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
Kolkata: The West Bengal chit fund is getting bigger each day. It has now turns out that ponzi schemes in the state financed not just media houses but Tollywood films as well. In the past four years, at least one in three films has been produced by groups that run ponzi schemes. Rose Valley, a deposit-taking company which is now under the MCA scanner, has produced 18 films including three...
08:42 AM, Apr 29, 2013
Rohtak: A teenaged school student was shot dead allegedly by his classmates in a town in this Haryana district on Sunday, police said. A mob later went on a rampage setting a car on fire and vandalising the house of an accused. Nitin, 15-year-old Class 10 student, was allegedly shot dead by four classmates during a religious function in Meham town, 80 km from New Delhi, early on Sunday, police...
04:29 AM, Apr 29, 2013
Kolkata: Scam-ridden Saradha Group boss Sudipta Sen, arrested for being the alleged kingpin of the multi-billion rupee chit fund scam, was grilled by Assam Police in the cases of fraud and forgery lodged against him in the state, police sources in Kolkata said on Sunday. A team of police officers from Assam quizzed Sen on Saturday and Sunday about the four cases filed against his group companies in the northeastern...
04:16 AM, Apr 29, 2013
Patna: Bihar police on Sunday raided offices of over a dozen chitfund companies on the outskirts of state capital and arrested 11 persons from whom Rs 8 lakh was seized. On a tip off about activities of chitfund companies in Bakhtiyarpur, Barh and Mokama areas of rural Patna, a special team was formed which conducted raids in their offices, a release from the office of Senior Superintendent of Police said....
12:57 AM, Apr 29, 2013
Kolkata: Sudipta Sen, Saradha group chairman accused of duping lakhs of investors, is cooperating with investigators, his lawyer claimed on Sunday. As per court order he was present when Sen was interrogated, Samir Das, Sen's lawyer said. Sen, along with Ponzi scheme director Debjani Mukherjee and company official Arvind Singh Chouhan have been remanded to police custody for 14 days. Chouhan, who has been kept in a separate place, is...
09:48 PM, Apr 28, 2013
Kolkata: Demanding CBI inquiry into Saradha Group chit fund scam, CPI(M) on Sunday accused West Bengal Chief Minister Mamata Banerjee's nephew of being involved in ponzi schemes and said she should come clean on the issue. "Mamata Banerjee's nephew Abhishek Banerjee, who is the leader of Trinamool Congress Yuva, runs a company which is involved in real estate and micro-finance and has made a huge amount of money in the...
09:20 PM, Apr 28, 2013
Cyrusa Broacha takes on the Chinese incursion issue. Chinese soldiers have crossed the disputed Himalayan border and launched a incursion fire into the territory. ...
05:50 PM, Apr 28, 2013
Kolkata: With the Mamata Banerjee regime readying to crack the whip on the chit funds by bringing a new Bill, a debate has begun whether it will stand up to judicial scrutiny as the government has apparently decided to implement the law with retrospective effect. The West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013 will have retrospective effect, Parliamentary Affairs Minister Partha Chatterjee said. It will...
10:44 AM, Apr 28, 2013
New Delhi: After the West Bengal chit fund scam, another ponzi scheme has been exposed. An alleged conman named Bhoop Singh alias Bhanu has been arrested in New Delhi for allegedly duping nearly 10,000 investors mainly from Maharashtra. He was also wanted for cheating cases in Goa, Gujarat and Rajasthan. Bhanu was arrested by the Delhi Police from Delhi's Jamia Nagar. ...
08:34 AM, Apr 28, 2013
Kolkata: In the wake of the collapse of the Saradha Group, an under pressure Mamata Banerjee is all set to bring a new law that allows takeover of chit fund companies and confiscation of properties. The opposition though has slammed the move saying the Bill has nothing new. This comes even as another investor committed suicide in Purulia. The draft of the new Bill that was circulated among West Bengal's...
07:53 AM, Apr 28, 2013
New Delhi: Expressing concern over the misuse of central funds in Odisha, a delegation led by state Congress president Niranjan Patnaik met Prime Minister Manmohan Singh to seek a need-based financial package for the state, party leaders said in Delhi on Saturday. "The prime minister has said that there is no discrimination whatsoever with Odisha as is being claimed by the state government, and under the revised guidelines of backwardness,...
06:01 AM, Apr 28, 2013
Meanwhile, TMC MP Kunal Ghosh, one of the two accused of blackmailing Saradha group promoter Sudipta Sen, has offered to resign if he is told to do so. ...
09:59 PM, Apr 27, 2013
Transport minister and senior TMC leader Madan Mitra said that he was never the president of any employees association of the Saradha Group. ...
06:58 PM, Apr 27, 2013
Trinamool Congress Rajya Sabha MP Kunal Ghosh, one of the two accused of blackmailing Saradha group promoter Sudipta Sen, has offered to resign if he is told to do so. ...
06:27 PM, Apr 27, 2013
New Delhi: The Supreme Court has asked SEBI to deal sternly with companies indulging in manipulative and deceptive practises to send a clear message that market abuse will not be tolerated in the country. "SEBI, the market regulator, has to deal sternly with companies and their Directors indulging in manipulative and deceptive devices, insider trading etc. or else they will be failing in their duty to promote orderly and healthy...
06:01 PM, Apr 27, 2013
Kolkata: One more investor, who had deposited money in chit fund company Saradha Group, on Saturday committed suicide. Tapan Biswas, a resident of Purulia, allegedly hanged himself. Tapan had invested Rs 4 lakh with the chit fund company. He was reportedly depressed after Saradha went bust. This is the fourth suicide, including three investor and one agent, after the chit fund company Saradha had gone bust. Meanwhile, the West Bengal...
04:41 PM, Apr 27, 2013
