Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Markets regulator Sebi on Monday said it will auction 66 properties of <keyword id="1641057" type="General" weightage="100" keywordseo="saradha-group" source="Orion">Saradha Group</keyword> on April 11 at a reserve price totalling Rs 32 crore to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include land parcels located in West Bengal, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) said in a notice. The regulator said that the e-auction will be conducted between 11 am and 1 pm on April 11, 2023. The total reserve price of these properties is pegged at about Rs 32 crore. Sebi has engaged <keyword id="6085536" type="General" weightage="50" keywordseo="quikr-realty" source="Orion">Quikr Realty</keyword> to assist it in the sale of the properties and appointed C1 India as the e-auction provider. The development came after the Calcutta High Court passed an order in June 2022, whereby it directed Sebi to proceed with the auction of properties of the <keyword id="1648299" type="General" weightage="50" keywordseo="saradha-group-of-companies" source="Orion">Saradha Group of Companies</keyword>. The entire exercise was directed to be completed within three months. Saradha Group, a consortium of over 239 private companies, allegedly ran chit-fund operations in West Bengal, Assam and Odisha and raised around Rs 4,000 crore from 1.7 million depositors before it collapsed in April 2013. As per the notice, the regulator said bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments and acquisition of liabilities of the property put on auction, prior to submitting their bid. "The purchaser shall participate in the e-auction on his own behalf and no third party intervention, like authorized agent/representative, would be permitted. The successful bidder shall bear the charges/ fee payable for the transfer of the property in his/her name. All taxes shall be borne by the purchaser," the notice said. In September 2022, the regulator said that it will auction 69 properties of the Saradha Group of Companies on November 1 at a reserve price of Rs 30 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-may-hike-benchmark-lending-rates-by-25-bps-in-april-dbs/articleshow/98607945.cms">RBI may hike benchmark lending rates by 25 bps in April: DBS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rcap-debt-resolution-torrent-investments-moves-sc-against-nclt-decision/articleshow/98607932.cms">RCap debt resolution: Torrent Investments moves SC against NCLT decision</a>

SEBI to auction 66 properties of Saradha Group to recover investors' money

Billionaire hedge fund manager <keyword id="1150206" type="General" weightage="80" keywordseo="bill-ackman" source="Orion">Bill Ackman</keyword> says more banks will probably fail even if U.S. authorities step in to shore up confidence in the banking system after last week's collapse of <keyword id="630197" type="General" weightage="50" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword>, <keyword id="35773" type="General" weightage="50" keywordseo="daily-mail" source="Orion">Daily Mail</keyword> reported. <keyword id="3457215" type="General" weightage="100" keywordseo="ackman" source="Orion">Ackman</keyword>, whose hedge fund <keyword id="1651980" type="General" weightage="50" keywordseo="pershing-square-capital-management" source="Orion">Pershing Square Capital Management</keyword> oversees roughly $16 billion in assets, criticized the government's response on Saturday as he predicted an "economic meltdown" within hours of the banks opening on Monday morning. The <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> on Sunday night announced that all those with money in <keyword id="675965" type="General" weightage="50" keywordseo="svb" source="Orion">SVB</keyword> will get their money back while stressing no taxpayer money will be needed to cover the losses because the body is funded by its own financial operation. Ackman, who had urged the U.S. government to step in and protect all of the bank's depositors, praised the move but warned it was unlikely to prevent more financial institutions from collapsing, Daily Mail reported. "Had the @FDICgov @USTreasury and @federalreserve not intervened today, we would have had a 1930s bank run continuing first thing Monday causing enormous economic damage and hardship to millions," he wrote. "More banks will likely fail despite the intervention, but we now have a clear roadmap for how the gov't will manage them", he wrote. U.S. regulators said the failed bank's customers will have access to all their deposits starting on Monday morning - even those above the $250,000 federally-guaranteed limit. "Our gov't did the right thing. This was not a bailout in any form. The people who screwed up will bear the consequences. The investors who didn't adequately oversee their banks will be zeroed out and the bondholders will suffer a similar fate," Ackman stated, Daily Mail reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sebi-to-auction-66-properties-of-saradha-group-to-recover-investors-money/articleshow/98608696.cms">SEBI to auction 66 properties of Saradha Group to recover investors' money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mahindra-group-sells-over-6-stake-in-mahindra-cie-automotive/articleshow/98608891.cms">Mahindra group sells over 6% stake in Mahindra CIE Automotive</a>

Billionaire hedge fund manager investor Bill Ackman warns more banks will collapse

<keyword id="6357096" type="General" weightage="20" keywordseo="mahindra-mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> on Monday said it has sold over 6 per cent stake in <keyword id="2533474" type="General" weightage="100" keywordseo="mahindra-cie-automotive" source="Orion">Mahindra CIE Automotive</keyword>. The company has sold 2,29,80,000 equity shares representing 6.05 per cent of the paid-up share capital of <keyword id="3339752" type="General" weightage="50" keywordseo="mahindra-cie-automotive-ltd" source="Orion">Mahindra CIE Automotive Ltd</keyword>, a listed unit of the company, the auto major said in a regulatory filing. The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share, it added. Following the sale, the shareholding of the company in <keyword id="45224" type="General" weightage="20" keywordseo="Mahindra" source="Orion">Mahindra</keyword> <keyword id="328893" type="General" weightage="20" keywordseo="CIE" source="Orion">CIE</keyword> Automotive has come down from 9.25 per cent to 3.19 per cent of its share capital, Mahindra &amp; Mahindra said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-may-hike-benchmark-lending-rates-by-25-bps-in-april-dbs/articleshow/98607945.cms">RBI may hike benchmark lending rates by 25 bps in April: DBS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sebi-to-auction-66-properties-of-saradha-group-to-recover-investors-money/articleshow/98608696.cms">SEBI to auction 66 properties of Saradha Group to recover investors' money</a>

Mahindra group sells over 6% stake in Mahindra CIE Automotive

The Serious Fraud Investigation Office (<keyword id="54673" type="ORGANIZATION" weightage="20" keywordseo="SFIO">SFIO</keyword>) has founded group companies guilty in the multi-crore chit fund scam. The SFIO concluded that the schemes run by Saradha Group’s 14 companies ran Ponzi Schemes, which were in violation of several provisions of the Companies Act, 1956. The investigating agency has completed the investigation and shared its report with Central Bureau of Investiations (<keyword id="6354572" type="ORGANIZATION" weightage="20" keywordseo="CBI">CBI</keyword>). 
	 
	The agency in the course of its investigation found out that the promoters, directors and other officials of these firms were using funds collected from the general public rather than income generated from investments. 
	 “The companies, their promoters, directors and managerial personnel have been found to be guilty on many counts for violation of various provisions of the Companies Act, 1956 including Sections 58A and 628 dealing with illegal collection of deposits and false statements, etc. Companies of the group which were declared by SEBI to be carrying out unauthorized ‘Collective Investment Schemes’ (CIS) will be prosecuted for violation of the SEBI Act instead of Section 58A of the Companies Act, 1956, as the former carries longer terms of imprisonment,” said a statement from <keyword id="6376435" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-corporate-affairs">Ministry of Corporate Affairs</keyword>. 
	 
	It also adds that the agency has found out several instances of violation of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. “As prosecution under this law are to be initiated by the State Governments concerned, the Report along with evidence is being shared with the CBI. The Report is also being shared with SEBI for proceeding against companies which were found to be running unauthorized/ illegal Collective Investment Schemes (CIS),” states the ministry in the statement. 
	 
	In one of its findings, the SFIO has also noted that the companies have violated provisions of the Indian Penal Code. “Since, CBI is now investigating cases under the IPC under orders of the Supreme Court, it has been decided to share evidence collected by the SFIO with CBI so as to avoid duplication in prosecutions”, said the ministry in the statement.

Group Companies Found Guilty In Saradha Scam

The government is set look into the dealings of 16 firms including <a href="http://www.businessinsider.in/searchresult.cms?query=Saradha+Housing">Saradha Housing</a>, Ambujaatripuri, Artha groups of companies, <a href="http://www.businessinsider.in/searchresult.cms?query=Ultra+Tie-up">Ultra Tie-up</a>, Grand Vyapaar and Saphire Infradevelopers in the current fiscal (2015-16). 
 
These firms are reportedly involved in in illegal <a href="http://www.businessinsider.in/searchresult.cms?query=deposit">deposit</a>-taking activities. Since 2012-13, the <a href="http://www.businessinsider.in/searchresult.cms?query=ministry">ministry</a> has ordered probes into as many as 145 companies, most of which are from <a href="http://www.businessinsider.in/searchresult.cms?query=West+Bengal">West Bengal</a>. 
 
Image credit: Indiatimes

Arun Jaitley: Government ordered probe into 16
companies

Former Assam director general of police (DGP) <keyword id="645453" type="PERSON" weightage="100" keywordseo="Shankar-Baruah">Shankar Baruah</keyword>, who was interrogated by the Central Bureau of Investigation (CBI) last month in connection with the multi-crore <keyword id="1648812" type="UNKNOWN" weightage="100" keywordseo="Saradha-scam">Saradha scam</keyword>, was found dead today (Wednesday). He allegedly shot himself to death. 
 CBI officials had taken the him to an <keyword id="13222" type="CITY" weightage="60" keywordseo="SBI">SBI</keyword> branch near his house and inspected his account in that branch. Further details are awaited. 
 
Recently, we have reported that the Serious Fraud Investigation Office (SFIO) has founded group companies guilty in the multi-crore chit fund scam. The SFIO concluded that the schemes run by Saradha Group's 14 companies ran Ponzi Schemes, which were in violation of several provisions of the Companies Act, 1956. CBI is now investigating cases under the IPC under orders of the Supreme Court. You can read the complete report <a href="http://www.businessinsider.in/Group-Companies-Found-Guilty-In-Saradha-Scam/articleshow/42543901.cms">here</a>.

New Twist In Saradha Scam: Former Assam DGP Commits Suicide

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

You Searched For "saradha group" and got 7 results

SEBI to auction 66 properties of Saradha Group to recover investors' money

PTI

Billionaire hedge fund manager investor Bill Ackman warns more banks will collapse

IANS

Mahindra group sells over 6% stake in Mahindra CIE Automotive

PTI

Group Companies Found Guilty In Saradha Scam

Purba Das

Arun Jaitley: Government ordered probe into 16 companies

BI India Bureau

New Twist In Saradha Scam: Former Assam DGP Commits Suicide

BI India Bureau

10 financial scams that shook India: A dive into deception

Ashmita Gupta

Popular Keywords

Buying Guides