Kolkata: In the backdrop of the chit fund scam, the State Bank of India on Saturday said Reserve Bank of India or Securities and Exchange Board of India should take up major campaigns to create awareness among investors being lured to ponzi schemes.
"RBI...or SEBI should begin a major campaign in line with Jago Grahak Jago, woolmark or hallmark (gold) to create awareness among the investors about these ponzi schemes," SBI chairman Pratip Chaudhuri said here today on the sidelines of a banking summit.
Recently, the West Bengal based Saradha Group has been accused of duping investors of their savings running into thousands of crores of rupees.
On shadow banking system, he said it seemed to have more flexibility than in the traditional banking set-up. For banks, minimum deposit was seven days, while the...
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08:20 AM, May 19, 2013
New Delhi: A Delhi court on Saturday sent Vivek Dutt, a CBI officer heading the probe into the allocation of coal blocks, to the custody of the probe agency till May 21 for allegedly taking a bribe of Rs 7 lakh from a businessman for settling a land dispute. Central Bureau of Investigation (CBI) Special Judge VK Gupta sent Dutt, inspector Rajesh Karnatak, alleged middleman Rajesh Pachisia and businessman Dinesh...
04:41 AM, May 19, 2013
Bhubaneswar: Continuing its action against chit fund companies and others duping investors, police on Saturday sealed the corporate office of Seashore Group and took Artha Tatwa group chief Pradip Sethi to its custody for four days. The Crime Branch failed to arrest Seashore Group chief Prashant Das, who obtained an anticipatory bail from the Orissa High Court, but sealed its corporate office and seized certain documents and computers, said Crime...
10:13 PM, May 18, 2013
New Delhi: Senior CBI officer Vivek Dutt, who headed the Coalgate scam probe team, and three others were on Saturday sent to three days in the agency's custody by a Delhi court for allegedly taking a bribe of Rs 15 lakh from a businessman to favour him in a land dispute case. Superintendent Dutt, CBI inspector Rajesh Chandra Karnatak, alleged middleman Rajesh Pachisia and businessman Dinesh Chand Gupta were produced...
06:25 PM, May 18, 2013
Kolkata: West Bengal chit fund scam accused Sudipta Sen and Arvind Chauhan have been remanded to judicial custody till May 22. The court has reserved order on the third accused Debjani Mukherjee as she is in hospital. Mukherjee was admitted after complaining of stomach ailment. Meanwhile, Congress workers protested in Kolkata against TMC leader Kunal Ghosh, who is alleged to have links in the case. On Friday, the manager and...
04:23 PM, May 18, 2013
Bhubaneswar: More than a fortnight after CNN-IBN exposed that Odisha-based Seashore Group had duped over 1.5 lakh investors of Rs 1700 crore, the state's crime branch on Saturday sealed the headquarters of the group in Bhubaneshwar. The company had reportedly offered investors 24 per cent interest per annum. While the chairman of Seashore Group Prashant Das has yet not been arrested, the police had earlier detained over a hundred staff...
12:21 PM, May 18, 2013
New Delhi: The BJP on Friday took exception to CBI director Ranjit Sinha's remarks that former minister Pawan Kumar Bansal has a strong defence in the case of alleged bribery involving his nephew. BJP vice president Mukhtar Abbas Naqvi said that Sinha's remarks were "very unfortunate". "The matter is sub judice and the investigative agency is saying that there may not be concrete evidence," Naqvi told IANS. "The matter should...
04:40 AM, May 18, 2013
New Delhi: Two officers of the Central Bureau of Investigation (CBI), including one reportedly investigating the coal scam, were arrested in Delhi while taking a bribe of Rs 7 lakh for settling down a land dispute, an officer said on Friday. Superintendent of Police Vivek Dutt and Inspector Rajesh Karnatak were arrested by the internal vigilance unit of CBI from Lodhi Colony area in south Delhi. "Dutt was taking bribe...
12:12 AM, May 18, 2013
Bhubaneswar: With investors across Odisha demanding action against the chit fund companies which duped them of crores of rupees, opposition BJP and Congress on Friday respectively demanded judicial probe and CBI investigation into the matter. "As one chief of an accused chit fund company has said that some ministers and MLAs are hand-in-glove with him to cheat people, the government must reveal their names and announce a judicial probe into...
11:01 PM, May 17, 2013
New Delhi: A Central Bureau of Investigation (CBI) official, who is also the Chief Investigating Officer probing the coal block allocation scam, was caught taking a bribe of Rs 15 lakh on Friday. The CBI Internal Intelligence Unit nabbed Vivek Dutt in an operation that was personally supervised by the agency's director Ranjit Sinha. However, CBI sources said the bribe is not related to the coal scam. Rs 15 lakh...
10:08 PM, May 17, 2013
Chennai: DMK leader MK Stalin on Friday surrendered his illegally-imported Hummer to the Central Bureau of Investigation (CBI) in Chennai. Sources said Stalin's son Udayanidhi came to the Chennai office of the agency and handed over Sports Utility Vehicle Hummer which was imported in 2007 and registered in his name. They said the car was one of the vehicles which were allegedly imported by Hyderabad businessman Alex C Joseph evading...
08:49 PM, May 17, 2013
New Delhi: Against the backdrop of recent chit fund controversy in West Bengal, a Parliamentary committee on Friday slammed such schemes with demands for putting in place a single regulator to oversee their functioning or scrapping them altogether. The Parliamentary Standing Committee on Finance closely scrutinised the functioning of such schemes which recently led to a series of suicides in West Bengal. Senior officials from RBI, CBDT, SEBI, Corporate Affairs...
07:40 PM, May 17, 2013
Kolkata: West Bengal's Mamata Banerjee led government on Thursday released a performance report, claiming the state has clocked a growth rate higher than that of the overall country during the nearly two years it has been in power. The performance report showcasing the achievements of the state government was released at the state secretariat, four days before the regime completes two years in office. Making public the report titled "Powering...
11:35 PM, May 16, 2013
Kolkata: The Saradha chit fund scam's suspected kingpin Sudipta Sen who earlier had reached out to the CBI accusing West Bengal's ruling Trinamool Congress of complicity in the swindle, has now approached the court opposing probe by the central agency. Sen, now behind bars, has not only filed an affidavit in the Calcutta High Court expressing faith in the state government's investigation as opposed to a Central Bureau of Investigation...
10:30 PM, May 16, 2013
Bhubaneswar: After nabbing over 160 people across Odisha on charges of running or helping illegal money laundering, the Economic Offence Wing (EOW) of the Crime Branch (CB), arrested two employees of Saradha Group on Thursday. The EOW took Basudev Samal and BN Das into custody on charge of helping Saradha Group chief to cheat gullible investors in Balasore district. While Samal was working as the branch manager of Saradha group's...
10:28 PM, May 16, 2013
Kolkata: Observing that "time has not come" for a Central Bureau of Investigation (CBI) probe into the Saradha chit fund scam, the Calcutta High Court on Thursday refused to accept a plea in this regard but said it will consider it after fully hearing the matter. A bench of Justices AK Banerjee and MK Chowdhury, which on Thursday started hearing afresh a set of public interest litigations seeking a CBI...
07:55 PM, May 16, 2013
Thrissur: JPC Chairman PC Chacko has said it will be "unconstitutional" to summon former Telecom Minister A Raja, prime accused in the 2G spectrum case, before the Joint Parliamentary Committee to take evidence, as it would be an "infringement" of Article 20 of the Constitution. "Article 20 (iii) of the Constitution clearly states no person accused of any offence shall be compelled to be a witness against himself," Chacko said....
01:26 AM, May 16, 2013
Mumbai: Demanding the resignation of Prime Minister Manmohan Singh, BJP today said an independent probe in the coal allocation scam was not possible till he occupies the top post. Party Vice-President Balbir Punj told reporters here that the CBI which had acted swiftly in the Rail scam, involving Pawan Bansal, has chosen not to show enough activism in the coalgate investigation. "Some action has been taken against bribe givers, but...
08:59 PM, May 15, 2013
New Delhi: The Congress has targetted Madhya Pradesh Chief Minister Shivraj Singh Chouhan after CNN-IBN exposed how prime land in Bhopal was given to his relatives and party members. Digvijaya Singh claimed this is one of the many corruption charges against the Madhya Pradesh CM. "About 10 people in Chouhan's family were given membership and land. There is a provision that two members of a family cannot be given a...
09:40 AM, May 15, 2013
The MP government on Tuesday denied reports that the Shivraj Singh Chouhan government was involved in land scam. ...
10:35 PM, May 14, 2013
