HindustanTimes Sat,20 Dec 2014

Starts doling out cheques to Saradha victims

HT Correspondent, Hindustan Times  Kolkata, September 30, 2013
First Published: 23:41 IST(30/9/2013) | Last Updated: 23:44 IST(30/9/2013)

West Bengal chief minister Mamata Banerjee on Monday gave out cheques to 929 people who had invested less then Rs. 10,000 in the fraudulent Saradha Group.

Addressing a crowd of hundreds, Banerjee said, "It is better to keep your hard earned money in piggy banks rather than investing in chit fund companies."

The chief minister also said that the state government is planning to set up a Safe Savings Scheme (SSS) where small depositors could park their money without fear of frauds. "But the scheme is yet to be finalised as an Act dealing with the scheme needs some clarification," she said.

Following objections from the Centre, the WB government recently withdrew a bill aimed at protecting the interests of depositors.

more from Kolkata

Rose Valley scam may dwarf Saradha, feel ED officials

The Enforcement Directorate (ED) is apprehending that a scam allegedly involving another chit fund firm, Rose Valley, may turn out to be a bigger scandal than Saradha. The ED has estimated that the Rose Valley Group collected Rs. 15,000 crore
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved