-The Telegraph Kolkata: Chief minister Mamata Banerjee today flagged a four-member panel headed by a retired judge, a task force and an ordinance in her first comprehensive comments on the Saradha Group collapse that has triggered fears of a default contagion in Bengal. It was not clear if it was a stray remark or addressed at those seeking immediate relief for depositors but the chief minister also said that "ja gechhey ta...
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Saradha chit fund mess: Quick-rich dreams lie crushed -Krishnendu Bandyopadhyay
-The Times of India DAKSHIN BARASAT (South 24-Parganas): Every other house in this part of Bengal has a rags-to-riches-to-rags story. Saradha Group showed them a dream that was unbelievable when it lasted. But then reality struck a hard, bitter blow. Sixty-year-old Dulal Chandra Gharami walked back home tense on Monday afternoon. He was summoned to the Trinamool Congress office at Beliadanga, where he was asked to cough up protection money. For last four...
More »Money-or-poison plea to Mamata
-The Telegraph West Bengal: An agent of the Saradha Group fell ill in Siliguri today after a three-hour demonstration while investors hit the streets with placards asking the chief minister to give them back their money or provide them with poison. Dinabandhu Pal, who had collected Rs 16 lakh for the Saradha Group, was admitted to Siliguri subdivisional hospital after he complained of palpitation in front of Siliguri police station. His wife...
More »HC for timely probe, refund
-The Telegraph Guwahati: Gauhati High Court today said cases of fraud against dubious deposit collecting companies should be probed in a time-bound manner, while their victims' deposits should be refunded using the cash and properties of these firms seized by police. The court stated this during the first hearing of a suo motu PIL (15/2013) it had recently taken up against companies which collect huge deposits from the public by offering lucrative...
More »Caught in desi ponzi schemes
-The Hindustan Times The sorry plight of thousands of small savers duped by a deposit-collecting firm in West Bengal is, perhaps, symptomatic of a wider malaise that runs deep in the Indian economy. What if a company asked you to invest Rs. 200,000 and promised to give you Rs. 8,000 a month for five years and a swanky sedan at the end of the fifth year? What if a company asked...
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