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Revision as of 14:08, 24 April 2013
Saradha Group was a consortium of Indian companies running a wide variety of ponzi scheme in the guise of collective investment scheme (popularly but incorrectly referred in rural India as chit fund) in Eastern India. The group collapsed in April 2013 causing an estimated loss of over INR 20,000 crores (4 billion USD). In the aftermath of this financial scandal the State government of West Bengal set up an inquiry commission to investigate the collapse and have also announced setting up a fund of INR 500 crores to ensure that smallest investors are not bankrupted.
References
- http://www.thehindu.com/business/Industry/more-saradha-entities-under-sebi-scanner/article4650522.ece
- http://www.dailymail.co.uk/indiahome/indianews/article-2313658/Anger-mounts-Saradha-fund-crisis-thousands-depositors-face-ruin.html?ito=feeds-newsxml
- http://www.telegraphindia.com/1130422/jsp/frontpage/story_16814688.jsp#.UXfgV8V4800
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