BENGAL FINANCIAL DISASTER
★ UPA REGIME ARCHIVE (2004–2014) ★
PAGE 01
The Eastern Financial Herald
Kolkata, West Bengal
Date of Record: 15 April 2013
Archive Ref: #04-15-saradh
PSU & Financial Frauds
ESTIMATED LOSS: ₹10,000+ Crore swindled from 1.7 million small depositors and rural families
SARADHA CHIT FUND COLLAPSES: ₹10,000 CRORE LOOT LEAVES 1.7 MILLION DEPOSITORS PENNILESS
Promoters Flee as Ponzi Empire Evaporates; Ruling Party MPs Named in Extortion & Protection Racket
📰 Historical Press Archival Scan • Click to Zoom
#04-15-saradha-chit-fund-ponzi-collapse-2013
In April 2013, the multi-crore Saradha Group Ponzi scheme imploded across West Bengal, Assam, and Odisha, leaving over 1.7 million poor rural investors and daily wage earners financially ruined.
The group collected funds promising astronomical returns while funding media houses, purchasing political patronage, and paying massive protection bribes to ruling politicians and former Union ministers.
Dozens of defrauded agents and depositors committed suicide across eastern India in the aftermath of the collapse.
📌 Key Figures & Decision Makers
- ▸ Sudipta Sen
- ▸ Kunal Ghosh
- ▸ Madan Mitra
- ▸ Matang Sinh (Former Union Minister)
📚 Primary Source Citations:
- • Supreme Court of India Order Transferring Saradha Chit Fund Cases to CBI (2014) (Supreme Court of India, 2014)
Tags:
#Saradha Scam
#Chit Fund
#Ponzi Scheme
#Sudipta Sen
#Eastern India Fraud
UPA.LOL Historical Preservation Project