Search results
Oct 14, 2014 · NEW DELHI: The CBI ’s probe into the Saradha scam has reached uncomfortably close to West Bengal chief minister Mamata Banerjee, with the agency securing details from the income tax department on purchase of one of her paintings by Sudipta Sen, promoter of the now-bust chit fund company, for Rs 1.8 crore.
- Latest News, Videos and Photos of Saradha Scam
The Saradha Group financial scandal was a major financial...
- Latest News, Videos and Photos of Saradha Scam
Feb 5, 2019 · What is the alleged scam that has led to the current unprecedented political standoff between the Centre and Mamata Banerjee? How are the TMC and the Kolkata Police Commissioner linked to the allegations?
- 153
Oct 15, 2014 · A day after painter Shuvaprasanna — a known Mamata Banerjee loyalist — claimed that everything was in order over the sale of shares of Devkripa Vyapaar Private Ltd to Sudipta Sen’s Saradha ...
- How Did It Operate?
- What Did The Glory Period of Saradha Group Look like?
- The Beginning of The End
- The Collapse of Saradha Group
- The Aftermath of Saradha Scam
- The Twist
- The Fate of The Guilty
- What About All The Money?
Just like any Ponzi scheme, Saradha Group also operated by accepting money from new investors and using it to pay off the older investors. The crux of such a scheme is the inflow of money from new investors. Once that stops, the scheme begins to collapse.
Sudipto Sen invested the money raised in building the brand's image. The investments were made in high-visibility sectors like the Bengal Film Industry through celebrity endorsements from prominent faces like Trinamool Congress (TMC) leader and Member of Parliament (MP) Satabdi Roy and TMC-MP Mithun Chakraborty as brand ambassadors. It heavily inve...
Initially set up as a chit fund, the Saradha group, in 2009, started issuing debentures and redeemable preferential bonds to the public. This was a direct violation of SEBI regulations that required companies to issue a prospectus and a balance sheetfor raising capital from more than 50 people. When SEBI intervened, the Saradha group incorporated u...
A Ponzi scheme is said to have run its course when the cash inflows become much less than the cash outflows. Saradha first witnessed this in January 2013. Sudipto Sen tried to calm the depositors and agents but failed to raise any additional funds. On April 6, 2013, Sudipto Sen wrote an 18-page confessional letter to CBI in which he admitted to pay...
The aftermath of the collapse of the Saradha scam saw Mamta Banerjee announce a four-member judicial inquiry commission and a USD 70 million relief fund for low-income depositors. A special investigation team (SIT) was formed to speed up the process. It was investigated for a year. The Supreme Court ordered that federal investigation agenciescarry ...
The CBI investigation soon revealed that many politicians from TMC were involved in the scam. These included MP Kunal Ghosh, MP Srinjoy Bose, and transport Minister Madan Mitra who were salaried employees of Saradha and publicly encouraged people to invest. Mamta Banerjee was also brought to the picture when Sudipto Sen claimed to have spent USD 26...
Presently, Sudipto Sen has spent about 7 years behind bars, with over 98 cases pending against him. He's attempting to stand trial as soon as possible as he has already served the maximum prison punishment awarded in such cases.
The CBI has not been able to trace the money invested by the Saradha group and believes it to be lost, albeit the money invested abroad.
Mar 22, 2021 · The case relates to an alleged financial scam and political scandal caused by the collapse of a Ponzi scheme run by the Saradha Group.
The Saradha group scam exploded on the face of Bengal in April 2013 when the chairman of the ponzi scheme, Sudipta Sen and the company’s executive director Debjani Mukherjee, were arrested from...
People also ask
What is Saradha Chit Fund scam?
What is the Saradha Group scam & political scandal?
Did CBI investigate Saradha scam?
Who was involved in the Saradha scam?
Dec 15, 2015 · The CBI investigation into the Saradha chit fund scam continues to take its toll on the Trinamool Congress (TMC) in West Bengal. The latest victim is one of its general secretaries and a former Trinamool Youth Congress chief, Shankudeb Panda who had been summoned by the CBI at least twice this week for his alleged links with the Saradha company.
