Kolkata: As the West Bengal government continues to face the criticism of the Opposition over the chit-fund scam, Chief Minister Mamata Banerjee has ordered closure of two fund-raising companies. "We have given instructions to close the two companies in 24 hours and we are keeping an eye on other such companies," the Chief Minister told reporters on Tuesday in the Assembly lobby after her speech in the House during the...
10:04 AM, May 01, 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 of two chit fund companies in Entally, Dalhousie and Behala areas of Kolkata. She had said in the...
11:20 PM, Apr 30, 2013
Bhubaneswar: A day after the state government giving the go-ahead, the Economic Offence Wing (EOW) of Crime branch of Odisha Police on Tuesday registered a criminal case against the Saradha Group which allegedly duped gullible investors in Balasore and Puri districts. A team of the EOW on Tuesday rushed to Balasore and recorded statements of certain depositors at the district police headquarters in the Northen Odisha town. "We have registered...
10:55 PM, Apr 30, 2013
Kolkata: Police sources on Tuesday indicated that more politicians apart from Trinamool Congress MP Kunal Ghosh will be questioned in connection with the West Bengal chit fund scam. This would be done to probe if there is any proof of money exchanging hands amongst lobbyists and political leaders who assured Saradha promoter Sudipta Sen of political protection, the sources said. The sources added that the police was seeking the help...
08:50 PM, Apr 30, 2013
Kolkata: In a fallout of the Saradha chit fund scam in West Bengal, the state Assembly on Tuesday passed a new bill on protecting investor interests in chit fund companies. The Bill was passed with minor amendments in a special session of the Assembly. However, there was no amendment in the most controversial portions of the Bill, namely the definition of Competent Authority (clause 8) and Section 22 (2) which...
06:03 PM, Apr 30, 2013
New Delhi: World Bank on Tuesday scaled down India's growth forecast to 6.1 per cent for the current fiscal from 7 per cent projected six months ago. The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2 per cent during 2013-14 against the previous estimate of 2.7 per cent despite normal monsoon projection. However, the multi-lateral funding agency...
01:39 PM, Apr 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 circulated among West Bengal's lawmakers on Saturday shows it to be more or less a copy of an old...
10:20 AM, Apr 30, 2013
Kolkata: The police questioned Trinamool Congress MP Kunal Ghosh for 90 minutes regarding his involvement in the multi-crore West Bengal chit fund scam on Monday. Sources say Ghosh was asked about his position in the company, his deal with Saradha Group promoter Sudipta Sen on Channel 10 and whether he had anything to do with the financial aspect of the company. Police sources say all those from Bengal who have...
09:45 AM, Apr 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 nail the ponzy scheme outfits. "The Economic Offence Wing (EOW) of the crime branch of police will take up the...
02:19 AM, Apr 30, 2013
Kolkata: West Bengal Chief Minister Mamata Banerjee's nephew Abhishek Banerjee would sue senior CPI-M leader Gautam Deb for alleging that he has amassed fortune worth Rs 300 crore and was into the chit fund business, the Trinamool Congress said on Monday. A day after Deb made the claims at a Communist Party of India-Marxist (CPI-M) rally by naming Banerjee's company Leaps and Bounds, the Trinamool termed the allegations as "slanderous...
10:50 PM, Apr 29, 2013
India on Monday formally asked Pakistan to release Sarabjit Singh, the death row convict, whose condition remains critical after he was brutally assaulted in a Pakistani jail. ...
09:48 PM, Apr 29, 2013
Kolkata: The West Bengal Police investigation into the Saradha chit fund fraud gathered steam on Monday as it summoned Trinamool Congress MP Kunal Ghosh for questioning over his role in the scam. Ghosh, however, denied all the charges saying it was a conspiracy against him. "Lies are being concocted and spread against me. I have come here to record a statement for the investigation being conducted by the police. I...
07:32 PM, Apr 29, 2013
Kolkata: The Trinamool Congress MP, Kunal Ghosh was on Monday summoned by the Bidhannagar Police for interrogation over the multicrore Saradha chit fund scam. Saradha group promoter Sudipta Sen and his aide Debjani Mukherjee had alleged that Kunal Ghosh had played a role in the fraud. Ghosh, however, denied all the charges against him, alleging it was a conspiracy. "Lies are being spread about me. The probe will bring out...
06:05 PM, Apr 29, 2013
Kolkata: Sudipta Sen, Saradha group chairman accused of duping lakhs of investors, has allegedly swindled 2500 of his employees of their provident fund money, according to sources. Sources said that the amount never got deposited in their respective PF accounts. A team of ED officials from Kolkata have started looking at the financial trail and the use of money. ED officials are also looking into Sudipta Sen's bank accounts, sources...
05:46 PM, Apr 29, 2013
Senior journalist Neena Vyas joined IBNLive readers for an interaction on the non-functioning of Parliament. Q. Has non-functioning of Parliament diminished PM's & Govt's image? Asked by: sri A. Sri, Yes, sadly, not only the Prime Minister and the Government but also the opposition and the entire country stand diminished. Please see that our neighbour Pakistan is struggling to bring back to life a functioning Parliament. Q. Is Parliament becoming...
05:08 PM, Apr 29, 2013
Kolkata: Congress workers on Monday went on a rampage over the West Bengal chit fund scam in Kolkata. They took to the streets in Kolkata demanding a CBI probe and the arrest of Trinamool Congress MP Kunal Ghosh. The protesters burned effigies, broke barricades and also clashed with the police. Some of the protesters were taken into custody by the police. Meanwhile, day one of the special Assembly session was...
03:48 PM, Apr 29, 2013
The Centre is investigating the West Bengal chit fund schemes with the Corporate Affairs Ministry setting up a special panel. ...
03:30 PM, Apr 29, 2013
Kolkata: Day one of West Bengal Chief Minister Mamata Banerjee's Assembly test has been deferred. The West Bengal Assembly has been adjourned for the day after an obituary reference. A special 2-day session had been called by Governor MK Narayanan to discuss the chit fund scam. It has not just wiped away crores of investor money but also put several TMC and Congress ministers under scrutiny. The government is hoping...
12:23 PM, Apr 29, 2013
Kolkata: West Bengal Chief Minister Mamata Banerjee is getting ready to face the Opposition fire in the state Assembly. A special 2-day session has been called by Governor MK Narayanan from Monday to discuss the chit fund scam in the state. It has not just wiped away crores of investor money but also dragged the Trinamool Congress and Congress ministers into the mess. The scam is also getting bigger with...
10:44 AM, Apr 29, 2013
Mumbai: Indian hedge fund manager Kalpesh Kinariwala is so sure of his equity strategies in a country that has stumped foreign rivals that he sends a daily e-mail tracker of his performance - including to competitors. Kinariwala's Capveda Capital (India) Advisory fund, which he runs from a modest office in a decrepit industrial estate in Mumbai, has returned 11.86 per cent so far in 2013, outperforming average negative returns of...
09:14 AM, Apr 29, 2013
