Are govts waking up too late on chit fund ‘scams’ after Saradha debacle?

GN Bureau | April 26, 2013



The corporate affairs ministry has set up a special task force under the serious fraud investigation office (SFIO) to probe suspected misuse of public money by various chit fund companies. The move comes after the Saradha group, a West Bengal-based chit fund company that had collected hundreds of crores from the poor and small investors in the state, went bust.

In Bengal, chief minister Mamata Banerjee has announced a Rs 500-crore payout package, purportedly to give “some relief” to people ruined by the scam.

But with facts emerging that the Trinamool Congress, or at least some of its top leaders, as well as some wings of the central government, knew about the scam, why all the action and reaction now? Is the election season making the Congress and the Trinamool Congress try out the populist measures? Are the governments serious about providing relief to small investors and depositors who might be duped by such dubious operators in future?

Comments

 

Other News

How to promote local participation in knowledge sharing

Knowledge is a powerful weapon to help people and improve their lives. Knowledge provides the tools to understand society, solve problems, and empower people to overcome challenges and experience personal growth. Limited sources were available to attain information on the events in and arou

‘The Civil Servant and Super Cop: Modesty, Security and the State in Punjab’

Punjabi Centuries: Tracing Histories of Punjab Edited by Anshu Malhotra Orient BlackSwan, 404 pages, Rs. 2,150

What really happened in ‘The Scam That Shook a Nation’?

The Scam That Shook a Nation By Prakash Patra and Rasheed Kidwai HarperCollins, 276 pages, Rs 399 The 1970s were a

Report of India’s G20 Task Force on Digital Public Infrastructure released

The final ‘Report of India’s G20 Task Force on Digital Public Infrastructure’ by ‘India’s G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development’ was released in New Delhi on Monday. The Task Force was led by the

How the Great War of Mahabharata was actually a world war

Mahabharata: A World War By Gaurang Damani Sanganak Prakashan, 317 pages, Rs 300 Gaurang Damani, a Mumbai-based el

Budget expectations, from job creation to tax reforms…

With the return of the NDA to power in the recently concluded Lok Sabha elections, all eyes are now on finance minister Nirmala Sitharaman’s full budget for the FY 2024-25. The interim budget presented in February was a typical vote-on-accounts, allowing the outgoing government to manage expenses in

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter