-PTI In further trouble for the Ponzi scheme scam-hit Saradha group of Kolkata, the Enforcement Directorate (ED) has registered a money laundering case to probe the allegations of financial irregularities by numerous depositors against it. The ED has registered a regular case under the provisions of the Prevention of Money Laundering Act (PMLA) at its Guwahati office as the Assam police has registered an FIR against the group after allegations were made...
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Corporate affairs ministry may order probe into functioning of Saradha group companies
-PTI The corporate affairs ministry is likely to order a probe into functioning of Saradha group companies amid growing controversy over the Kolkata-based entity allegedly duping thousands of investors. Corporate affairs minister Sachin Pilot along with senior ministry officials would hold a meeting on Thursday to look into the functioning of various chit funds including issues related to Saradha group companies. A senior official said the ministry is likely to order a probe...
More »Rs 4,000 cr at stake, SEBI asks Bengal to probe five more chit fund companies -Madhuparna Das
-The Indian Express Kolkata: As the investigation into the Saradha chit fund scam threatens to reach the doorstep of the Trinamool Congress, the markets watchdog is learnt to have warned of a larger, more frightening scenario: similar Ponzi schemes run by at least five other companies in West Bengal, involving over Rs 4,000 crore of small investors' money. In its latest communication sent to the state government, the Securities and Exchange Board...
More »Bengal chit fund kingpin's run through N India ends in J&K, held in Sonamarg -Madhuparna Das and Bashaarat Masood
-The Indian Express Srinagar, Kolkata: Sudipta Sen, the absconding alleged kingpin of West Bengal's multi-crore chit fund scam, was picked up along with two senior employees of his company at a hotel in the picturesque resort town of Sonamarg on the Srinagar-Leh highway late on Monday evening. Police officers from West Bengal have confirmed their identities, and are likely to get formal custody of the trio after they are presented in court...
More »The fall of Saradha group revives old ghosts of Ponzi schemes going bust -Atmadip Ray
-The Economic Times For many, it is a sense of deja vu. Fifteen years ago, the government and India's financial regulators came under fire after hundreds of crores were cleaned up by a few individuals and entities from gullible investors, who were promised fabulous returns from plantation schemes. In the uproar that followed, the government and the regulators sought to palm off the responsibility of regulation of such schemes on each...
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