PART-17. Saradha Group financial scandal : MAMATA After taking over as CM of West Bengal, defeating Communists, she could not manage her State, now in Delhi protesting and abusing PM Along with a bunch of evil associates.

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 IT IS FOUND THAT CM OF WEST BENGAL MAMATA IS INVOLVED IN THIS SCAM

Opinion
11/12/2016.
       910.
                All Members,
         Respected family members of this great holy Nation.

 KEJRIWAL AND NITISH FOUND MAMATA AS CRUSADER AGAINST PM SRI MODI, JOINING HANDS WITH EVIL, TO OPPOSE PM....

Sub : Saradha Group financial scandal

Ref : After taking over as CM of West Bengal, defeating Communists, she could not manage her State, now in Delhi protesting and abusing  PM  Along with a bunch of evil associates



SCANDAL STORY :

Part-Part-17. Economic effects :

 1.
Companies illegally moving deposits diverted an estimated sum of Rupees 240 billion  from small savings funds promoted by state government since 2010.

Official data show a steady decline in small-savings deposits and a rise in withdrawals, which left a reduced amount from which the state government could borrow.

  
2.
This affected the overall macroeconomic situation of the state; instead of being used by government for public funding, the money went into Ponzi schemes that were either diverted to foreign locations or were put to use for private gains.

 3.
It was feared that legitimate non-banking financial companies and micro finance institutions would be stigmatised, leading to a vicious cycle of low depositor trust, higher interest rates, lower lending and a localised credit crisis.

Because most of the Saradha Group depositors came from the lowest economic strata, the loss of the investment would cause a further decrease in social mobility.
4.
The scandal drew attention to similar illegal deposit mobilising companies, which are facing increased regulatory pressure.

Many of these companies have been variations of time share travel schemes, of which there are few clear regulations.


These companies tried to register as cooperative societies to continue their financial operations.

Next : Part-18. Criminal prosecution and ongoing investigations :


Thank you for reading
           JAIHIND.
  To be continued....

 POOR PEOPLE WHO LOST MONEY

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