PART-8. 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.

 

Opinion
02/12/2016.
       891.
                All Members,
         Respected family members of this great holy Nation.

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-8

8. Collapse :

1.
a). The earliest public warnings about the reckless and fradulent CIS in West Bengal started in 2009 from MPs Somendra Nath Mitra and Abu Hasem Khan Choudhury and TMC leader Sadhan Pande.

b).  Apart from the SEBI investigation, no executive actions were taken at this time.

 c). On 7 December 2012, Reserve Bank of India (RBI) governor Duvvuri Subbarao said the West Bengal government should initiate suo motu action against companies that were indulging in financial malpractice.

 d). By that time, the Saradha Group Ponzi scheme was already beginning to unravel.

MAMATA WITH ACCUSED

e). In January 2013, the group's cash inflow was, for the first time, less than its cash payouts.

f). This outcome is inevitable in a Ponzi scheme that is allowed to run full course.

g). Sudipto Sen tried but failed to calm uneasy depositors and agents, and could not increase inflow of funds.

2.
h). On 6 April 2013, Sen wrote an 18-page confessional letter to the CBI, in which he admitted that he had paid large sums of money to several politicians.

i). He also stated that TMC leader Kunal Ghosh had forced him to enter into loss-making media ventures and blackmailed him into selling one of his television channels at below market price.

 j). Sen fled after posting this letter on 10 April.

3.
k). In his absence, the Ponzi scheme unravelled.

m). On 17 April, around 600 collection agents claiming to be associated with Saradha Group assembled at the headquarters of TMC and demanded government intervention.

n). Despondency quickly spread across Bengal.

o). A Times of India interviewee said, "'The entire Dakshin Barasat today looks like it was hit by a cyclone.

p). Every home has a bankrupt depositor or a fugitive agent.

q). People who were once friends became enemies.

Chidambaram and his wife -WHAT IS THE CONNECTION WITH -Saradha Group financial scandal

r). Happy households became miserable.

s). Students stopped going to school.

t). Traders lost interest in opening shutters.

u). There is a sense of treachery that has replaced the warmth of a neighbourhood.

v). Suddenly everything has become vicious."

 w). By this time, the Saradha Group financial scandal had colloquially become known as "Bonzi"—a portmanteau of the words Ponzi and Bengal.

4.
x). On 18 April, an arrest warrant for Sudipto Sen was issued.

y). By 20 April, the news of potentially the largest Ponzi scheme in India had become headline news in West Bengal, and then front-page news nationally.

z). After evading the authorities for a week, Sudipto Sen, Debjani Mukherjee and Arvind Singh Chauhan were arrested in Sonmarg, Kashmir, on 23 April 2013.

z.1). On the same day, SEBI  stated that both chain marketing and forward contracts are forms of CIS, and officially asked Saradha Group to immediately desist from raising any further capital and return all deposits within three months.

z.2). stated that both chain marketing and forward contracts are forms of CIS, and officially asked Saradha Group to immediately desist from raising any further capital and return all deposits within three months.

Next : Part -9. Aftermath and reactions -
State government reaction -
West Bengal -

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

 ACCUSED GETTING DOWN FROM POLICE VAN.