The Saradha Scam of 2013 was a major financial fraud that took place in India, involving the Saradha Group, a consortium of over 200 private companies.
The group was involved in various sectors such as real estate, media, and financial services.
The scam was masterminded by Sudipta Sen, the founder of the Saradha Group.
2006: The Saradha Group was founded by Sudipta Sen, who started collecting money from investors with the promise of high returns on their investments.
2008: The Saradha Group expanded its operations to other states, such as Assam, Tripura, and Odisha.
April 2013: The Saradha Group failed to pay the promised returns to its investors, leading to protests by the investors.
April 17, 2013: The West Bengal government ordered a probe into the matter, and the investigation was handed over to the Central Bureau of Investigation (CBI).
April 23, 2013: Sudipta Sen, along with two other senior officials of the Saradha Group, was arrested by the CBI.
June 21, 2013: The CBI arrested two Trinamool Congress MPs, Kunal Ghosh and Srinjoy Bose, in connection with the Saradha Scam.
July 2014: The Supreme Court of India transferred the Saradha Scam case to the CBI for further investigation.
August 2014: The CBI arrested Madan Mitra, a senior Trinamool Congress leader and former minister of transport in the West Bengal government, in connection with the Saradha Scam.
Sudipta Sen: The founder of the Saradha Group, who was the mastermind behind the scam. He was arrested in 2013 and is currently serving a jail sentence.
Kunal Ghosh: A Trinamool Congress MP and journalist who was arrested in 2013 in connection with the Saradha Scam.
Srinjoy Bose: A Trinamool Congress MP and journalist who was also arrested in 2013 in connection with the Saradha Scam.
Madan Mitra: A senior Trinamool Congress leader and former minister of transport in the West Bengal government who was arrested in 2014 in connection with the Saradha Scam.
The Saradha Group collected money from investors with the promise of high returns on their investments.
The group had a vast network of agents who worked tirelessly to recruit investors and collect money from them.
However, the group was actually operating a massive Ponzi scheme, where money collected from new investors was used to pay off the earlier investors.
The group also used political connections to evade regulatory scrutiny and continue its fraudulent activities.
The Saradha Scam was exposed by a journalist named Saibal Gupta, who published an investigative report in the Bengali newspaper, Bartaman Patrika.
The report highlighted the fraudulent activities of the Saradha Group and the risks associated with investing in its schemes. The report generated widespread public attention and led to protests by the investors.
The Saradha Scam was widely covered by the Indian media, with several news channels and newspapers publishing reports and conducting investigations into the matter.
The scam was also a major topic of discussion in the Indian Parliament, with several opposition parties demanding a thorough investigation into the matter.
The investigation into the Saradha Scam is still ongoing, with several arrests and chargesheet filings being made by the CBI.
As of now, more than 300 people have been arrested in connection with the scam, including politicians, bureaucrats, and journalists.
In 2019, the CBI filed its final chargesheet in the Saradha Scam, which included the names of several high-profile politicians, including former Kolkata Police Commissioner, Rajeev Kumar.
Kumar was accused of tampering with evidence in the case, and the CBI conducted several raids at his residence and office.
However, Kumar received interim protection from arrest from the Supreme Court, and the case is still pending in court.
The Saradha Scam had a significant impact on the financial landscape of West Bengal, with several investors losing their life savings in the fraudulent schemes.
The scam also had political ramifications, with the ruling Trinamool Congress government coming under fire for its alleged involvement in the scam.
The opposition parties used the Saradha Scam as a major campaign issue in the 2014 Lok Sabha elections and the 2016 West Bengal Assembly elections.
The Saradha Scam of 2013 was a major financial fraud that had far-reaching consequences in the political and financial landscape of West Bengal.
While the investigation into the scam is still ongoing, the exposure and coverage of the scam have brought attention to the issue of financial fraud and the need for stronger regulatory mechanisms to protect investors.
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