chit funds

Bengal: Financial Frauds

Despite the massive fraud by this Saradha Group, with closing down of all its offices and default on repayment of at least 17 lakh depositors, no action has yet been taken on the part of the SEBI and the Government of West Bengal to attach the properties of this Saradha Group...

Central Committee Communique

The Central Committee noted that the Railway Minister Pawan Kumar Bansal and the Law Minister Ashwani Kumar, were finally forced to resign after the Prime Minister and the Congress party resisted this demand while the parliament session was on. This has exposed the hypocrisy of the Congress which has blamed the opposition for the disruption of the parliamentary proceedings since the wrong-doing of the ministers became known.

Memo to PM

Since SEBI is the nodal Central agency, and the recent verdict of the Hon’ble Supreme Court (2012) clearly directs SEBI to be the agency for necessary action, SEBI should also be instructed in coordination with CBI and SFIO to move into this Saradha case immediately, for a proper and comprehensive investigation into the total list of properties....