India, List of Chit Fund Scams: India is still growing and still after so much education and advancement in technology, people fall in traps of the chit fund companies and many lose their hard earned money. The chit funds are too bad, as the persons whose money are looted are not the big corporate or builders of politicians or any well influential persons who might manage the burden of the money loss. The people who suffer due to this are the small low earning people, who often end up their life savings in such schemes.

List of chit fund scam, the Top Five Ponzi Scam companies:

1. The Rose Valley Ponzi scam: Rs 15, 000 cr

The Rose Valley chit fund scam, involving funds of over Rs 15,000 crore, is easily the biggest in the West Bengal; it has even dwarfed the Rs 2,500-crore Saradha scam. The owner of Rose Valley chairman Gautam Kundu has been in jail since March 23, 2015.

 2. Basil International Limited chit fund scam, Rs 3500 Cr

A medical practitioner PPS Sethi, was arrested in July 2016, is the founder of the Basil International Limited, it is alleged he duped people of Rs 3500. The said accused company issued Product Scheme Cards and Preference Share Certificates against public money collection without taking permission from the regulatory bodies SEBI.

 3. Saradha Group chit fund scam, Rs 580 cr

Saradha chairman Sudipta Ghosh’s alleged admission of cheating in April 2013. It is said after him may of the other chit fund companies were caught as he gave many information about other. The Saradha Group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a group of over 200 private companies that were believed to be running collective investment schemes popularly but incorrectly referred to as chit funds, in West Bengal and  states around it.

 4. Sea Shore Group chit fund scam, Rs 580 cr, May 2013

This Odisha based chit fund scam; it duped more than 1.5 lakh investors of more than Rs 580 cr.  The director had as many as 15 ventures of the Seashore group; Pravat Dash was arrested in May, 2013 for his alleged link to the chit fund scam in Odisha.

 5. Artha Tattva Group chit fund scam

In May 2014, when the Supreme Court (SC) ordered a CBI probe into the Saradha Group scam in West Bengal, it had also asked the CBI and the ED to look into other 44 firms in Orissa that had collected thousands of rupees from investors. Artha Tattva was one of such companies. It was started by Pradeep Sethy, a 32 years old computer science holder.

It is highly advisable to not to fall in prey to the chit fund companies and just add up to the pyramid of their chain support.

About The Author

Chetan Sharma is an Indian fact-checker and news writer, writing news for Ayupp since 2014.

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