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How many people died in sarada scam?

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How many people died in sarada scam?

Scanning across documents at his office in Kolkata, Mr. Dey said that more than 200 people had committed suicide after being duped.

Was saradha a chit fund?

Although Saradha had disguised itself initially as a chit fund they began by issuing debentures and redeemable preferential bonds to the public. This was done in violation of the SEBI rules that companies raising capital from more than 50 people without issuing a prospectus and Balance Sheet.

Can I file case against chit fund company?

If you have documents you can file suit for recovery of money civil suit and also you can file a private complaint against company under section 406 408, 409, 412, 416 to 420 of Indian penal code against all of them under section 200 of code of criminal procedure in jurisdiction court and obtain investigation to …

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How many types of chits are there?

There are five different types of chit funds that you can invest in and be a part of. Registered Chit Funds: Registered chit funds are the ones that are registered with the Registrar of Firms Societies and Chits.

What is Saradha Chit fund fraud case?

Saradha Scam Explained: What is Saradha Chit Fund Fraud Case? Saradha Scam Case Study: Since the news of India’s biggest chit fund scam first broke out over 200 agents, depositors and executives have committed suicide. This is because those associated with Saradha belonged to the low-income strata.

What happened to Saradha Group?

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$70 million) to ensure that low-income investors were not bankrupted.

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What is the Saradha scandal?

“Saradha scandal” has become a major campaign for political parties in West Bengal during 2014 elections. Allegations, blames, challenge etc spread chaos throughout the State.

What is the Saradha Ponzi scheme case?

Investigation into the multi-crore ponzi scheme has been on since then. The scheme, run by Saradha Group (an umbrella company with 200 private players), was launched in the early 2000s by businessman Sudipto Sen. Aimed at small investors, the scheme became popular in a very short time as it promised high returns.