The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
With Hansal Mehta's Scam 1992 bringing it up so interestingly, Joginder Tuteja looks back at films that have dealt in the stock market.
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.
Promoters of world's cheapest smartphone refund customers' money, close fresh bookings
Sebi, which has been given powers to take action against all unregulated money pooling schemes worth over Rs 100 crore (Rs 1 billion) besides all public issuances of securities, has issued this fresh caution notice at a time when a large number of people have been duped by numerous schemes in various states and enforcement action is underway against such operators.
.jpg)
He said that between 2000 and 2014, not a single entity got registered under the Collective Investment Scheme (CIS) regulations, which was introduced in 2000.
Hasty, ill-conceived steps show how isolated Mamata Banerjee had been from the national political trend. A fascinating excerpt from Sugato Hazra's Losing The Plot: Political Isolation Of West Bengal.
The agency has also called former Trinamool Congress Rajya Sabha MP Kunal Ghosh to Shillong on February 10.
A special task force of the SFIO recently submitted an interim report to the Corporate Affairs Ministry in this regard.
ED had arrested group chairman Gautam Kundu on March 25.
The agency was probing aspects like criminal conspiracy, misappropriation of funds and criminal breach of trust in the Saradha episode.
The bank had posted a 14.9 per cent rise in deposits in FY13, with the last two quarters witnessing headwinds, partly due to the bank's decision to test the market by lowering its offering.
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.
Wanted diamond merchant Nirav Modi, who remains behind bars in a London prison as he contests his extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, will find out the UK court's ruling in the nearly two-year-long legal battle on Thursday. The 49-year-old is expected to appear via videolink from Wandsworth Prison in south-west London at Westminster Magistrates' Court, where District Judge Samuel Goozee is set to hand down his judgment on whether the jeweller has a case to answer before the Indian courts. The magistrates' court ruling will then be sent back to UK Home Secretary Priti Patel for a sign off, with the possibility of appeals in the High Court on either side depending on the outcome.
The investigative agency plans to file a second chargesheet, naming more perpetrators in the Saradha scam.
'I have tutored my family and myself to fight hunger,' the former agent for the disgraced Saradha chit fund says, his eyes welling up. 96 of the 107 cases referred to the Serious Fraud Investigation Office are based in Bengal!
In a coincidence of sorts, Cyberababd police chief V C Sajjanar is at the helm when four accused in the rape and murder of a woman vet were killed on Friday in an alleged encounter, much like he was in Warangal when three men charged with throwing acid on two girls were shot dead by the police.
Sandeep Modi's Chumbak spins a magical web around you, says Prasanna D Zore.
The businessman was summoned at the ED's office and was asked questions about the purported links of the alleged main accused of the case Amit Bhardwaj with his businesses.
As Rose Valley resurfaces, Sudip Bandyopadhyay and Tapas Pal's arrests marks the end of the bonhomie between the TMC and BJP.
The Rajya Sabha MP, who is also a spokesperson of West Bengal's ruling party, was asked to appear before a CBI team in the first week of August, officials said on Friday.
Saradha scam accused Kunal Ghosh on Monday threatened to commit suicide if the CBI did not take proper action against 'those involved' within three days in front of a magistrate when he was produced before a city court.
Moving ahead in the multi-crore Saradha chit funds scam case, the Enforcement Directorate (ED) on Wednesday attached assets, including a school, a cement factory and few resorts, worth Rs 60 crore (Rs 600 million) in West Bengal in connection with its money laundering probe.
Former Assam Director General of Police Shankar Barua, quizzed recently by the Central Bureau of Investigation in connection with Saradha scam, allegedly shot himself dead at his residence on Tuesday.
The bill will lapse on June 3 with the dissolution of the present Lok Sabha.
"It will throw some light on the investigation," he said.
Baig, the MLA from Shivajinagar, was suspended from the Congress for his alleged anti-party activities as he had rebelled against the party leaders.
'Neither the Centre nor the state is helping us, rather they are coming up with new ways to create stumbling blocks for the return of money.'
The rest, investigators claimed, were floated as "dummies" to act as cover for unleashing the alleged ponzi scheme.
Sebi has prohibited firms, including Greenworld Agro Industries, Mass Infra Realty, Orchid Cultivation Projects India, Aditya Global Industries and Real Tulip, from raising funds from investors through issuance of securities.
The bench said this is not an appropriate case for custodial interrogation of the petitioner.
The website has the address and contact numbers and email IDs of 69 branch offices of Saradha Group spread across West Bengal, Tripura, Odisha, Assam and New Delhi.
The capital markets watchdog has asked the government to empower it to carry out search and seizure operations, to attach properties and to ask for information and records for all relevant entities.
Mallya's barrister, Clare Montgomery, reiterated the central defence that there had been no misrepresentation or fraud on the part of her client and that Kingfisher Airlines was the victim of economic misfortune alongside other airlines.
In another retrospective change, which forms part of the Securities Laws Amendment Ordinance promulgated by the President of India last week, the individuals and companies being probed by Sebi can settle their pending investigations.
Amchem said that Amway is a direct selling FMCG company that uses multilevel marketing to sell its daily use products through independent distributors, instead of from a shop or a mall.
Congress Vice President Rahul Gandhi on Sunday hit back at Odisha Chief Minister Naveen Patnaik for calling the national party "corrupt", saying the ruling Biju Janata Dal is responsible for a series of scams in the state.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
Preliminary investigations conducted by capital markets regulator Securities and Exchange Board of India and inputs from other regulators and government departments suggest that some brokers were offering structured financial products to their HNI clients under some portfolio investments schemes for high returns of 10-20 per cent.
Out of these, no balance has been found in case of 289 accounts
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances