chit funds

Fraudulous chit funds back to haunt Bengal in agricultural schemes avatar

Fraudulous chit funds back to haunt Bengal in agricultural schemes avatar

The consumer affairs department has started a campaign against these chit funds which are operating on a small scale in various parts of Bengal.

Jun 29, 2016, 11:25 AM IST

'Wrong perception impacting chit funds business'

Distancing themselves from illicit money pooling schemes, an apex body of chit funds on Tuesday said their business has taken a big beating because of the wrong 'perception' that all deposit-taking activities are illegal.

Nov 03, 2015, 15:35 PM IST

RBI allows NRIs to invest in chit funds

The Reserve Bank Thursday allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any ceiling, a move that will encourage flow of capital into the country.

Jun 11, 2015, 18:55 PM IST

Mamata attacks CBI, says Saradha probe taking side of thieves

On a day another Trinamool Congress parliamentarian was arrested in connection with the multi-crore-rupee Saradha scam, West Bengal Chief Minister Mamata Banerjee - without naming the CBI which is probing the scandal - Friday alleged that the investigation was aimed at "taking the side of the thieves".

Nov 21, 2014, 23:41 PM IST

Govt takes possession of land belonging to chit funds in Odisha

Odisha government has taken into possession over 12 acres of land in Ganjam district belonging to two chit fund organisations allegedly involved in irregularities, officials said on Sunday.

Sep 21, 2014, 13:21 PM IST

Mamata Banerjee to act if Trinamool members linked with chit funds

Facing opposition ire over the multi-crore Saradha scam, West Bengal CM Mamata Banerjee Sunday said she would take action if any member of her TMC party is found to have links with any chit fund.

Apr 27, 2014, 22:58 PM IST

Chit Funds reappearing across Bengal: Minister

After a gap of more than a year, the chit fund companies have started reappearing in West Bengal, especially in the rural areas, a state minister said on Monday.

Mar 03, 2014, 16:43 PM IST

Chit Funds reappearing across Bengal: Minister

After a gap of more than a year, the chit fund companies have started reappearing in West Bengal, especially in the rural areas, a state minister said Monday.

Mar 03, 2014, 16:10 PM IST

SC notice to Centre, RBI, SEBI on PIL on regulating chitfunds

The Supreme Court on Tuesday issued notice to the Centre, RBI and SEBI seeking their response on a PIL for putting in place a proper mechanism to regulate functioning of chit funds in the country.

Nov 19, 2013, 14:02 PM IST

Regulators set up forum to rein in chit funds

In view of a series of chit fund frauds, financial regulators Wednesday decided to set up a separate forum for coordination and sharing information to rein in such investment schemes.

Aug 07, 2013, 22:54 PM IST

Chit funds funding Maoists, opposition: Mamata

West Bengal Chief Minister Mamata Banerjee on Wednesday warned people against investing in chit funds and said the money was being used to fund Maoists and opposition parties.

Jun 26, 2013, 17:59 PM IST

Parl panel to submit report on ponzi schemes in Mo

A Parliamentary panel looking into chit funds and ponzi schemes in the backdrop of Saradha scam in WB, will give its recommendations on preventing recurrence of such incidents to Parliament in the forthcoming Monsoon session.

May 31, 2013, 21:08 PM IST

Parl panel to submit report on ponzi schemes in Monsoon session

A Parliamentary panel looking into chit funds and ponzi schemes in the backdrop of Saradha scam in West Bengal, will give its recommendations on preventing recurrence of such incidents to Parliament in the forthcoming Monsoon session.

May 31, 2013, 17:55 PM IST

Will publish posters against CPI(M) canards: Mamata

West Bengal CM Mamata Banerjee mocked her predecessor Buddhadeb Bhattacharjee`s comment that the former Left Front regime had kept chit funds at bay and promised to publish `posters` against canards by the Marxist party.

May 05, 2013, 00:36 AM IST

`Don`t confuse `Ponzi schemes` with chit funds`

Against the backdrop of alleged chit fund scam in West Bengal, All India Association of Chit Funds representing the Rs 30,000 crore industry in the country today appealed to public not to confuse `Ponzi schemes` with chit funds.

May 03, 2013, 19:38 PM IST

New bill on chit funds by WB govt sparks off debate

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.

Apr 28, 2013, 10:35 AM IST

Pilot writes to state CMs for police action in fraud schemes

The Centre has written to state CMs for vigorous police action against erring entities.

Apr 22, 2013, 16:22 PM IST

Investors of chit fund protest, WB govt promises strong steps

Widespread protests by investors were reported from North and South 24 Parganas, Howrah, Hooghly and Burdwan districts.

Apr 20, 2013, 18:46 PM IST

SEBI for clamp down on risky chit funds

"The type of promises (some of) these companies are giving are such that no legitimate business activity can provide that sort of returns," SEBI Chairman U K Sinha said.

Mar 26, 2013, 14:25 PM IST

All agencies geared to curb illegal fund-raising: Pilot

The corporate affairs ministry has also planned to tie up with Google, IndiaPost and BSNL for spreading information about securities investments, Pilot said.

Mar 23, 2013, 20:57 PM IST