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Saradha Group financial scandal

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Saradha Group financial scandal is an alleged financial scam run by Saradha Group, 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.

Key People

  • Sudipto Sen
  • Debjani Mukhopadhdhay
  • Somnath Dutta

Alleged TMC Leaders

In a mail to Central Bureau of Investigation Saradha Group CMD Sudipta Sen has made allegation of extortion against various persons.

Alleged INC Leaders

Operation

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)

Tollywood Operations

Saradha Group was a financier in Tollywood. Film actress Satabdi Roy was their Brand-Ambassador. Tapas Paul was also associated with them.

Nalini Chidambaram's involvement

Union minister of Finance's wife Nalini Chidambaram is also was also indicated in the scam by TMC and Sudipta Sen.

References

  1. PTI. "More Saradha entities under SEBI scanner". The Hindu. Retrieved 2013-04-25.
  2. 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.
  3. "Mamata announces SIT, inquiry into Saradha". Telegraphindia.com. 1999-03-01. Retrieved 2013-04-25.
  4. Mamata sets up fund for duped Saradha investors, Business Standard, 24 April 2013
  5. "Sudipta Sen Saradha's letter to CBI". JolChobi Social News. Retrieved 2013-04-25.
  6. "Saradha chitfund: Sudipta Sen sent to 14-day police remand- TIMESNOW.tv - Latest Breaking News, Big News Stories, News Videos". Timesnow.Tv. Retrieved 2013-04-26.
  7. "Assam for CBI probe into Saradha scam". Indiablooms.com. 2004-01-01. Retrieved 2013-04-26.
  8. PTI Apr 25, 2013, 09.31PM IST. "Chit fund: TMC questions role of Chidambaram's wife in Saradha group - Times Of India". Timesofindia.indiatimes.com. Retrieved 2013-04-26.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
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