-PTI Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and North-Eastern states have become a hot-bed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO ( Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the country,...
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WB chit fund scam: Governor calls special Assembly session next week
-CNN-IBN Kolkata: West Bengal Governor MK Narayanan has called a special session of the state Assembly next week beginning April 29 to discuss the chit fund scam. Speaker Biman Banerjee, in fact, has called an all-party meeting at 3 pm on Friday to discuss the special session. But the TMC wants the West Bengal Protection of Depositors' Interest in Financial Institution Bill to be returned by the Centre so that it could...
More »SEBI digs deeper, chit scam gets bigger -P Vaidyanathan Iyer
-The Indian Express Kolkata: Saradha Realty Ltd, which has gone bust now, may be just the beginning of the unfolding of a deeply entrenched Ponzi scheme network involving dozens of other companies in West Bengal, some of which also wield considerable media power given their ownership of television channels and newspapers. According to information available with the union corporate affairs and finance ministries, six companies, against whom market regulator Securities and Exchange...
More »Cheat funds, again
-The Hindu The spectacular failure of the Saradha Group domiciled in West Bengal but also operating in a few adjoining States reinforces certain important messages from past scams. The first lesson to investors and regulators alike is that it is still possible for unscrupulous promoters to design and operate Ponzi schemes built around promises of extraordinary returns that are clearly unsustainable. Such schemes depend upon a steady stream of fresh deposits...
More »Chit fund: TMC questions role of Chidambaram's wife in Saradha group
-PTI On the back foot over the chit fund scam in West Bengal, Trinamool Congress on Thursday raised questions over the role of a senior Chennai-based lawyer who happens to be wife of the Union finance minister. Sudipta Sen, chairman of the scandal-ridden Saradha group, who was arrested two days ago, has said in a purported letter to CBI that politicians, journalists and lawyers had blackmailed him and taken money assuring him...
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