Chit Fund

  • Congress questions Mamata's meeting with Anna 21-02-2014 09:29 PM

    Congress in West Bengal on Friday criticised Anna Hazare's meeting with Chief Minister Mamata Banerjee, wondering if the Gandhian would agree to hold a dharna in Kolkata for the victims of Saradha Chit Fund scam. "I wonder whether Anna Hazare, who claims to be an anti-corruption crusader, is aware of...
  • Saradha Chit fund scam: Group Chairman sentenced to 3 years in jail 21-02-2014 02:49 PM

    Kolkata: A court in Kolkata has sentenced the chairman of the Saradha Group Sudipta Sen to three years in jail in connection with non payment of Provident Fund to his employees to the tune of Rs 3.5 lakh. Sen had confessed to the crime in court. It is one of...
  • Anna-Mamata bonhomie irks CPI(M) 14-02-2014 09:50 AM

    Mumbai: A day after TMC leader Mukul Roy met social activist Anna Hazare and added further fuel to speculations of a brewing bonhomie between the latter and West Bengal CM Mamata Banerjee, Communist Party of India (Marxist) has expressed surprise over the growing closeness between the two. CPI(M) leader Mohammed...
  • BL Kushwaha, wanted in chit fund fraud case, takes oath as BSP MLA 07-02-2014 03:27 PM

    Newly-elected BSP MLA from Dholpur BL Kushwaha, wanted in a chit fund fraud case, on Friday took oath of office and constitution in the chamber of Rajasthan Assembly Speaker. Speaker Kailash Meghwal administered the oath of office and constitution to Banwari Lal Kushwaha in his chamber as the session was...
  • West Bengal: Mamata government passes bill against chit funds again 12-12-2013 06:45 PM

    Kolkata: Seven months after passing legislation aimed to protect interests of chit fund depositors but failing to get presidential assent, the West Bengal Assembly on Thursday cleared another bill on the issue, amidst the opposition's apprehension that it would again be sent back for having unconstitutional provisions. The West Bengal...
  • Saradha scam: Kunal Ghosh sent to 14 days judicial custody 06-12-2013 06:48 PM

    Howrah (WB): A local court on Friday remanded suspended Trinamool Congress MP Kunal Ghosh, who was arrested for alleged involvement in the multi-crore Saradha scam, to 14 days judicial custody. Howrah Chief Judicial Magistrate Arun Kumar Nandi sent Ghosh to judicial custody till December 20. On November 30, the Howrah...
  • Saradha scam: CPM accuses UPA of being reluctant, demands CBI probe 05-12-2013 05:30 PM

    CPM on Thursday accused the UPA government of not taking any action on the Saradha chit fund scam in West Bengal and demanded a CBI probe into the scandal, saying it had ruined the lives of lakhs of people, mostly from the economically weaker sections. Maintaining that the property of...
  • Saradha scam: Suspended TMC MP Kunal Ghosh remanded to police custody 24-11-2013 03:57 PM

    Kolkata: Suspended Trinamool Congress MP Kunal Ghosh on Sunday was remanded to five days police custody by Bidannagar court in the Saradha chit fund scam. Ghosh was arrested on Saturday and is accused of being a part of the conspiracy with Saradha group chairman Sudipto Sen. The police claimed that...
  • Saradha scam: Suspended TMC MP Kunal Ghosh reaches court 24-11-2013 10:47 AM

    Kolkata: Suspended Trinamool Congress MP Kunal Ghosh, who was arrested by the Bidhannagar Police in connection with the Saradha Group chit fund scam, has reached Bidannagar court. The police claimed that the evidence indicates that Kunal Ghosh was involved in the conspiracy along with Saradha Group chairman Sudipta Sen. Ghosh...
  • Saradha scam plotted to frame me, says Kunal Ghosh 27-10-2013 05:21 PM

    Subjected to repeated interrogation by investigating agencies, suspended Trinamool Congress MP Kunal Ghosh Sunday said the Saradha chit fund scam was 'plotted' in such a way that every investigator would first question him. 'The scam has been deliberately plotted in such a way that whichever agency investigates, it will have...
  • No compromise with discipline, Mamata Banerjee warns party rebels 30-09-2013 05:17 PM

    Kolkata: Issuing a stern warning apparently aimed at rebel party MPs, Trinamool Congress chief Mamata Banerjee Monday said the party will not compromise on disciplinary issues. "There are one or two people, not many, who win elections riding on Trinamool's shoulders, but when their pension is assured, and the next...
  • Three TMC MPs get show-cause notice for anti-party statements 21-09-2013 11:19 AM

    Kolkata: Three Trinamool Congress MPs have been issued show-cause notices for making anti-party statements. Notices have been issued against TMC MPs Kunal Ghosh, Tapas Pal and Shatabdi Roy. Kunal Ghosh has claimed that he has been unfairly accused in the Saradha chit fund scam and if the need arises he...
  • Odisha chit fund probe panel extends deadline 17-09-2013 02:04 PM

    A commission probing the multi-crore-rupee chit fund scam in Odisha has extended the deadline for submission of complaints till September 30 as more people are coming ahead with grievances, a commission official said on Tuesday. The one-man panel led by RK Patra, former chief justice of the Sikkim High Court,...
  • Panel probing Odisha chit-fund scam extends deadline 02-09-2013 11:51 AM

    Bhubaneswar: A one-man commission probing the multi-crore-rupee Odisha chit-fund scam has extended the deadline for submission of complaints to Sep 18, the commission secretary said Monday. The commission was appointed in May to probe the alleged fraud committed by chit-fund companies and suggest ways to safeguard the interests of investors...
  • SEBI to help those duped by ponzi schemes to get back money 27-07-2013 10:43 PM

    Bhubaneswar: In a major relief to depositors duped by ponzi schemes, the Securities and Exchange Board of India (SEBI) on Saturday said its new powers would help in recovery of money from the fraudulent firms and return them to the investors. "Through the new ordinance, SEBI can search and seize...
  • Sebi gets more powers; can arrest, detain defaulters 22-07-2013 05:30 PM

    New Delhi: In a major upgrade of powers given to Sebi, the government has allowed it to pass orders like search and seizure, attachment of properties, arrest and detention of defaulters and pass disgorgement directions to recover the wrongful gains made in contravention of laws. At the same time, the...
  • Saradha chit fund scam: SC issues notice to Centre, CBI, WB govt 18-07-2013 12:55 PM

    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,...
  • Govt approves proposal to give Sebi more powers 17-07-2013 07:11 PM

    New Delhi: The government on Wednesday approved a proposal to amend Sebi Act for providing more powers to the market regulator to crack down on ponzi schemes. The decision, which will also give Sebi powers to conduct search and seizure operations and access call data records, was taken at a...
  • Odisha CM may face the heat over inaction against ponzi schemes 13-07-2013 07:37 AM

    Bhubaneswar: Troubles seem to be brewing for Odisha Chief Minister Naveen Patnaik, who might have to soon face embarrassing questions over his alleged links to a financial fraudster, who duped thousands of investors in the state through fraudulent chit fund schemes. Prashant Dash, the CMD of the Seashore Group, is...
  • Odisha: Seashore group CMD in two-day police custody 06-07-2013 08:51 PM

    Koraput (Odisha): A local court on Saturday remanded the CMD of a ponzi scheme company to two-day police custody, official sources said. A cheating case was registered against Prasanth Dash, the CMD of Seashore Group, at Jeypore police station on June 23 and the district police had approached the court...
  • Odisha chit fund: Seashore Group CMD's bail plea rejected 02-07-2013 11:40 AM

    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 progress and a large...
  • WB chit fund scam: Court refuses CBI probe 19-06-2013 04:45 PM

    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 12-06-2013 05:35 AM

    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...
  • Ponzi schemes: RBI for increasing regulations 05-06-2013 06:47 PM

    Mumbai: In the wake of ponzi schemes and chit fund scams, Reserve Bank Governor D Subbarao on Wednesday said there is a need to review the regulations governing these sectors and increase surveillance on such entities. "There is a need to review the regulatory oversight of this sector keeping in...
  • Howrah by-poll: TMC defeats CPM by 27,000 votes 05-06-2013 02:50 PM

    Howrah: The Trinamool Congress candidate Prasun Banerjee has won the Howrah by-poll over its CPI(M) rival Sridip Bhattacharya by 27,000 votes. This, however, was almost 10,000 votes less than the previous TMC victory at the seat. The result in the by-poll is seen as the trust vote for Chief Minister...
  • West Bengal: Results for Howrah by-poll to be announced today 05-06-2013 08:20 AM

    Kolkata: By-poll result for the Howrah constituency in West Bengal, which went in for polling on Sunday, will be announced on Wednesday. The election has been necessitated following the death of Trinamool Congress MP Ambika Banerjee on April 25. This will be the acid test for Trinamool Congress as it...
  • WB govt to soon get Centre's comments on chit fund bill: FM 04-06-2013 10:08 PM

    New Delhi: Union Finance Minister P Chidambaram on Tuesday said the West Bengal government will soon get comments of the Centre on the bill passed by the state assembly for protection of investors in chit fund schemes. "The Ministry of Finance has given its comments to the Ministry of Home...
  • 30 Minutes: Chit fund scams 02-06-2013 01:11 PM

    Year after year millions of Indians are cheated of their life savings. Fourteen people committed suicide and thousands in West Bengal lost their life savings after Saradha group went bust. ...
  • RBI cautions public on depositing money with entities 31-05-2013 10:37 PM

    Mumbai: Amid rising incidents of fraudulent investment schemes hitting investors, the Reserve Bank on Friday asked the public to carefully evaluate their decisions before depositing money with financial entities including NBFCs. The exhaustive advisory of dos and don'ts comes against the backdrop of investment schemes such as the multi-crore Saradha...
  • Kolkata: CPI(M) defies ban on law violation programmes 31-05-2013 06:24 PM

    Kolkata: CPI(M) on Friday defied a ban on law violation programmes in the metropolis and staged a protest demanding return of money to those defrauded by the Saradha chitfund scam among others. "The government is breaking the law every day and asking us not to hold law violations. The government...