Chit Fund Crisis

  • Saradha chit fund scam: SC issues notice to Centre, CBI, WB govt July 18, 2013

    New Delhi: The Supreme Court on Thursday issued notice to the centre, West Bengal government, CBI and Securities and Exchange Board of India on a petition seeking transfer of the Saradha chit fund scam investigation to the premier probe agency. The apex court bench, headed by Chief Justice Altamas Kabir, issued...
  • Odisha chit fund: Seashore Group CMD's bail plea rejected July 2, 2013

    Koraput: A district court on Monday rejected the bail petition of Seashore Group CMD Prashant Dash in the chitfund scam for the second time. The bail petition was rejected by the SDJM, Koraput Ajit Patnaik. "The court denied bail to Dash citing that investigation is under...
  • WB chit fund scam: Court refuses CBI probe June 19, 2013

    Kolkata: The Calcutta High Court on refused to grant the prayer for a CBI investigation into the multi-crore Saradha chitfund scam at the present stage. A division bench comprising Justice AK Banerjee and Justice MK Chaudhuri, passing its order on PILs seeking CBI probe into the scam, refused the prayer...
  • CBI wants Bengal's support for probe into Saradha scam June 12, 2013

    Kolkata: The Calcutta High Court, hearing a petition seeking a CBI probe into the Saradha Group scam, on Tuesday was told that it was not possible for the central probe agency to investigate unless it got additional support from the West Bengal government. "The CBI in its affidavit has said that...
  • Odisha government orders judicial probe into the chit fund scam May 30, 2013

    Bhubaneswar: The Odisha government has ordered a judicial probe into the chit fund scam. The government has requested the High Court to appoint a sitting judge to probe the scam and has requested to finish the probe in three months. The role of politicians and bureaucrats will also be probed....
  • Sudipta Sen, 2 others sent to jail custody till June 3 May 28, 2013

    Canning (WB): Sudipta Sen, the chairman of Saradha Group, which allegedly defrauded thousands of small investors, and two others, were on Tuesday sent to judicial custody till June 3 in cases related to cheating by a court at Baruipur in South 24 Parganas district. Sudipta Sen along with Saradha director Debjani...
  • Odisha chit fund: Police probe links with media, builder May 27, 2013

    Bhubaneswar: Police in Odisha have begun investigations into allegations linking some mediapersons and builders with a chit fund group after prima facie that there were financial transactions between them, an official said Monday. The commissionerate of police here is examining the bank accounts and other relevant documents of about 25 people,...
  • Mamata govt's decision to take over 2 channels may hit roadblock May 24, 2013

    New Delhi: The West Bengal government's decision to take over two channels owned by scam-tainted Saradha Group which were facing closure may hit the roadblock as present guidelines do not allow state governments to run TV channels. "At present no proposal has come to us from the state government but...
  • WB govt to take over two TV channels of Saradha Group May 23, 2013

    Kolkata: The West Bengal government has acquired two television channels - Tara Muzik and Tara News - which were previously owned by the Saradha Group. The two channels had to be shut down following the Saradha chit-fund crisis. Announcing the decision, Chief Minister Mamata Banerjee told reporters at Writers' Buildings...
  • Odisha chit fund scam: Police intensifies crackdown May 18, 2013

    Bhubaneswar: At least 177 people were arrested in different parts of Odisha during the past week for their involvement in illegal money circulation and chit fund activities, a police official said on Friday. The crackdown on the firms began May 10, 2013 and about 200 offices of 84 companies were...
  • Parl panel for single regulator to monitor chit fund schemes 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...
  • WB chit fund: Sudipta Sen denies links with TMC 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...
  • Odisha chit fund: Police arrest 2 Saradha Group employees 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...
  • WB chit fund: Court defers CBI probe 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...
  • Chit fund scam: Another chit fund agent kills himself May 14, 2013

    Kolkata: A deposit firm agent committed suicide, while police quizzed a CEO of a company under the Saradha group banner Monday as West Bengal continued to grapple with the fallout of the chit fund scam, purported to be the biggest financial scandal to hit the state. Ujjwal Samaddar, 27, who worked...
  • Odisha chit fund: AT Group chief held, sent to jail May 13, 2013

    Bhubaneswar: Chief of controversial non-banking financial institution (NBFI) Artha Tatwa (AT) Group Pradip Sethi, was arrested and sent to jail on Monday on charges of cheating investors in different parts of Odisha. Sethi, who was playing hide and seek with police for the past three months, was finally nabbed on...
  • I was only a trustworthy employee of Sen, says Debjani May 11, 2013

    Kolkata: Chit fund aided Saradha Group promoter Sudipta Sen's close aide Debjani Mukherjee on Friday claimed she was only a "trustworthy employee" of Sen and that she was sacked for raising her voice against the company's fund collection method. "When I found out that my boss was doing business in...
  • Crackdown on chit fund companies in Odisha, 110 arrested May 11, 2013

    Bhubaneswar: In a major crackdown on chit fund companies and other non-banking financial institutions, Odisha Police on Friday launched statewide raids and arrested as many as 110 people involved in the trade. "Our sleuths raided 185 places and 97 cases have been registered. This is for the first time that...
  • WB chit fund scam: Sudipta Sen, 2 aides sent to 9-day police custody May 9, 2013

    Kolkata: Chit fund company Saradha group's chief Sudipta Sen was on Thursday sent to 9-day police custody, along with two of his close aides - Debjani Mukherjee and Arvind Singh Chouhan. The Bidhan Nagar police had sought a 14-day extension of their custody. The Saradha group allegedly duped lakhs of investors in...
  • WB chit fund scam: CPM seeks CBI probe into Saradha issue May 8, 2013

    New Delhi: Claiming that names of top political persons are surfacing in the chit fund scam in West Bengal, a CPI (M) member on Wednesday sought a CBI enquiry into unregulated money raising activities in the wake of Saradha Group allegedly defrauding investors of their money. Prasanta Chatterjee, a CPI-M MP,...
  • WB: Another chit fund company agent commits suicide May 7, 2013

    Kolkata: Illegal finance schemes continued to claim lives in West Bengal on Tuesday. Yet another agent of yet another illegal deposits-taking company killed himself after being heckled by investors in the Self Trust Enterprises Ltd. Self Trust Enterprises went under in April. Mrinal Monal of North 24 Paraganas who was its agent,...
  • Sudipta's properties to be posted in police websites May 7, 2013

    Kolkata: The amount of property amassed by Sudipta Sen, the chairman of the Saradha Group, which has been accused of duping thousands of investors, will be made public by the police. "We are planning to make public the amount of money that Sen and his associate Debjani Mukherjee has made...
  • Odisha Police registers 2nd case against Saradha group May 6, 2013

    Bhubaneswar: The Economic Offences Wing (EOW) of the Crime Branch of Odisha Police on Monday registered second criminal case against Saradha Group chief Sudipto Sen on the charges of duping about 6,000 investors in Puri district, official sources said. The EOW personnel on Monday recorded statements of a number of investors...
  • WB: Chit fund company chief found dead, wife alleges murder May 7, 2013

    Kolkata: The wife of a chit fund company director on Monday filed an FIR seeking investigation into his death. According to the complainant, her husband was murdered by investors who mobbed him after he was unable to pay them back. Hello India chit fund director Jayanta Sarkar was found dead in...
  • WB chit fund scam: Father of ponzi scheme agent commits suicide May 6, 2013

    Kolkata: Two more people committed suicide in West Bengal on Monday over the chit fund scam case. In the first case, the father of a ponzi scheme agent committed suicide at Sodepur in North 24 Parganas. Sixty five-year-old Jagdish Roy was upset after his son who had a total liability of...
  • Odisha Police breaks open Saradha Group's office May 4, 2013

    Balasore: The Economic Offence Wing (EOW) of Crime Branch of Odisha Police on Friday broke open the office of the Saradha Group in Balasore and seized certain documents relating to alleged duping of gullible investors in the district. The officials of the EOW with the help of the local police...
  • Bengal chit fund agent kills herself, toll rises to five May 2, 2013

    Kolkata: The toll in the chit fund bust rose to five in West Bengal on Thursday with an agent of a chit fund company allegedly committing suicide by consuming poison at her home in Murshidabad district's Salar. Family members of 28-year-old Pratima Das said she took the extreme step unable to...
  • WB chit fund scam: Police call tea trading firm owner for questioning April 30, 2013

    Kolkata: The Bidhannagar Police on Tuesday called tea trading firm owner Sajan Agarwal for questioning in the West Bengal chit fund scam case. Saradha chief Sudipta Sen had named Agarwal as the conduit through which key players in Delhi were paid off. Meanwhile, Chief Minister Mamata Banerjee on Tuesday started sealing offices...
  • Under pressure over the chit fund scam, WB to enact new law April 30, 2013

    Kolkata: Under massive pressure over the chit fund scam, West Bengal will on Tuesday enact a new law to deal with companies that take public deposits. But it is based on an old draft that has been withdrawn and its critics say it will do more harm than good. The draft...
  • Odisha to take up chit fund issue with WB counterpart April 30, 2013

    Bhubaneswar: With investors hitting the streets across Odisha demanding return of their deposits with Saradha Group, the state government on Monday asked the police crime branch to take up the matter with their West Bengal counterparts. The government also instructed the police to take help of RBI and SEBI to...