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Revision as of 19:58, 25 April 2013 by Bishnu Saikia (talk | contribs) (improving references)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)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.
Media Operations
Saradha group was the owner of:
- Bengal Post (English Daily)
- Seven Sisters Post (English Daily from Assam)
- Kolom (A Urdu Daily)
- Channel 10 (Television Media)
- Paroma (Bengali Daily)
References
- PTI. "More Saradha entities under SEBI scanner". The Hindu. Retrieved 2013-04-25.
- Soudhriti Bhabani (2013-01-23). "Anger mounts over Saradha fund crisis as thousands of depositors face ruin | Mail Online". Dailymail.co.uk. Retrieved 2013-04-25.
- "Mamata announces SIT, inquiry into Saradha". Telegraphindia.com. 1999-03-01. Retrieved 2013-04-25.
- Mamata sets up fund for duped Saradha investors, Business Standard, 24 April 2013
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