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
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. He also wrote a letter (in Bengali) to West Bengal Chief Minister Mamata Banerjee that has been displayed on the party website. Following is the English translation of the letter: To Mamata Banerjee, All India Trinamool Congress Respected leader, I...
01:55 PM, Apr 27, 2013
Kolkata: The West Bengal chit fund disaster is continuing to embarrass the ruling Trinamool Congress government. But the party is trying to minimise the damage by trying to distance itself from the mess. Trinamool 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. He also wrote a letter (in Bengali) to...
12:25 PM, Apr 27, 2013
Kolkata: Debjani Mukherjee, who went from being a receptionist in the Saradha group to becoming an executive director, has now been arrested for defrauding investors. Her story is a fairy tale that ended badly. Debjani Mukherjee is known as 'Madam' by the employees of the Saradha group. She is a mystery woman whose rise up the corporate ladder was staggering - from a receptionist to the executive director of the...
10:08 AM, Apr 27, 2013
Rose Valley's chairman Goutam Kundu wrote to West Bengal CM Mamata Banerjee on April 23 seeking protection from the administration. He claimed in his letter that his group had assets worth Rs 10,000 crore, and the money collected from depositors was safe in his hands. ...
11:53 PM, Apr 26, 2013
Kolkata: Trinamool Congress MP Kunal Ghosh on Friday offered to resign from Rajya Sabha if charges against him in the West Bengal chit fund scam were proved. In a letter to Chief Minister Mamata Banerjee, Ghosh wrote, "If it's proved that I am related to the money market schemes of Saradha, I am willing to resign from Rajya Sabha." Kunal Ghosh's name cropped up in the scam after a letter...
09:50 PM, Apr 26, 2013
Kolkata: An FIR has been filed against Trinamool Congress Rajya Sabha MP Kunal Ghosh, Saradha Group chairman Sudipta Sen and six others for non-payment of salaries to employees of a television channel run by the chit fund company. The FIR was filed on Thursday night at the Park Street police station by 21 employees of Channel 10 stating that they were not paid salaries by the company which also did...
08:52 PM, Apr 26, 2013
Kolkata: West Bengal Chief Minister Mamata Banerjee on Friday vowed not to rest till money was repaid to the thousands defrauded allegedly by the Saradha Group and said that a new law was being brought to protect the interests of investors. "I am happy that a new law is coming. However, I will not be happy till we are able to return the money to investors," Mamata said, adding that...
08:01 PM, Apr 26, 2013
New Delhi: The SFIO probe ordered by the government into illegal money-pooling activities of various entities would initially focus on 57 companies, most of which are in West Bengal, Odisha, Bihar and Assam. The Special Task Force under the Serious Fraud Investigation Office (SFIO) would begin its probe with a total of 57 companies, but the ambit could be expanded as the investigation process moves ahead, sources said. Most of...
05:30 PM, Apr 26, 2013
Washington: Acclaimed Indian director Mira Nair is hopeful that her new thriller 'The Reluctant Fundamentalist' would spur a dialogue between two worlds depicted in it particularly in the context of the Boston Marathon bombings. Based on the novel of the same name by Pakistani writer Mohsin Hamid, the film tells the story of two conflicting ideologies - the 'fundamentalism' of the capitalists and that of the terrorists - through a...
04:30 PM, Apr 26, 2013
Trinamool Congress MP Tapas Paul had pointed towards the inaction over rising chit fund scams in West Bengal. In the letter dated 2010, the Trinamool Congress MP had asked the Centre to control the growth of ponzi schemes in the state. ...
02:50 PM, Apr 26, 2013
New Delhi: Amid a raging controversy over alleged cheating of gullible investors by Saradha group, the regulators have found that West Bengal and Northeastern states have become a hotbed of such frauds and NRIs from these regions account for a large chunk of defrauded people. While the Centre has announced an SFIO (Serious Fraud Investigation Office) probe into the affairs of Kolkata-based Saradha group and other such entities across the...
01:54 PM, Apr 26, 2013
