PART-13. 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.

SMALL INVESTORS WHO LOST MONEY

Opinion
07/12/2016.
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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

REPORT THAT MAMATA IS LINKED

SCANDAL STORY :

Part-13. Central government reaction :
1.
In March 2013, Central corporate affairs minister Sachin Pilot said in the Lok Sabha—the lower house of the Parliament of India—that his ministry has received complaints against West Bengal's Saradha Group and many other companies for their involvement in Ponzi or multi-layer-marketing schemes.

 No action was taken until after the fraud was uncovered, when many measures were announced.

On 25 April 2013, India's Income Tax department and Ministry of Corporate Affairs started separate investigation into the Saradha affair and similar Ponzi funds masquerading as NBFCs or CISs.

On the same day, the Enforcement Directorate (ED) registered a money laundering case under the provisions of the Prevention of Money Laundering Act (PMLA) at its Guwahati office because the Assam police has registered an FIR against Saradha Group to investigate depositors' allegations of financial irregularities.

On 1 May 2013, commenting on the regulatory loopholes, the Chairman of SEBI said, "there should be one single regulator for entire collective investment schemes".

TMC LEADER MADAN MITRA WAS ARRESTED

2.

On 7 May 2013, the Central Government set up an inter-ministerial group with members of the corporate affairs ministry, SEBI, Reserve Bank of India and officers from the Income Tax Department.


 The group is intended to unify the regulations of investment schemes by NBFCs, banks and companies, which As of 2013 were governed by different laws and regulations, leading to regulatory loopholes.

In light of the fraud, SEBI requested sweeping powers to investigate and prosecute fraudulent CISs.

In August 2013, the Central Government amended the SEBI Act and gave SEBI powers to search and seize without prior magisterial permission to investigate illegal money collection schemes.

TMC RAJYA SABHA MP SANJOY WAS ARRESETD

Next : Part-14. Political reactions and protests

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  To be continued....