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Sradha group scam.ppt final...........................
1. A
Presentation
On
Saradha Group chit fund scam
Std :MAM(Sem-4)
Prepared by: Radadiya mital N. (13)
Submitted to: Ms Dakha ma’am .
(Ass.professor in Smt.Shantaben
Haribhai Gajera MBA Mahila college
Amreli)
2. Introduction
The Saradha Group financial
scandal (Bengali was a major financial scam
and 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 fund in Eastern India.
The group collected around 200 to 300 billion
(US$4–6 billion from over 1.7 million
depositors before it collapsed in April 2013.
3. Con…
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 State government also set up a fund of 5
billion (US$79 million) to ensure that low-income
investors were not bankrupted.
4. SARADHA GROUP
Key People
• Sudipto Sen
• Debjani Mukhopadhdhay
Originally a financial concern but invested heavily in
brand building.
• Bengali film industry
• Local television channels
• Newspapers
In 2011, Saradha Group buys Global Automobiles, a
heavily indebted motorcycle company
The group also invested in football clubs like Mohan
Bagan and sponsored Durga Puja.
5. What is Saradha chit fund scam?
The Saradha Group financial scandal is popularly known as Saradha
chit fund scam.
It's a financial scam that was caused by the collapse of a Ponzi
scheme run by Saradha Group in 2013.
Saradha Group is a consortium of over 200 private companies.
All 200 companies were running a wide variety of collective
investment schemes (chit fund) throughout East India, especially in
West Bengal, Odisha, Assam.
Collapsed of Saradha Group in 2013 caused a loss of Rs 200-300
billion (1 billion=100 crore) to over 17 lakh investors.
Enforcement Directorate (ED) has completed its investigation into
the scam. Currently, Central Bureau of Investigation (CBI) has been
probing the scam.
6. What is Ponzi scheme?
Ponzi scheme is a fraudulent investment operation.
An individual or organization (operator) invites investors
to invest money into the scheme.
Operators do not pay returns to investors from profit
earned by the operator.
Operators of such schemes usually entice new investors
by offering higher returns than other investments.
Investments in Ponzi scheme are done in the form of
short-term returns that are either abnormally high or
unusually consistent.
7. Who are main accused in Saradha
scam?
Sudipto Sen
Sen was the chairman and
managing director of the
Saradha Group.
Ahead of collapse of Saradha
Group, Sen wrote one letter to
CBI hurling serious
allegations against suspended
MP of Trinamool Congress
(TMC) Kunal Ghosh.
Sen wrote he had paid large
sums of money to several
politicians.
8. Con…
He also stated that TMC leader Kunal Ghosh had forced
him to enter into money-losing media ventures.
Kunal Ghosh allegedly blackmailed Sen and forced him to
sell one of his channels at below market price.
After posting this letter to CBI on April 10, 2013. Sen fled
from Kolkata.
Later he along with two other aides was arrested from
Kashmir.
Currently, he has been lodged in a jail in Kolkata.
9. Saradha Group, West Bengal – Chit Fund
Scam
The Saradha Group’s chit fund scam in West
Bengal came into the limelight early this year.
A recent investigation regarding the scam
summed up to Rs 2,460 crore and about 80% of
the money still unpaid to the depositors.
These report revealed that the Saradha Group
chairman, Sudipta Sen has been arrested and he
is solely responsible for indulging other
companies with the help of several branches set
up in West Bengal, Odisha,Assam, Jharkhand
and other states in order to get deposits from the
public as well.
10. Con…
In the report, it is also stated that the four
companies of Saradha group used to retrieve
money by attracting many people by promising
them a landed property or a foreign tour, either of
the two, in return of their deposits.
They used three schemes namely
monthly income deposits, fixed deposits and
recurring deposits.
11. Saradha Group has nothing to do with Chit Fund
business:
Saradha Group have
got about 160
registered activities
including realty and
resort but not even
one activity was
registered as Chit
Fund in the State, he
said, while addressing
a press conference.
12. Con…
The association also demanded that the government come
out and clear the air over Chit Funds.
There are about 10,000 Chit Funds registered in India with
annual subscription of Rs 30,000 crore per annum.
“We are governed by the Chit Fund Act 1982 and
implementations by the respective states. This Act is
notified in entire India,” he said.
“The principal regulator is the Reserve Bank of India, Act is
made by Central Government and rules are made by
respective State Governments,” Mr. Sivarama krishnan
added.
14. Con…
"Mamata Banerjee is using her clout to influence the case
of Saradha scam.
She and Mukul Roy have jointly siphoned off money of
Saradha chit fund.
Mukul Roy is a former Union Railways Minister and a
senior Trinamool leader
Earlier this month, West Bengal Transport Minister and
senior Trinamool Congress leader Madan Mitra was
arrested by the Centeal Bureau of Investigation in
connection with the scam.
15. Con…
The CBI said Mitra was arrested on prima facie
evidence of criminal conspiracy, cheating,
misappropriation and deriving undue financial
benefits from the Saradha Group after five hours of
questioning by the investigating agency.
Mitra's arrest came weeks after the investigating
agency arrested Trinamool Congress's Rajya Sabha MP
Srinjoy Bose, accused of blackmailing Saradha Group
chief Sudipto Sen into paying him Rs.60 lakh a month,
an allegation he later denied.
