-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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PM says unauthorized deposit collection has to be curbed
-The Times of India Prime Minister Manmohan Singh said on Saturday that unauthorized collection of deposits promising high returns has to be curbed as the Centre unleashed a multi-agency probe on chit funds and money pooling firms in West Bengal and the eastern region. Rattled by the collapse of the Saradha group in West Bengal, the Centre has asked various agencies such as the Enforcement Directorate (ED), Income Tax department, the ministry...
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 »Truth is now grey matter
-The Hindustan Times It never rains, it pours as far as the troubles of the UPA government go in recent times. Any hope that the scams which have been unearthed and their aftermath could be put behind it as it enters the final phase of its tenure before elections 2014 has been belied after the disclosure by the Central Bureau of Investigation director Ranjit Sinha that the agency had shown its...
More »Shared coal status report with law minister, CBI chief tells SC -Utkarsh Anand
-The Indian Express CBI director Ranjit Sinha admitted to the Supreme Court on Friday that the agency's status report on the coal blocks allocation case had been shown to Law Minister Ashwani Kumar "as desired by him". The report was also shared with a senior official each from the Prime Minister's Office and the coal ministry, the CBI director said. The government has been in turmoil - facing demands for an explanation...
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