Crores of rupees of hard-earned money of millions of investors vanish into thin air one day. But is it really so? Like floods and droughts, why do these devastating scams keep revisiting us? Experts will give you a slew of explanations, from the need for tougher laws, more laws, new regulators, more power to punish and so on. Coincidentally, this volcano of wisdom erupts when millions have lost not only their money, but, far worse; their hope too. Sure, we as the people can get together and ensure that the administration does a better job.
Saradha Group financial scandal
Here's All You Need To Know About Saradha Scam
A special court for economic offence cases has summoned former Union minister P Chidambaram's wife, son and daughter-in-law to appear on June 25 in connection with the prosecution initiated by the Income Tax Department under the Black Money Act. Tax authorities had filed a complaint against them over alleged non-disclosure of overseas assets, which is an offence under the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act. Earlier, the Enforcement Directorate ED had also issued fresh summons to Nalini Chidambaram in connection with its money laundering probe into the Saradha ponzi scam. Also Read: Sebi orders Saradha Realty to close schemes, refund money. Also Read: Saradha scam: Why Rs cr relief fund won't be sufficient. Simply Save Know the importance of buying an adequate health insurance cover. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.
Yet another massive Ponzi scheme goes pop in India
Chit fund is defined as per the Section 2 b of the Chit Fund Act, According to this act; A chit fund is a type of rotating savings and agreement among different persons i. Chit funds are often microfinance organizations. Chit Funds are also known as the Chitty, Kuree, chit. Under the chit fund agreement; a certain amount is deposited on regular basis by the different persons; and after the gap of a specified period of time the amount is returned to the subscribers with interest.
What is the Saradha scam all about, who are the main players behind it? With prominent Trinamool Congress leaders and associates arrested by the Central Bureau of Investigation during the year for their alleged involvement in the Rs According to highly placed sources, investigators have received important leads following West Bengal Sport and Transport Minister Madan Mitra's arrest. The West Bengal chief minister and her party leaders refused to own up responsibility for the Saradha scam, stating that the group came into being in when the Left Front was in power in the state.