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Mamata asks people to keep away from chit funds, says 'govt won't be responsible for compensating'

Mamata asks people to keep away from chit funds, says 'govt won't be responsible for compensating'

West Bengal Chief Minister Mamata Banerjee on Tuesday urged people to refrain from parking their hard-earned money in chit funds and said the government had no responsibility to compensate them if they lost financially in their endeavour.

ED attaches Saradha Group assets

Based on the details collected on the ponzi scheme scam, the ED had attached properties worth Rs 34 crore in West Bengal and Rs 1.4 crore in Odisha.

Saradha scam: Sudipta Sen's accts frozen on laundering charges

A special money laundering court here has ordered freezing of bank accounts of Sudipta Sen, the arrested chairman of Saradha group embroiled in alleged chit fund scam, to allow probe agencies complete investigations against the firm.

SFIO probe report on Saradha, others in 2-3 months: Pilot

A preliminary report on the investigations is likely to be submitted soon by SFIO, but the final report may take little longer, Corporate Affairs Minister Sachin Pilot said.

RBI Governor briefs Parliament panel over chit-fund scam

RBI Governor D Subbarao today briefed a Parliamentary panel on regulatory issues concerning the recent chit-fund scam in West Bengal and discussed steps that could be taken to prevent recurrence of such frauds

IMG discusses ways to curb ponzi schemes

The IMG, headed by the Department of Financial Services Additional Secretary, is reported to have discussed gaps in the regulatory mechanism to deal with collective investment schemes.

Fraudulent investment schemes: IMG to meet on May 23

The IMG, headed by Department of Financial Services' Additional Secretary, will meet on May 23, a Finance Ministry official said.

Court allows ED probe into Saradha Group deals

The bench also directed the Central Bureau of Investigation (CBI) - a party to the petition - to submit an affidavit regarding its investigation into matter in other states.

IMG panel to discuss ways for curbing ponzy schemes

The meeting of the group has been scheduled against the backdrop Kolkata-based Saradha Group allegedly cheating investors through fraudulent money pooling scheme.

Lack of banking facilities drove people towards ponzi schemes

An economist, Ajitava Rai Chaudhuri, says it is the easy availability of need-based loans and high returns on short-term investments that propel people to invest in ponzi schemes.

CBI probe into chit fund scam depends on Kolkata HC order: FM

Union Finance Minister P Chidambaram on Saturday said that a CBI inquiry into the chit fund scam in West Bengal depends on the decision of the Calcutta High Court.

Govt considering stronger laws to curb Ponzi schemes: SEBI

The government is "seriously considering" to strength laws to curb fraudulent money raising activities and the capital market regulator is "working extremely hard" to ensure that savings of small investors are not put to risk, SEBI chief U K Sinha said Wednesday.

Saradha Group has nothing to do with Chit Fund business: CFAI

"The failure of some Multi-level Marketing (MLM) or a ponzi scheme is explained as failure of a Chit Fund company. This is totally unfair," All India Association of Chit Funds General Secretary T S Sivaramakrishnan said.

New bill on protecting investor interest to have more teeth

Copies of the bill, to be moved by Finance Minister Amit Mitra Tuesday for consideration and passage, were circulated among members on the first day of a two-day special session of the Assembly Monday.

Unauthorised chit fund activities have to be curbed: PM

Prime Minister Manmohan Singh on Saturday stressed on curbing unauthorised chit fund activities like the one involving Saradha Group in West Bengal.

WB, N-E hot-bed of investment frauds; NRIs major target: Probe

The Enforcement Directorate and the Income Tax department have already begun their own respective investigations into the matter.

ED registers money laundering case against Saradha group

In further trouble for the chit fund scam-hit Saradha group of Kolkata, the Enforcement Directorate (ED) has registered a money laundering case to probe the allegations of financial irregularities by numerous depositors against it.

Govt orders SFIO probe into chit fund companies

In the wake of an alleged fraud involving thousands of crores by Kolkata-based Saradha group, the Centre Thursday ordered a SFIO probe into suspected misuse of the public money by various chit fund companies.

Chit fund scam: Sudipta Sen brought to Kolkata

Chit fund scam accused Sudipta Sen and two officials of his Saradha company were Wednesday night brought here on a transit remand from Jammu and Kashmir where they were arrested.

State govts responsible for regulating Chit funds: Officials

Amid outrage over an alleged fraudulent investment scheme run by Kolkata-based Saradha group, the Centre Wednesday said it has no role in governing Chit fund business, which is regulated by state governments.