-The Hindu Information panel calls for time bound investigation The Central Information Commission (CIC) has directed the Securities and Exchange Board of India (SEBI) to disclose information on its investigation and recovery of money from the perpetrators of the Saradha Realty chit fund scam. Investigations must be time bound and transparent keeping in mind the interests of lakhs of affected investors, said CIC. The Rs.10,000 crore Saradha chit fund scam came to light...
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A long way from Kolkata, Delhi...lies West Bengal's Saradha chit fund country -Ravik Bhattacharya
-The Indian Express In the wake of life’s savings lost to scams, children have dropped out of school, marriages have been put off, people have left homes, and suicide, say some, is the only option. The Indian Express on the stories forgotten in the headlines. Most days, Raqib Sardar can be seen hanging around a tea shop at Sonarpur Railway Station in South 24 Parganas district, 30 km from Kolkata, looking...
More »Assured return offers by realtors and jewellers to be treated as Ponzi -Sidhartha
-The Times of India NEW DELHI: The proposed law to crack down on Ponzi schemes will bar real estate developers that offer fixed returns till possession as well as schemes from jewellers as the government believes that they are “unregulated deposits”. The clampdown on realtors, jewellers and other deposit-seeking entities is part of the Banning of Unregulated Deposit Schemes Bill, which was cleared by the Cabinet on Wednesday and is expected to...
More »Bitcoins like Ponzi schemes: Govt
-The Times of India NEW DELHI: The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India. In one of the sternest warnings by the authorities, the government said virtual currencies are not backed by government fiat. The caution comes against the backdrop of a surge in interest in such instruments, fuelled by astronomical...
More »Panel makes Ponzi firms pay -Lalmohan Patnaik and Subrat Das
-The Telegraph Cuttack: What the state government failed to do, the Justice Madan Mohan Das Commission did. The commission, which is identifying small investors duped by dubious financial companies, has on its own ensured return of the invested amount usurped by sham companies to more than 1,200 persons even as the government continues to drag its feet on the issue. Some of the investors got their money on Tuesday. Though the number of...
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