CBI searches Odisha chit fund firm offices

The Central Bureau of Investigation (CBI) on Tuesday conducted simultaneous searches at 12 places in Odisha in connection with a chit-fund scam.

Maharashtra mulls action against bogus chit fund cos under MPID Act

 Chit fund companies operating in Maharashtra have come under the scanner of the state government, which is considering to take strict action against these dubious establishments to recover investors' lost money.

Chit fund scam: Five directors of West Bengal company to be produced before court today

Five directors of West Bengal-based Win Realcon, nabbed by the Central Bureau of Investigation on Monday for illegally raising public money, will be produced before a court on Tuesday.

West Bengal Assembly defers discussion on chit fund to next session

The non-official discussion on chit funds in the West Bengal Assembly, which was to take place tomorrow on the last day of the budget session, has been deferred to the next session.

West Bengal Assembly to discuss chit fund issue on Wednesday

The West Bengal Assembly will discuss the chit fund issue and its fallout on the last day of its ongoing Budget Session on Wednesday.

CBI raid across 14 locations of a chit fund company in Odisha

 CBI sleuths on Saturday conducted raids across 14 locations against Micro Finance Limited, one of the 44 chit fund companies under the scanner of the central investigating agency.

CBI conducts search operations on MPS Greenery

CBI today conducted search operations at 19 locations of MPS Greenery in West Bengal, a company floated to collect deposits through investment schemes.

Ask CBI to probe chit fund companies, Tripura to PM Modi

Tripura has urged Prime Minister Narendra Modi to direct the CBI to probe the activities of chit fund companies and unauthorised collection of funds in the northeastern state, a minister said here on Wednesday.

Odisha earmarks Rs 300 crore for chitfund-affected depositors

 Odisha Finance Minister Pradip Kumar Amat on Thursday said the state is keeping aside Rs 300 crore towards a corpus fund for protecting interest of depositors in the supplementary budget for 2014-15.

Court seeks report on Saradha accused Kunal's suicide bid within two days

A city court on Monday sought a detailed report from Presidency Jail authorities within two days as to how the untoward incident of Saradha scam accused Kunal Ghosh allegedly making a suicide attempt in jail could happen despite after being cautioned by the court to keep a strict vigil.

Ponzi scheme: ED attaches Rs 1.04 crore assets of Mumbai firm

The Enforcement Directorate (ED) has attached properties worth Rs 1.04 crore in connection with its money laundering probe against a Mumbai-based firm and its owner for allegedly running illegal chit fund schemes few years back.

Trinamool Congress does not need chit fund money: Mamata

With the CBI and the Enforcement Directorate closing in on the Saradha money trail, West Bengal Chief Minister Mamata Banerjee today said her party does not need chit fund money to run its affairs and warned those engaged in "political maligning" to shield the "real culprits"

EOW seizes 1.622 kg gold, 208 kg silver coins from Ponzi firms

Odisha government`s economic offence wing (EOW) and state police have seized cash worth Rs one crore, 1.662 kg gold and 208.840 kg silver coins and other valuable items from different ponzi companies between 2012 and June, 2014, official sources said.

Chit fund scam, natural calamities hit Odisha in 2013

Overcoming challenges like chit fund scam and other controversies that rocked Odisha in 2013, the ruling BJD swept the civic bodies polls to remain buoyant ahead of the Assembly Elections.

Chit fund agent commits suicide in Tripura

An agent of two chit fund groups - Ramel and Support India -- committed suicide following pressure from depositors to return their money, police said on Wednesday.

Chit fund agent commits suicide in Tripura

Laxman Singha, 42, an agent of a non-banking financial company (NBFC), committed suicide in Tripura following pressure from depositors, police said Wednesday.

Chit-fund panel receives record number of affidavits

The Justice RK Patra Commission, probing fraudulent activities of chit-fund in Odisha, has received nearly seven lakh affidavits as the deadline for receiving them came to an end.

Govt guidelines soon to differentiate genuine, ponzi schemes

To make a clear distinction between genuine direct-selling companies and fraudulent ponzi schemes, the government will soon put in place a set of `model guidelines` to be followed by different states in such cases.

Odisha announces Rs 300 crore corpus for chit fund victims

The Odisha government announced Tuesday that it would create a corpus fund of Rs.300 crore to help chit fund victims in the state.

Chit fund: 15 people arrested in Odisha

Fifteen people including the chief managing director of a chit fund company were arrested on Tuesday in Balasore district for duping investors through illegal money circulation, police said.