Chit fund scam

Deposit and despair

Print edition : May 31, 2013

A anguished money collection agent of Saradha Group on Mayo Road in Kolkata. Photo: Ashoke Chakrabarty

Sudipta Sen, Saradha Group chief, being taken to a court in Kolkata on April 25. Photo: Ashok Bhaumik/PTI

Investors of Sarada chit fund company checking their certificates before submitting them to an Inquiry commission, constituted to probe the scam, in Kolkata on May 3. Photo: PTI

Chief Minister Mamata Banerjee and Finance Minister Amit Mitra at a press conference on the chit fund scam at Writers Building in Kolkata on May 8. Photo: Ashok Bhaumik/PTI

The financial fraud involving the Saradha Group, in which lakhs of rural people lost their hard-earned money, puts Mamata Banerjee’s government in West Bengal in a tight spot.

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