![]() The central government through the Income Tax Department and Enforcement Directorate launched a multi-agency probe to investigate the Saradha scam and similar Ponzi schemes. The State government also set up a fund of ₹5 billion (US$66 million) to ensure that low-income investors were not bankrupted. In the aftermath of the scandal, the State Government of West Bengal where the Saradha Group and most of its investors were based instituted an inquiry commission to investigate the collapse. ![]() The group collected around ₹200 to 300 billion ( US$4–6 billion ) from over 1.7 million depositors before it collapsed in April 2013. The Saradha Group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds in Eastern India.
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