Thursday Blog 9.5.13

Recently a shocking incident moved the state deeply, another ponzi scheme failed- “deposit and get n times back”.

People who lost money or are in grave trouble are mostly poor- the depositors and the agents! Suicide and mob fury is still daily news, because with the fall of this ponzi king the smaller schemes are crumbling down too because suspicious depositors are demanding their deposit.

The thing that bowled me out was the father of the first mentioned ponzi scheme Sudipta Sen has run a similar scheme, infamous or most probably notorious Sanchayini- it was before my time but I have heard lots of people went bankrupt and committed suicide when that widely popular chit fund company closed down its butcher shop (this is just sarcasm I meant business).

Then, his son, bought a new identity, he even managed to have a pair of parents so he could deny his connection with his actual father started his game. He was even one step further in betrayal, he was a naxalite, went to jail for a year, his value changed and he became fraud.

He started his business Saradha and with the help of political influence he ran it till this year, the intriguing thing was his company never had a record of its financial deals, they did not had a account department it seems. So how could the business run for more than 25 years?

By the money sucked from public he maintained two wives, his posh office had only female employees, sixty plus one of them (the sixty first was his right hand Debjani) men were not allowed without special permission.

The question that comes into mind is it’s very easy to catch these schemes! If accounts are properly maintained- which is a legal liability then these scams will be caught within a few years, before they gobble up so much money. So why was the failure to do the necessary? Check the accounts of a flourishing business house? Because the authorities knew that the poor people won’t be able to buy good lawyers? That must be the reason!

I wonder if his son too follow his suit, like he too has married twice like father, may be ten years later he will start a ponzi scheme with a stolen identity!

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19 comments

  1. How can one stop those schemes? By educating the people? How you do that? Greed is being instilled even in the most ignorant. You would think people had been warned by the antics of the father. If someone promises you a high return it is most likely fraud.

    1. why does not the government educate people against these? not only that, they should strictly monitor these firms… just imagine this one did not had an account book, what was the I.T. department doing? slumbering or counting the bribe?

  2. The ponzi scheme by Saradha is revolting and what hurts more when 2 ministers were involved. Didi has gone nuts when she asked the people to pay back through tax. It’s such a shame. A tragedy when people are losing their savings. But, high time for people not to trust such companies.

    1. its Ponzi scheme season here now, its scary the way one after the other schemes are failing, mostly resulting in the suicide of the owners and of course the beyond repair harm of the investors. when will government start protecting its poor people and their blood soaked money?

      1. Mamta has gone bonkers and problem yeh hai ke huge network hai wid ministers involved..add to dat latest IPL drama and BCCI has nicely washed its hands off it. It’s a tragedy

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