the state's multiple ponzi scams are hitting Bengal's film industry where it hurts the most - right in the pocket. The release of Asharey Gappo, a film funded by Angel Cinevision & Media - a deposit-taking company (popularly known as a ponzi fund) - has now been postponed indefinitely, even though the funding company does not have any apparent...
More »Dalits lose certificates, valuables in violence unleashed by drunken mob-Kavita Kishore
-The Hindu MARAKKANAM: In front of one of the burnt houses at Kattayantheru lie a number of charred certificates, including ration cards and other important documents that belong to the members of the Marakkanam Dalit Colony. "We have salvaged whatever we can, but most of us have lost documents including ration cards, mark sheets, birth certificates and death certificates. Many of us whose houses were burnt even lost currency notes they had...
More »Chit fund scam worth Rs 10,000cr in Maharashtra -Nauzer K Bharucha
-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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