Probe confirms Saradha was running 14 ponzi schemes
September 15, 2014  11:08
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The Serious Fraud Investigation Office (SFIO) completes its probe into the Saradha scam and says 14 firms were running ponzi schemes and violated the Companies Act and the Sebi Act, among others.

The Saradha scam came to fore after the collapse of a Ponzi scheme run by the Saradha group, a consortium of over 200 companies running a wide variety of collective investment schemes mainly in West Bengal, Assam and Odisha.

The group collapsed in April 2013, causing an estimated loss of about Rs. 10,000 crore to over 1.7 million depositors.
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