The owner of a rural chit fund firm, active in two south Bengal districts, died on Thursday in Hooghly district taking the ponzi scheme fiasco deaths in the state to 14.
RBI has allowed NRIs to invest in chit fund companies on a non-repatriation basis, subject to certain conditions
FDI inflows into India are expected to register robust growth in 2026, supported by strong macroeconomic fundamentals, big-ticket investment announcements, sustained efforts to improve the ease of doing business, and a new generation of investment-linked trade pacts.
About 17 lakh investors, mostly in West Bengal, who have lost crores of rupees in the Saradha chit fund scam are fast losing hope. The scandal continues to roil West Bengal political circles with several ruling Trinamool Congress leaders being implicated and some arrested. Even West Bengal Chief Minister Mamata Banerjee's name has been dragged into the sordid mess. Indrani Roy presents a FAQ on what the scam is about and the main players behind it.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Calcutta high court on Tuesday directed the Central Bureau of Investigation to file an affidavit by Thursday stating whether the central investigating agency had been handed over investigation by other states into the multi-crore chit fund scam that affected lakhs of investors.
Former West Bengal DGP Rajat Majumdar was on Tuesday arrested by the CBI for his alleged involvement in the multi-crore Saradha chit fund scam.
Even Delhi does not have a full-time registrar of chits.
Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
Early retirement is not just about money and calculators. It is more about rediscovering your passions, strengthening bonds, and living a life filled with purpose, connection, and lasting happiness. It's about reclaiming your life, explains Vatsal Ramaiya.
There are four first information reports against Saradha Group in which it is alleged that thousands of investors were allegedly duped by the company officials and their associates who swindled their deposits.
"Tapas Paul was under tremendous pressure from central agencies and was a victim of the Centre's vendetta politics," she told reporters at Rabindra Sadan where Paul's mortal remains have been kept for people to pay homage.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
ED had arrested group chairman Gautam Kundu on March 25.
As a multi-agency probe continues in Saradha scam, findings of one official investigation suggests that the group floated at least 279 companies to channelise money collected from gullible investors as part of a vast 'ponzi' network.
The Ministry of Corporate Affairs had taken various steps to protect small investors.
The West Bengal chief minister also accused the PM of 'removing crucial files' related to demonetisation.
India's Right-wing has sought to own our democracy by making itself appear the stuff of majority, and sometimes, a national ethos older than the Constitution on which our democracy is based, argues Shyam G Menon.
'If 99.99 per cent of these micro borrowers are good at repaying their loans, why can't we look at the SMEs and MSMEs and replicate the same model for them with our stringent risk management system,' Chandra Shekhar Ghosh, chairman and managing director of India's newest private sector bank, tells Prasanna D Zore/Rediff.com.
The Congress on Monday promised that a government led by it will conduct a nationwide caste census and implement 33 per cent reservation for women in the Lok Sabha and state legislative assemblies at the earliest, including adequate representation for women belonging to the OBC community.
The central agency had prayed for 10 days custody of the accused, but the court granted a week.
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
FinMin had, recently, notified changes in FDI rules that made prior approval of the government mandatory for foreign investments from countries that share a land border with India. Hong Kong was ranked 14th on the list of countries with FDI flows to India, contributing $4.2 billion between April 2000 and December 2019, the data from DPIIT shows. India received FDI worth $2.34 billion from China in the same period.
The Enforcement Directorate on Sunday conducted searches in various Uttar Pradesh cities after it registered a money laundering case to probe the alleged Rs 3,700 ponzi scam case perpetrated by seeking fake social media 'likes' from lakhs of gullible investors by a Noida based firm.
Aam Aadmi Party on Saturday challenged Congress and the Bharatiya Janata Party to disclose the names of the people from whom they have got more than 80 per cent of their funds being spent in the Lok Sabha election campaign.
"In view of the above, the West Bengal government has been requested by MHA to initiate action against the officer and intimate the action taken in this regard," it said.
Paul, who was in Mumbai to visit his daughter, complained of chest pain at the Mumbai airport during his return to Kolkata and was rushed to a hospital in Juhu but died around 4 am, they said.
The transformation of the Modi-Shah baiting Hardik Patel into saffron poster boy.
'The biggest challenge and the one that needs immediate attention is massive shortcoming of jobs, leading to rampant migration from the state (almost 4 million Odias migrated!). 'This forces them to work in abysmal and inhumane working conditions.' 'Some are fortunate to come back alive, while some return in coffins.'
What Roy is planning is not known. Will he side with the BJP, which he calls 'non-communal'? Or will he float a party? Or revive the Nationalist TMC to further his political career?
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
He attacked the dispensation over issues such as the state of the economy, the situation in Kashmir, the National Register of Citizens in Assam and action by probe agencies against opposition leaders.
Pakistan women cricket team's head coach New Zealander Mark Coles has resigned on Thursday, months before the ICC World T20 in Australia.
Speculation is rife that beleaguered Mukul Roy, a close aide of West Bengal Chief Minister Mamata Banerjee and under the CBI scanner in the Saradha chit fund scam, may switch over to the BJP. Neither Roy or the BJP have commented on the rumours. But Roy's recent remarks seems to expose him. Sheela Bhatt and Indrani Roy report.
He was earlier questioned in the case for over six hours on Monday. His son and former chief minister Omar Abdullah expressed his displeasure and tweeted the party statement on his father's questioning with the comment: 'This on a day when my father turns 84!'
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
Stepping up his offensive against the Congress, he asked the party to "repent" for what it has not done in the last 60 years.
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