Kolkata: Saradha Group director and close associate of Sudipta Sen, Debjani Mukherjee was on Monday remanded in judicial custody till May 31 by the Bidhanagar court.
Mukherjee, who failed to present herself before the Bidhanagar Court a few days back due to ill health, was produced before the Additional Chief Judicial Magistrate (Bidhannagar), who remanded her to judicial custody till May 31.
Yesterday Sudipta Sen, chairman and managing director of Saradha Group which is accused of duping thousands of poor investors in West Bengal and a few other states, was remanded to 10 days' police custody.
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11:03 PM, May 20, 2013
New Delhi: Overseas investors have poured in nearly Rs 12,000 crore (about USD 2.2 billion) into the Indian equity market so far this month. With this, the total foreign investment in the country's equity market has reached Rs 73,029 crore (USD 13.5 billion) since January. During May 2-17, foreign institutional investors (FIIs) were gross buyers of shares worth Rs 37,997 crore, while they sold equities amounting to Rs 26,005 crore...
11:58 AM, May 19, 2013
Kolkata: West Bengal chit fund scam accused Sudipta Sen and Arvind Chauhan have been remanded to judicial custody till May 22. The court has reserved order on the third accused Debjani Mukherjee as she is in hospital. Mukherjee was admitted after complaining of stomach ailment. Meanwhile, Congress workers protested in Kolkata against TMC leader Kunal Ghosh, who is alleged to have links in the case. On Friday, the manager and...
04:23 PM, May 18, 2013
Kolkata: As the Calcutta High Court begins hearing pleas seeking a CBI probe into the Sharada group chit fund scam on Tuesday, CNN-IBN has found that it is unemployment and stunted industrial and agricultural growth in the state that is forcing people to invest in ponzi schemes. Seventy-year-old Sunil Sarkar recounts how he found his son Jayanta Sarkar's body at the terrace hanging by a rope. Jayanta, who was allegedly...
09:11 AM, May 14, 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 Sunday night and produced in a court here on Monday. "Sethi has been remanded to judicial custody for 14 days,"...
05:50 PM, May 13, 2013
Jalpaiguri: A daily wage farm labourer on Monday allegedly attempted to commit suicide after losing money in Saradha chit fund scam. Sixteen-year-old Sahanur Rahman tried to end his life by drinking pesticide Monday morning at his home near here, the police said. He had invested Rs 75,000 with Saradha chit fund group after being lured by a promise of higher returns, sources said. He was in depression since the chit...
02:39 PM, May 13, 2013
Kolkata: West Bengal is planning to start a social security scheme for depositors and investors to ensure proper return of public money following the Saradha chit fund mess, Chief Minister Mamata Banerjee said in Kolkata on Wednesday. "In the wake of growing financial insecurity, we are thinking of a social security scheme. It will ensure proper safety of public money and ensure safe and proper return. We will shortly put...
05:20 AM, May 09, 2013
Kendrapara: A manager of a chit fund was arrested from here even as reports of fraud by bogus non-banking financial companies trickled in from various pockets of Kendrapara and Jagatsinghpur district of Odisha. After DP finance, another chit fund Artha Tatwa (AT) has disappeared cheating investors in Kujang (Jagatsinghpur) and Pattamundai (Kendrapara) to a tune of Rs 20 crore, police said. "Madan Mohan Swain, branch manager of Golden Lion (a...
05:55 PM, May 08, 2013
Bhubaneswar: A scam as big as the chit fund fraud in West Bengal has been exposed, but this time it is in Odisha. A CNN-IBN exclusive shows how fraudulent investment companies are duping investors in the state. Investors have been swindled off nearly Rs 20,000 crore by 40 finance companies in Odisha. Seashore Group, one of the companies being probed by Odisha police, has duped over 80,000 investors and collected...
06:38 PM, May 01, 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
New Delhi: Overseas investors pumped USD 823 million into the stock markets in the month of April, taking the total investment tally to over USD 11 billion in 2013 so far. Foreign institutional investors (FIIs) infused a net amount of USD 823 million (about Rs 4,450 crore) in Indian stock market in March taking the total inflows to USD 11.2 billion (Rs 60,072 crore) in less than four months of...
01:50 PM, Apr 28, 2013
London: Six major Vodafone investors said $100 billion was not enough for the British company's stake in its US joint venture with Verizon Communications, and urged the latter to come up with an offer of at least $120 billion. Their comments followed a Reuters report on Wednesday that Verizon had hired advisers to prepare a possible $100 billion bid to buy Vodafone's 45 per cent stake in their Verizon Wireless...
06:54 AM, Apr 27, 2013
Kolkata: The chit fund scam in West Bengal is getting bigger with market regulator Sebi turning the heat on over a dozen other companies running similar Ponzi schemes. People are rushing to withdraw Rs 20,000 crore invested in these companies. Sebi has asked the government to look into the operations of all these companies. One such company is the Rose Valley Group, which has now approached West Bengal Chief Minister...
09:45 AM, Apr 26, 2013
Kolkata: The chit fund scam in West Bengal is getting bigger. Market regulator Sebi has asked the government to look into the operations of other companies, which could be compromising investor money like the Saradha group. The Rose Valley Group is one of them. The company has approached West Bengal Chief Minister Mamata Banerjee seeking protection. Its chairman Goutam Kundu wrote to the CM on April 23 saying that the...
07:50 AM, Apr 26, 2013
Kolkata: The West Bengal chit fund scam is snowballing into a major case with Saradha group promoter Sudipta Sen's letter mentioning several high profile names including that of top Trinamool Congress politicians, lawyers and journalists. The letter also mentions the lawyer wife of a union minister who was the lawyer for a deal between Sudipta Sen and the Narasimha Rao government minister Matang Sinh and his wife Manoranjana Sinh to...
11:20 AM, Apr 25, 2013
Kolkata: The West Bengal government has cracked down on the Saradha group in the chit fund scam. The Mamata Banerjee government has frozen about 35 bank accounts belonging to the Saradha group, while 36 cars belonging to Saradha Chairman Sudipta Sen and his company have been seized. Four office buildings in and around Kolkata belonging to the Saradha group have also been seized along with hundreds of land documents. The...
02:48 PM, Apr 24, 2013
New York: Asserting that India can absorb $50 billion foreign investment annually, Finance Minister P Chidambaram has said the downturn in Indian economy was temporary and growth will return to 8 per cent in two years. Acknowledging the largeness of the current account deficit (CAD) at around 5 per cent of GDP in 2012-13, he said the government had no timelines or targets in mind for bringing it down. He...
11:51 AM, Apr 18, 2013
Bangalore: HCL Technologies Ltd, India's fourth-biggest software services provider, beat analysts' estimates with a 73 per cent rise in quarterly profit after winning orders and keeping a lid on hiring. Net profit rose to Rs 10.4 billion for the fiscal third-quarter ended on March 31 from Rs 6 billion in the year-earlier period, said HCL Technologies, whose customers include Finnish mobile phone maker Nokia Oyj. That compared with the average...
09:59 AM, Apr 17, 2013
New Delhi: Finance Minister P Chidambaram will seek to drum up foreign investment from the United States and Canada this week to fund a record high current account deficit, even as policymakers debate the risks of over-reliance on foreign investors to finance the gap. As Chidambaram kicks off a week-long North America trip, his officials are working on a series of steps to attract at least $20 billion in new...
04:59 PM, Apr 14, 2013
New Delhi: Finance Minister P Chidambaram is embarking on a week long visit to Canada and the US on Sunday to sell India's growth story to foreign investors and participate in the World Bank/IMF spring meetings in Washington. During his tour, he is expected to talk about the recent steps taken by the government to speed up large projects and measures to bring down fiscal deficit. With India facing high...
06:24 PM, Apr 13, 2013
