https://en.bharatpedia.org/w/api.php?action=feedcontributions&feedformat=atom&user=TammaraPerrettBharatpedia - User contributions [en]2026-08-07T23:40:11ZUser contributionsMediaWiki 1.43.6https://en.bharatpedia.org/w/index.php?title=Rani_Kamalapati_(Habibganj)%E2%80%93Jabalpur_Vande_Bharat_Express&diff=432405Rani Kamalapati (Habibganj)–Jabalpur Vande Bharat Express2023-09-25T03:40:04Z<p>TammaraPerrett: Created page with 'The '''Bhopal - Jabalpur Vande Bharat Express''' is India's upcoming Vande Bharat Express train, connecting the city of Bhopal with Jabalpur city in Madhya Pradesh.<ref>{{Cite web |title=Madhya Pradesh Vande Bharat Express between Jabalpur and Bhopal to run from June 27 |url=https://www.etvbharat.com/english/state/madhya-pradesh/madhya-pradesh-vande-bharat-express/na20230615135716373373847 |access-date=2023-06-18 |website=ETV Bharat News |la...'</p>
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<div>{{short description|Mini Vande Bharat Express train route in India}} <br />
{{Use dmy dates|date=June 2023}}{{Use Indian English|date=June 2023}}<br />
{{Infobox rail service<br />
|color=28457D<br />
|name=Rani Kamalapati (Habibganj) - Jabalpur<br/>''Vande Bharat Express''<br />
|logo=<br />
|logo_width=<br />
|image=2023-06-27 102345 RKMP JBP VB.jpg<br />
|image_width=300px<br />
|image_alt=<br />
|alt=<br />
|caption=This Mini VB Express train on standby at [[Habibganj railway station|Rani Kamalapati (Habibganj)]] railway station<br />
|type=[[Vande Bharat Express]]<br />
|locale=[[Madhya Pradesh]]<br />
|first={{start date|27 June 2023|df=yes}} (Inaugural run)<br/>{{start date and age|28 June 2023|df=yes}} (Commercial run)<br />
|last=<br />
|operator=[[West Central Railway zone|West Central Railways (WCR)]]<br />
|ridership=<br />
|start=[[Habibganj railway station|Rani Kamalapati (Habibganj)]] '''(RKMP)'''<br />
|stops=4<br />
|end={{stnlnk|Jabalpur Junction}} '''(JBP)'''<br />
|distance={{convert|330|km|0|abbr=on}}<br />
|journeytime=04 hrs 35 mins<br />
|frequency=Six days a week {{efn|Except Tuesdays}}<br />
|trainnumber=20173 / 20174<br />
|line_used=[[Bhopal–Nagpur section]]<br/>[[Jabalpur–Bhusaval section]]<br />
|class=AC Chair Car, AC Executive Chair Car<br />
|seating={{Hlist|Airline style|Rotatable seats}}<br />
|sleeping=No<br />
|autorack=<br />
|catering=On-board catering<br />
|observation=Large windows in all coaches<br />
|entertainment={{Hlist|[[Wi-Fi|On-board WiFi]]|Infotainment System|[[AC power plugs and sockets: British and related types#Indian IS 1293|Electric outlets]]|Reading light|Seat Pockets|Bottle Holder|Tray Table}}<br />
|baggage=Overhead racks<br />
|otherfacilities=[[Kavach (train protection system)|Kavach]]<br />
|stock=[[Vande Bharat Express#Mini Vande Bharat services|Mini Vande Bharat 2.0]]<br />
|gauge=[[5 ft 6 in gauge railway|Indian gauge]]<br/>{{track gauge|1676mm|allk=on}} [[broad gauge]]<br />
|el=<br />
|speed={{cvt|72|km/h|0|abbr=on}} (Avg.)<br />
|trainlength={{convert|192|m|ft}} (08 coaches)<br />
|owners=[[Indian Railways]]<br />
|maintenance=[[West Central Railway zone|Jabalpur Jn (JBP)]]<br />
|map={{Rani Kamalapati (Habibganj)-Jabalpur VB Express Route}}<br />
|map_state=collapsed<br />
|electrification=[[25 kV 50 Hz AC]] Overhead line<br />
}}<br />
The 20173/20174 '''Rani Kamalapati (Habibganj) - Jabalpur ''Vande Bharat Express''''' is India's 22nd [[Vande Bharat Express]] train, connecting the city of [[Bhopal]] with [[Jabalpur]] city in [[Madhya Pradesh]].<ref>{{Cite web |title=Madhya Pradesh Vande Bharat Express between Jabalpur and Bhopal to run from June 27|url=https://www.etvbharat.com/english/state/madhya-pradesh/madhya-pradesh-vande-bharat-express/na20230615135716373373847 |access-date=2023-06-18 |website=ETV Bharat News |language=english}}</ref> This train was flagged off by Prime Minister [[Narendra Modi]] on 27 June 2023.<ref>{{Cite web |title=PM Modi Launches Bhopal-Indore, Bhopal-Jabalpur Vande Bharat Express Trains |url=https://zeenews.india.com/railways/pm-modi-launches-bhopal-indore-bhopal-jabalpur-vande-bharat-express-trains-2627530.html |access-date=2023-06-27 |website=Zee News |language=en}}</ref><br />
<br />
==Overview==<br />
This train is operated by [[Indian Railways]], connecting [[Habibganj railway station|Rani Kamalapati (Habibganj)]], [[Hoshangabad railway station|Narmadapuram]], [[Itarsi Junction railway station|Itarsi Jn]], [[Pipariya railway station|Pipariya]], [[Narsinghpur railway station|Narsinghpur]] and [[Jabalpur Junction railway station|Jabalpur Jn]]. It will be operated with train numbers 20173/20174 on 6 days a week basis. <ref>{{Cite web |title=Indore: समय नहीं बदला तो इंदौर सेे नहीं मिलेंगे इंदौर-भोपाल वंदे भारत ट्रेन को ज्यादा यात्री |url=https://www.amarujala.com/madhya-pradesh/indore/indore-bhopal-vande-bharat-train-will-not-get-more-passengers-if-time-does-not-change-2023-06-15 |access-date=2023-06-18 |website=Amar Ujala |language=hi}}</ref><br />
<br />
==Rakes==<br />
It is the twentieth [[Vande Bharat (trainset)#Second generation (Vande Bharat 2.0)|2nd Generation]] and the eighth [[Vande Bharat Express#Mini Vande Bharat services|'''Mini Vande Bharat 2.0 Express train''']] which was designed and manufactured by the [[Integral Coach Factory]] at [[Perambur]], [[Chennai]] under the [[Make in India]] Initiative. <ref>{{Cite web |title=Train 18, India's Fastest, Named "Vande Bharat Express": Piyush Goyal |url=https://www.ndtv.com/india-news/train-18-indias-fastest-named-vande-bharat-express-piyush-goyal-1983965 |access-date=2023-04-19 |website=NDTV.com}}</ref><br />
<br />
== Coach composition ==<br />
The 20173/20174 Rani Kamalapati (Habibganj) - Jabalpur Vande Bharat Express will have 7 AC Chair Car and 1 Executive Chair Car coaches. The coaches in Aqua color indicate AC Chair Cars and the coaches in Pink color indicate AC Executive Chair Cars.<br />
{| class="wikitable plainrowheaders unsortable" style="text-align:center"<br />
!<br />
! rowspan="1" scope="col" style="background:aqua;" |1<br />
! rowspan="1" scope="col" style="background:aqua;" |2<br />
! rowspan="1" scope="col" style="background:pink;" |3<br />
! rowspan="1" scope="col" style="background:aqua;" |4<br />
! rowspan="1" scope="col" style="background:aqua;" |5<br />
! rowspan="1" scope="col" style="background:aqua;" |6<br />
! rowspan="1" scope="col" style="background:aqua;" |7<br />
! rowspan="1" scope="col" style="background:aqua;" |8<br />
|-<br />
|'''20173'''<br />
| rowspan="2" |[[File:BSicon_LDER.svg|22x22px]] {{pipe}} C1<br />
| rowspan="2" |C2<br />
| rowspan="2" |E1<br />
| rowspan="2" |C3<br />
| rowspan="2" |C4<br />
| rowspan="2" |C5<br />
| rowspan="2" |C6<br />
| rowspan="2" |C7 {{pipe}} [[File:Loco_Icon.png|22x22px]]<br />
|-<br />
|'''20174'''<br />
|}<br />
<br />
== Service ==<br />
The 20173/20174 Rani Kamalapati (Habibganj) - Jabalpur Vande Bharat Express will operate '''6 days''' a week, covering a distance of {{Cvt|330|km|mi|abbr=on}} in a travel time of 4 hrs 35 mins with average speed of 72 km/h. The Maximum Permissible Speed (MPS) given will be confirmed after commercial run. {{notelist}}<br />
<br />
== Schedule ==<br />
The schedule of this 20173/20174 Rani Kamalapati (Habibganj) - Jabalpur Vande Bharat Express is given below:-<br />
{| class="wikitable" width="65%" style="text-align: center;"<br />
! colspan="5" align="center" style="background:#28457D;" |<span style="color:WHITE;">''RKMP - JBP - RKMP Vande Bharat Express''</span><br />
|-<br />
! colspan="2" |20173<br />
! rowspan="2" |Stations<br />
! colspan="2" |20174<br />
|-<br />
|'''Arrival'''<br />
|'''Departure'''<br />
|'''Arrival'''<br />
|'''Departure'''<br />
|-<br />
|'''----'''<br />
|19:00<br />
|[[Habibganj railway station|'''Rani Kamalapati (Habibganj)''']]<br />
|10:35<br />
|'''----'''<br />
|-<br />
|19:51<br />
|19:53<br />
|[[Hoshangabad railway station|Narmadapuram]]<br />
|09:23<br />
|09:25<br />
|-<br />
|20:15<br />
|20:25<br />
|[[Itarsi Junction railway station|Itarsi Junction]]<br/><small>''(Reversal)''</small><br />
|08:55<br />
|09:05<br />
|-<br />
|21:15<br />
|21:17<br />
|[[Pipariya railway station|Pipariya]]<br />
|07:55<br />
|07:57<br />
|-<br />
|22:15<br />
|22:17<br />
|[[Narsinghpur railway station|Narsinghpur]]<br />
|06:55<br />
|06:57<br />
|-<br />
|23:35<br />
|'''----'''<br />
|[[Jabalpur Junction railway station|'''Jabalpur Junction''']]<br />
|'''----'''<br />
|06:00<br />
|}<br />
<br />
== See also ==<br />
<br />
* [[Vande Bharat Express]]<br />
* [[Gatimaan Express]]<br />
* [[Tejas Express]]<br />
<br />
* [[Habibganj railway station]]<br />
* [[Jabalpur Junction railway station]]<br />
<br />
== References ==<br />
{{Reflist}}<br />
<br />
{{Vande Bharat Express}}<br />
<br />
{{DEFAULTSORT:Bhopal - Jabalpur Vande Bharat Express}}<br />
[[Category:Vande Bharat Express trains]]<br />
[[Category:Named passenger trains of India]]<br />
[[Category:Higher-speed rail]]<br />
[[Category:Express trains in India]]<br />
[[Category:Electric multiple units of India]]</div>TammaraPerretthttps://en.bharatpedia.org/w/index.php?title=Panch_Kriti:_The_Five_Elements&diff=395031Panch Kriti: The Five Elements2023-07-16T15:08:22Z<p>TammaraPerrett: Wrote an insightful write-up.</p>
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<div>#REDIRECT [[Panch Kriti]]<br />
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{{Redirect category shell|<br />
{{R from move}}<br />
}}</div>TammaraPerretthttps://en.bharatpedia.org/w/index.php?title=Saradha_Group_financial_scandal&diff=388434Saradha Group financial scandal2023-05-20T05:06:28Z<p>TammaraPerrett: Created a fresh page structure.</p>
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<div>{{short description|Financial scandal in India}}<br />
{{Use dmy dates}}<br />
{{Use Indian English}}<br />
{{Infobox company<br />
| name = SaradhaGroup <br />
| logo = [[File:Saradha logo.png|250px]]<br />
| type = Privately owned<br />
| genre = Deposit mobilising company<br />
| fate = Allegations that this consortium of companies is a [[Ponzi scheme]]<br />
| predecessor =<br />
| successor = <br />
| foundation =<br />
| founder = Unclear<br />
| defunct = April 2013<br />
| location = [[Kolkata]], [[West Bengal]], [[India]]<br />
| area_served =<br />
| key_people = Sudipto Sen, Chairman and MD<br />Debjani Mukherjee, Director<br />[[Kunal Ghosh]]<br />
| industry = Financial services, infrastructure management, automobiles, manufacturing<br />
| products =<br />
| services = <br />
| market cap =<br />
| revenue =<br />
| operating_income =<br />
| net_income =<br />
| aum =<br />
| assets =<br />
| equity =<br />
| owner =<br />
| num_employees = 16,000+<br />
| parent =<br />
| divisions = Saradha Realty<br />Saradha Exports<br />Global automobiles<br /> Saradha media group<br />
| subsid =<br />
| homepage = {{Officialsite|http://saradhagroup.biz/}}<br />
| footnotes =<br />
| intl =<br />
}}<br />
<br />
The '''Saradha Group financial scandal''' was a major [[political scandal]] caused by the collapse of a [[Ponzi scheme]] run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as [[chit fund]]s<ref>{{cite news|url=http://www.telegraphindia.com/1130501/jsp/bengal/story_16847319.jsp#.UYES6sV4800|archive-url=https://archive.today/20130615172847/http://www.telegraphindia.com/1130501/jsp/bengal/story_16847319.jsp%23.UYES6sV4800|url-status=dead|archive-date=15 June 2013|title=Chitti chitti bang bang|work=The Telegraph|access-date=1 May 2013|location=Mumbai}}</ref><ref>{{cite web|url=http://madlaw.in/what-exactly-happened-in-the-saradha-scam-understanding-chit-fund-mlm-corporate-deposits-and-collective-investment-schemes/|title=What exactly happened in the Saradha Scam? Understanding chit fund, MLM, corporate deposits and collective investment schemes|last=Agarwal|first=Abhyudaya|author2=Satyaditya Singh Dhakare |publisher=Marketing and advertising law|access-date=13 June 2013}}</ref><ref>{{cite news|url=http://www.firstpost.com/business/heres-why-saradha-was-not-a-chit-fund-but-a-ponzi-scheme-739597.html|title=Here's why Saradha was not a chit fund but a Ponzi scheme|last=Kaul|first=Vivek|work=Firstpost|access-date=3 May 2013}}</ref> in [[East India|Eastern India]].<ref>{{cite news|author=PTI |url=http://www.thehindu.com/business/Industry/more-saradha-entities-under-sebi-scanner/article4650522.ece |title=More Saradha entities under SEBI scanner |newspaper=The Hindu |access-date=25 April 2013}}</ref><br />
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The group collected around {{INR}}200 to 300 billion ({{USD|4–6&nbsp;billion}}<ref name="H1">{{cite news|url=http://www.thehindu.com/opinion/editorial/cheat-funds-again/article4654467.ece |title=Cheat funds, again |newspaper=The Hindu |access-date=27 April 2013}}</ref>) from over 1.7 million depositors<ref>{{cite news|url=http://www.livemint.com/Specials/TQWJ1auPZMCYnZqC4tK7VN/Saradha-raised-deposits-from-17-million-people-probe-finds.html|title=Saradha raised deposits from 1.7 mn people, probe finds|last=Dutta|first=Romita|work=LiveMint|access-date=19 August 2013}}</ref> before it collapsed in April 2013. In the aftermath of the scandal, the [[Government of West Bengal|State Government of West Bengal]] where the Saradha Group and most of its investors were based instituted an inquiry commission to investigate the collapse.<ref>{{cite web|url=http://www.telegraphindia.com/1130422/jsp/frontpage/story_16814688.jsp#.UXfgV8V4800 |archive-url=https://archive.today/20130615192010/http://www.telegraphindia.com/1130422/jsp/frontpage/story_16814688.jsp%23.UXfgV8V4800 |url-status=dead |archive-date=15 June 2013 |title=Mamata announces SIT, inquiry into Saradha |work=The Telegraph|location=Kolkota| date=1 March 1999 |access-date=25 April 2013}}</ref> The State government also set up a fund of {{INRConvert|5|b|nolink=yes}} to ensure that low-income investors were not bankrupted.<ref>[http://www.business-standard.com/article/current-affairs/mamata-sets-up-fund-for-duped-saradha-investors-113042400602_1.html Mamata sets up fund for duped Saradha investors, Business Standard, 24 April 2013]</ref><br />
<br />
The [[Government of India|central government]] through the Income Tax Department and [[Enforcement Directorate]] launched a multi-agency probe to investigate the Saradha scam and similar Ponzi schemes.<ref>{{cite web|url=http://newindianexpress.com/nation/60-firms-like-Saradha-Group-operating-in-Bengal/2013/04/26/article1562747.ece|title=60 firms like Saradha Group operating in Bengal|last=Dasgupta|first=Mithun|work=The New Indian Express|access-date=29 April 2013}}</ref><br />
In May 2014, the [[Supreme Court of India]], due to inter-state ramifications, possible international money laundering, serious regulatory failures and alleged political nexus, transferred all investigations into the Saradha scam and other Ponzi schemes to the [[Central Bureau of Investigation]] (CBI), India's federal investigative agency.<ref>{{cite news|title=SC jolt for Mamata: CBI to probe Saradha scam The CBI will also probe other Ponzi schemes in West Bengal, Odisha, Tripura, Jharkhand and Assam|url=http://www.business-standard.com/article/current-affairs/sc-jolt-for-mamata-cbi-to-probe-saradha-scam-114050900345_1.html|access-date=10 May 2014|newspaper=Business Standard}}</ref><ref>{{cite news|title=Supreme Court orders just what Mamata didn't want|url=http://www.telegraphindia.com/1140510/jsp/frontpage/story_18327374.jsp|archive-url=https://archive.today/20140510120426/http://www.telegraphindia.com/1140510/jsp/frontpage/story_18327374.jsp|url-status=dead|archive-date=10 May 2014|access-date=10 May 2014|newspaper=Calcutta Telegraph}}</ref> Many prominent personalities were arrested for their alleged involvement in the scam including two [[Parliament of India|Members of Parliament]] (MP) - [[Kunal Ghosh]] and [[Srinjoy Bose]] from the [[Trinamool Congress]], former West Bengal Director General of Police [[Rajat Majumdar]], a top football club official Debabrata Sarkar, Sports and Transport minister in the [[Trinamool Congress]] government [[Madan Mitra]].<ref name="WB Minister Madan Mitra arrested">{{cite news|title=WB Minister Madan Mitra arrested in Saradha scam|url=http://www.tribuneindia.com/news/nation/wb-minister-madan-mitra-arrested-in-saradha-scam/17345.html|access-date=15 December 2014}}</ref><ref>{{cite news|title=West Bengal minister Madan Mitra arrested by CBI|url=http://www.dnaindia.com/india/report-saradha-scam-west-bengal-minister-madan-mitra-arrested-by-cbi-slapped-with-charges-of-criminal-conspiracy-cheating-and-misappropriation-2043433|access-date=15 December 2014}}</ref><br />
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The scam has often been compared to the [[Sanchayita chit fund scam|Sanchayita investment scam]], a multi crore rupees scam that occurred in West Bengal in the 1970s, complaints related to which led to the formation of the Prize Chits and Money Circulation Schemes (Banning) Act of 1978.<ref name="toi">{{cite news|last1=Mukherji|first1=Udit Prasanna|last2=Bandyopadhyay|first2=Krishnendu|title=Sanchayita haunts Saradha victims|url=https://timesofindia.indiatimes.com/city/kolkata/Sanchayita-haunts-Saradha-victims/articleshow/19656723.cms|access-date=26 October 2017|publisher=Times of India}}</ref><ref>{{cite web|title=Kuriachan Chacko and Ors. Vs. State of Kerla JT2008(7)SC614|url=http://www.neerajaarora.com/money-circulation-scheme-or-money-cheating-scheme/|website=www.neerajaarora.com|publisher=Neeraj Arora|access-date=26 October 2017}}</ref><br />
<br />
==Background ==<br />
India has a large, low-income, rural population with limited access to formal banking facilities.<ref>{{cite web|url=http://articles.economictimes.indiatimes.com/2013-04-23/news/38763419_1_financial-inclusion-mobile-banking-banking-system|title=Ponzi schemes show failure of formal banking|work=The Economic Times|access-date=29 April 2013}}</ref> This leads to the absence of two major helplines for poorer people - that of placing their money safely in deposits and secondly of being able to borrow money for their needs which may be as simple as buying seeds for the next crop or their children's marriage. The second aim is achieved instead by a web of parallel, informal banking in the form of money lenders (pawn brokers) who have existed in India for a few centuries.<ref>{{cite news|last1=Singh|first1=Pragya|title=The gullible travels show|url=https://www.outlookindia.com/magazine/story/the-gullible-travels-show/282215|access-date=26 October 2017|publisher=Outlook}}</ref> At its centre are moneylenders, mostly unregulated, often also wealthy landlords or now politicians, used to charge exorbitant rates of interest. To curb this practice, several Moneylenders Acts were enacted by the [[State governments of India]] by the 1950s.<ref>{{cite book|last1=Gupta|first1=SC|last2=Shankar|first2=Girish|last3=Giridhar|first3=A|title=Report of the Technical Group Set up to Review Legislations on Money Lending|url=http://www.rbi.org.in/scripts/PublicationReportDetails.aspx?ID=513|year=2007|publisher=Reserve Bank of India}}</ref> However failure to replace the role of moneylenders gave rise to unscrupulous financial operators that operated Ponzi schemes.<ref>{{cite web|url=http://www.aljazeera.com/indepth/features/2013/04/2013427155533920295.html|title=Indian Ponzi scheme pushes many to penury|last=Chaki|first=Deborshi|publisher=Al Jazeera|access-date=29 April 2013}}</ref> Some commentators place the blame for these kinds of Ponzi schemes on greed rather than exclusion from formal banking systems.<ref>{{cite news|url=http://www.firstpost.com/business/dear-kc-chakrabarty-heres-the-real-reason-why-people-invest-in-ponzi-shemes-748689.html|title=Dear KC Chakrabarty, here's the real reason why people invest in Ponzi shemes|last=Kaul|first=Vivek|work=Firstpost|access-date=3 May 2013}}</ref><ref>{{cite news|url=http://articles.economictimes.indiatimes.com/2013-04-25/news/38817430_1_chit-fund-bank-accounts-sudipta-sen|title=Saradha fraud: Blame the RBI for the repressed formal financial sector|agency=ET Bureau|work=The Economic Times|access-date=10 October 2013}}</ref><ref>{{cite news|url=http://www.livemint.com/Opinion/XE1wN141lmaC2bzSjTEnaO/Lemming-nation-the-Saradha-scam-is-a-wakeup-call-for-inves.html|title=Saradha scam: a wake-up call for investors|last=Khanna|first=Sudeep|work=LiveMint|access-date=10 October 2013}}</ref><br />
<br />
However, this does not address the former issue of being able to save their money easily, keep it in safekeeping and invest it so that it grows. While post offices have tried to address this through [[Indian Post & Telecommunication Accounts and Finance Service|postal savings banks]], people are often lured by Ponzi schemes that promise much higher returns.<ref>{{cite news|last1=Dalal|first1=Sucheta|title=Pyramid schemes - daylight robbery|url=http://www.suchetadalal.com/?id=e90057ae-502a-1aea-4e034150291f&base=sections&f|access-date=26 October 2017|publisher=Sucheta Dala}}</ref><br />
<br />
The relatively prosperous rural economy of [[West Bengal]] had previously relied on small savings schemes run by the [[Indian Postal Service]]. However, low rates of interest in the 1980s and 1990s encouraged the rise of several Ponzi schemes in speculative ventures such as Sanchayita Investments, Overland Investment Company, Verona Credit and Commercial Investment Company. Together, these scams eliminated close to {{INRConvert|10|b|nolink=yes}} in investor wealth.<ref>{{cite web|url=http://www.indianexpress.com/news/mamata-banerjee-vows-to-repay-depositors-of-saradha-groups-sudipta-sen/1108090/|title=Mamata Banerjee vows to repay depositors of Saradha group's Sudipta Sen|work=The Indian Express|access-date=29 April 2013}}</ref><ref name="eoi1">{{cite web|url=http://articles.economictimes.indiatimes.com/2013-04-24/news/38790645_1_collective-investment-schemes-ponzi-tower-infotech/2|title=The fall of Saradha group revives old ghosts of ponzi schemes going bust|last=Ray|first=Atmadip|work=The Economic Times|access-date=29 April 2013}}</ref><br />
Despite a history of Ponzi schemes, the continuing decline in interest rates, rapid financialisation of household savings, lack of financial literacy and investor awareness, political patronage, absence of adequate legal deterrence, and regulatory arbitrage encouraged the growth of similar companies.<ref>{{cite journal|title=Once Again a Ponzi Lays Waste|journal=Economic and Political Weekly|volume=XLVIII|issue=19|url=http://www.epw.in/editorials/once-again-ponzi-lays-waste.html}}</ref> These companies either raised their funds through legitimate channels such as collective investment schemes, non-convertible debentures and preference shares, or illegitimately through hoax financial instruments such as teak bonds, potato bonds or fictitious ventures in agro-export, construction and manufacturing. {{As of|2013}}, 80% of multi-level marketing and finance schemes against which complaints have been received are based in West Bengal, giving the state the title of "Ponzi capital of India".<ref>{{cite web|url=http://www.hindustantimes.com/business-news/WorldEconomy/Is-Bengal-the-Ponzi-capital-of-India/Article1-1051771.aspx|archive-url=https://web.archive.org/web/20130430025547/http://www.hindustantimes.com/business-news/WorldEconomy/Is-Bengal-the-Ponzi-capital-of-India/Article1-1051771.aspx|url-status=dead|archive-date=30 April 2013|title=Is Bengal the Ponzi capital of India?|last=Sharma|first=Nagender|author2=Gaurav Chaudhury |work=Hindustan Times|access-date=29 April 2013}}</ref> It is estimated that these Ponzi funds have amassed around {{INRConvert|10|t|nolink=yes}} from unsuspecting depositors in Eastern India.<ref>{{cite news|url=http://www.business-standard.com/article/current-affairs/60-firms-like-saradha-operating-in-bengal-113042500411_1.html|title=60 firms like Saradha operating in Bengal|work=Business Standard|agency=Indo-Asian News Service|access-date=29 April 2013|location=Kolkata}}</ref><br />
<br />
==Modus operandi of Saradha==<br />
<br />
===Key people===<br />
Sudipto Sen was the chairman and managing director of the Saradha Group.<ref name=TGIndia1>{{cite news|url=http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825378.jsp#.UX7JKsV4800|archive-url=https://archive.today/20130615192057/http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825378.jsp%23.UX7JKsV4800|url-status=dead|archive-date=15 June 2013|title=United departure, separated arrival|work=The Telegraph|access-date=29 April 2013}}</ref> Sen was described as a softly spoken, charming, and forceful orator. At the time of his arrest, he was in his mid-50s. In his youth, he was known as Shankaraditya Sen which he later changed to Sudipto Sen and may have had plastic surgery sometime in the 1990s,<ref name="NDTV2">{{cite news|url=http://www.ndtv.com/article/people/sudipta-sen-the-man-with-three-wives-and-five-houses-357659|title=Sudipta Sen: The man with 'three wives and five houses'|last=Bannerjee|first=Monideepa|publisher=NDTV|access-date=29 April 2013}}</ref> after which he became associated with land development projects in [[South Kolkata]]. The land bank he formed in around 2000 became the catalyst for enticing early customers into his Ponzi scheme.<ref>{{cite news|url=http://zeenews.india.com/blog/cheat-fund-the-inside-story-of-sudipto-sen-and-saradha-group_6281.html|title='Cheat' fund: The inside story of Sudipto Sen & Saradha group|last=Dutta|first=Sushmita|publisher=Zee News|access-date=29 April 2013}}</ref><br />
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Debjani Mukherjee was one of the executive directors of Saradha Group who could sign cheques on behalf of the group.<ref name=TGIndia2>{{cite news|url=http://www.telegraphindia.com/1130427/jsp/bengal/story_16833336.jsp#.UX7O_MV4800|archive-url=https://archive.today/20130615172820/http://www.telegraphindia.com/1130427/jsp/bengal/story_16833336.jsp%23.UX7O_MV4800|url-status=dead|archive-date=15 June 2013|title=Excel sheet shows Debjani clout: Cops|work=The Telegraph|access-date=29 April 2013|location=Kolkota}}</ref><ref>{{cite news|url=http://www.telegraphindia.com/1130425/jsp/bengal/story_16825039.jsp|archive-url=https://archive.today/20140219003748/http://www.telegraphindia.com/1130425/jsp/bengal/story_16825039.jsp|url-status=dead|archive-date=19 February 2014|title=Debjani cousin claims frame-up|work=The Telegraph|access-date=19 February 2014|location=Kolkota}}</ref> She was arrested together with Sudipto Sen.<ref>{{cite news|url=http://www.ndtv.com/article/cheat-sheet/chit-fund-scam-saradha-group-chairman-sudipta-sen-arrested-from-kashmir-357917|title=Chit fund scam: Saradha group chairman Sudipta Sen arrested from Kashmir|last=Ghosh|first=Shamik|publisher=NDTV|access-date=29 April 2013}}</ref> At the time of her arrest Debjani was in her early 30s. She had studied at the [[St. John's Diocesan Girls' Higher Secondary School]], and the [[Sivanath Sastri College]].<ref name=TGIndia2 /> She trained as an air hostess. Mukherjee originally joined Saradha Group in 2010 as a receptionist, and rose rapidly to be the group's executive director.<ref>{{cite news|url=http://ibnlive.in.com/news/how-a-saradha-receptionist-became-executive-director-in-just-3-years/388061-3-231.html|archive-url=https://web.archive.org/web/20130520052516/http://ibnlive.in.com/news/how-a-saradha-receptionist-became-executive-director-in-just-3-years/388061-3-231.html|url-status=dead|archive-date=20 May 2013|title=How a Saradha receptionist became executive director in just 3 years|last=Gupta|first=Priyanka|publisher=CNN-IBN|access-date=29 April 2013}}</ref> A story in [[India Today]] described her as a person with a reputation for generosity to her community.<ref>{{cite web|url=http://indiatoday.intoday.in/story/debjani-mukherjee-saradha-group-west-bengal-chit-fund-scam-sudipta-sen/1/267704.html|title=Who is Debjani Mukherjee?|publisher=India Today|access-date=10 October 2013|location=Kolkata}}</ref><br />
<br />
===Financial operations===<br />
[[File:Saradha year on year money collection graph.png|thumb|right|Money collected by Saradha Group of companies per year in billion INR. 95% of the fund was collected in the last three years of the scam. Source: 2014 SIT Report]]<br />
<br />
The companies that were comprised by Saradha Group were incorporated in 2006. Its name is a [[cacography]] of [[Sarada Devi]], the wife and spiritual counterpart of [[Ramakrishna Paramahamsa]]{{mdash}}a nineteenth-century [[Mysticism|mystic]] of [[Bengal]].<ref>{{cite news|url=http://www.thehindubusinessline.com/opinion/in-the-name-of-maa-sarada/article4654188.ece|title=In the name of Maa Sarada|last=Ray Choudhury|first=Ranabir|work=The Hindu Business Line|access-date=29 April 2013}}</ref> This duplicitous association gave Saradha Group a veneer of respectability.<ref>{{cite news|url=http://www.business-standard.com/article/current-affairs/newsmaker-sudipta-sen-113042500932_1.html|title=Newsmaker: Sudipta Sen|last=Dutta|first=Ishita|work=Business Standard|access-date=29 April 2013}}</ref> Like all Ponzi schemes, Saradha Group promised astronomical returns in fanciful but credible investments.<ref name="EPW1">{{cite journal|last=Chowdhury|first=Subhanil|title=The Political Economy of Shadow Finance in West Bengal|journal=Economic and Political Weekly|volume=XLVIII|issue=18|url=http://www.epw.in/web-exclusives/political-economy-shadow-finance-west-bengal.html}}</ref> Its funds were sold on commission by agents recruited from local rural communities. Between 25 and 40% of the deposit was returned to these agents as commissions and lucrative gifts to quickly build up a wide [[Multi-level marketing|agent pyramid]].<ref>{{cite news|url=http://www.indianexpress.com/news/in-story-of-saradhas-crores-bengals-forgotten-hundreds/1108543/|title=In story of Saradha's crores, Bengal's forgotten hundreds|last=Das|first=Madhuparna|work=The Indian Express|access-date=29 April 2013}}</ref> The group used a nexus of companies to [[Money laundering|launder money]] and evade regulators.<ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-04-28/india/38877552_1_chit-funds-collective-investment-schemes-sebi|archive-url=https://web.archive.org/web/20130501111735/http://articles.timesofindia.indiatimes.com/2013-04-28/india/38877552_1_chit-funds-collective-investment-schemes-sebi|url-status=dead|archive-date=1 May 2013|title=PM says unauthorized deposit collection has to be curbed|access-date=29 April 2013|work=[[The Times of India]]|location=New Delhi}}</ref><br />
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Initially, the frontline companies collected money from the public by issuing [[debentures|secured debentures]] and [[Corporate bond|redeemable preferential bonds]].<ref>{{cite news|url=http://articles.economictimes.indiatimes.com/2013-04-26/news/38843867_1_small-savings-sector-savings-financial-savings|title=Saradha chit fund scam: State government failed, but so has centre|last=Pande|first=Vinay|work=The Economic Times|access-date=29 April 2013}}</ref> Under Indian Securities regulations and section 67 of the [[Indian Companies Act (1956)]], a company cannot raise capital from more than 50 people without issuing a proper [[Prospectus (finance)|prospectus]] and balance sheet. Its accounts must be audited and it must also have explicit permission to operate from the market regulator [[Securities and Exchange Board of India]] (SEBI).<ref>{{cite news|url=http://www.business-standard.com/article/companies/in-bengal-s-grey-money-market-saradha-is-just-one-113042600611_1.html|title=In Bengal's grey 'money market', Saradha is just one |last=Acharya|first=Namrata|work=[[Business Standard]]|access-date=29 April 2013}}</ref><br />
<br />
SEBI first confronted Saradha Group in 2009. Saradha Group adapted by opening up to 200 new companies to create more cross-holdings. This created an extremely complex tiered corporate structure to confound SEBI by hampering their ability to consolidate blame.<ref>{{cite news|url=http://www.telegraphindia.com/1130423/jsp/frontpage/story_16817006.jsp#.UX6Qw8V4800|archive-url=https://archive.today/20130615191832/http://www.telegraphindia.com/1130423/jsp/frontpage/story_16817006.jsp%23.UX6Qw8V4800|url-status=dead|archive-date=15 June 2013|title=Saradha with 120 arms and blessings|last=Saha|first=Sambit|author2=Pranseh Sarkar |work=The Telegraph|access-date=29 April 2013|location=Kolkota}}</ref> SEBI persisted in its investigation through 2010.<ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-04-29/kolkata/38903346_1_senior-sebi-official-economic-offences-investigation-cell-order|archive-url=https://archive.today/20130630205615/http://articles.timesofindia.indiatimes.com/2013-04-29/kolkata/38903346_1_senior-sebi-official-economic-offences-investigation-cell-order|url-status=dead|archive-date=30 June 2013|title=Sebi's Saradha order came 3 years after probe started|last=Konar|first=Debasis|access-date=29 April 2013|work=[[The Times of India]]|location=Kolkata}}</ref> Saradha Group reacted by changing its methods of raising capital. In West Bengal, Jharkhand, [[Assam]] and [[Chhattisgarh]], it began operating variations of collective investment schemes (CIS) involving tourism packages, forward travel and hotel booking [[timeshare|timeshare credit transfer]], real estate, infrastructure finance, and motorcycle manufacturing.<ref>{{cite web|url=http://www.ndtv.com/article/india/motorcycle-factory-cited-in-chit-fund-letter-bomb-that-ran-on-deceit-358495|title=Motorcycle factory, cited in chit-fund letter bomb, that ran on deceit|last=Pandey|first=Alok|publisher=NDTV|access-date=29 April 2013|location=Kolkata}}</ref><ref>{{cite news|url=http://www.business-standard.com/article/current-affairs/after-saradha-next-target-should-be-rose-valley-sushil-modi-113042700329_1.html|title=After Saradha, next target should be Rose Valley: Sushil Modi|last=Basak|first=Probal|work=Business Standard|access-date=29 April 2013|location=Kolkata}}</ref> Investors were rarely informed about the true nature of their investments. Instead, many were told they would get high returns after a fixed period.<ref>{{cite news|title=Saradha scam: Several inquiries are going on, WB governor says|agency=PTI|work=The Times of India |location=Kolkata}}</ref> With other investors, the investment was fraudulently sold in the form of a ''chit fund''. Under the [[Chit Fund Act (1982)]], chit funds are regulated by state governments rather than SEBI.<ref>{{cite web|url=http://in.finance.yahoo.com/news/disassociate-saradha-chit-fund-sector-113015760.html|title=Disassociate Saradha from chit fund sector, says chit fund association|agency=IANS|publisher=Yahoo Finance India|access-date=29 April 2013|location=New Delhi}}</ref><br />
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SEBI warned the state government of West Bengal about Saradha Group's chit fund activities in 2011,<ref name="SEBIorder">{{cite web|url=http://www.sebi.gov.in/cms/sebi_data/attachdocs/1366731012533.pdf|title=SEBI Order (WTM/RKA/ERO-CIS/19/2013)|publisher=SEBI|access-date=29 April 2013|location=Mumbai}}</ref> again prompting Saradha Group to change its methods. This time, it acquired and sold large numbers of shares of various listed companies then embezzled the proceeds of the sale through accounts which {{as of|September 2014|lc=yes}} have not been identified.<ref name=sebistumppedtoi>{{cite news|last=Khanna|first=Rohit|title=How Sudipta Sen's strategy stumped Sebi|url=http://articles.timesofindia.indiatimes.com/2013-04-30/kolkata/38929441_1_cook-hemanta-pradhan-30-companies-saradha-cmd|archive-url=https://web.archive.org/web/20130503063138/http://articles.timesofindia.indiatimes.com/2013-04-30/kolkata/38929441_1_cook-hemanta-pradhan-30-companies-saradha-cmd|url-status=dead|archive-date=3 May 2013|access-date=30 April 2013|newspaper=[[The Times of India]]}}</ref> Meanwhile, Saradha Group started laundering a large portion of its funds to Dubai{{clarify}},<ref>{{cite news|title=Sleuths track 'J… Ali' lead in Sen case|url=http://www.telegraphindia.com/1130429/jsp/frontpage/story_16839582.jsp|archive-url=https://archive.today/20140912232104/http://www.telegraphindia.com/1130429/jsp/frontpage/story_16839582.jsp|url-status=dead|archive-date=12 September 2014|access-date=12 September 2014|work=The Calcutta Telegraph}}</ref> South Africa<ref>{{cite news|title=Fraud office catches West Asia whiff|url=http://www.telegraphindia.com/1140910/jsp/bengal/story_18819474.jsp|archive-url=https://archive.today/20140912232132/http://www.telegraphindia.com/1140910/jsp/bengal/story_18819474.jsp|url-status=dead|archive-date=12 September 2014|access-date=12 September 2014|work=The Calcutta Telegraph}}</ref> and Singapore.<ref>{{cite news|last1=Das|first1=Madhuparna|title=Money trail leads to hawala channels, offshore accounts|url=http://indianexpress.com/article/india/india-others/money-trail-leads-to-hawala-channels-offshore-accounts/|access-date=12 September 2014|work=The Indian Express}}</ref> By 2012, SEBI was able to classify the group's activities as collective investment schemes rather than chit funds{{mdash}}and demanded that it immediately stop operating its investment schemes until it received permission to operate from SEBI.<ref name="SEBIorder"/> Saradha Group did not comply with this ruling and continued to operate until its collapse in April 2013.<ref>{{cite news|url=http://www.firstpost.com/ebook_download.php?id=105|title=Saradha group ch(ea)t fund: A money trail of fraud|publisher=FirstPost|access-date=29 April 2013}}</ref><br />
<br />
===Building brand and non-financial businesses===<br />
<br />
Like [[MMM (Ponzi scheme company)|previous Ponzi schemes]] such as [[Anubhav Plantations|Anubhav teak plantations]], Japanlife, and Speakasia, Saradha Group invested heavily in the building of its brand.<ref>{{cite news|url=http://www.firstpost.com/business/saradha-and-ponzi-schemes-why-there-will-be-more-suckers-721941.html|title=Saradha a classic Ponzi schemes: Why there will be more suckers|last=Kaul|first=Vivek|work=FirstPost|access-date=10 October 2013}}</ref> With enormous funds at its disposal, Saradha invested in high visibility sectors, such as the [[Cinema of West Bengal|Bengali film industry]],<ref>{{cite news|url=http://www.hindustantimes.com/India-news/Kolkata/Bengal-s-film-industry-dances-to-ponzi-fund-tune/Article1-1051137.aspx|archive-url=https://web.archive.org/web/20130427104658/http://www.hindustantimes.com/India-news/Kolkata/Bengal-s-film-industry-dances-to-ponzi-fund-tune/Article1-1051137.aspx|url-status=dead|archive-date=27 April 2013|title=Bengal's film industry dances to ponzi fund tune|last=Acharya|first=Anindita|work=Hindustan Times|access-date=29 April 2013|location=Kolkata}}</ref> where it recruited actress and [[Trinamool Congress]] (TMC) [[Parliament of India|Member of Parliament]] (MP) [[Satabdi Roy]] as its brand ambassador.<ref name="FPTMC">{{cite news|url=http://www.firstpost.com/politics/how-trinamool-burnt-its-fingers-in-the-saradha-chit-fund-scam-717842.html|title=How Trinamool burnt its fingers in the Saradha chit fund scam|last=Roy|first=Sandip|work=Firstpost|access-date=29 April 2013|location=Kolkata}}</ref> [[Bollywood]] actor and TMC MP [[Mithun Chakraborty]] was brought in as the brand ambassador of Saradha Group's media platform.<ref name="Shocking: Bollywood actor, TMC MP Mithun Chakraborty's name surfaces in Saradha scam, gets ED summon">{{cite news|title=Shocking: Bollywood actor, TMC MP Mithun Chakraborty's name surfaces in Saradha scam, gets ED summon|url=http://news.oneindia.in/india/bollywood-actor-tmc-mp-mithun-chakraborty-name-surfaced-in-saradha-scam-ed-summons-1467952.html#infinite-scroll-2|access-date=18 June 2014}}</ref><ref name="ED summons Mithun Chakraborty tomorrow">{{cite news|title=ED summons Mithun Chakraborty tomorrow|url=http://www.business-standard.com/article/pti-stories/saradha-case-ed-summons-mithun-chakraborty-tomorrow-114061801112_1.html|access-date=18 June 2014}}</ref><br />
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Saradha Group also enlisted [[Kunal Ghosh]], another TMC MP, as the CEO of the media group.<ref name="FPTMC"/> Under Kunal Ghosh, the group acquired and established local television channels and newspapers, investing around {{INRConvert|9.88|b|nolink=yes}} in the media group.<ref>{{cite news|agency=TNN|title=Mamata benefited most from Saradha scam, suspended TMC MP Kunal Ghosh says|url=http://timesofindia.indiatimes.com/city/kolkata/Mamata-benefited-most-from-Saradha-scam-suspended-TMC-MP-Kunal-Ghosh-says/articleshow/41896651.cms|access-date=7 September 2014|publisher=Times of India}}</ref> By 2013, it employed over 1,500 journalists and owned eight newspapers printed in five languages: ''[[Seven Sisters Post]]'' and ''Bengal Post'' (English dailies), ''Sakalbela'' and ''[[Kalom]]'' ([[Bengali language|Bengali]] dailies), ''Prabhat Varta'' ([[Hindi]] daily),<ref>{{cite web|url=http://epaperszone.com/india/prabhat-varta|title=Prabhat Varta|access-date=10 May 2013}}</ref> ''Ajir Dainik Baturi'' ([[Assamese language|Assamese]] daily),<ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-04-25/kolkata/38816097_1_rs-28-crore-55-lakh-assam-mla|archive-url=https://archive.today/20130615172838/http://articles.timesofindia.indiatimes.com/2013-04-25/kolkata/38816097_1_rs-28-crore-55-lakh-assam-mla|url-status=dead|archive-date=15 June 2013|title=Partnership purely editorial: Srinjoy|agency=TNN|work=[[The Times of India]]|access-date=10 May 2013}}</ref> ''[[Abdur Razzaq Malihabadi|Azad Hind]]''<ref>{{cite news|url=http://telegraphindia.com/1130504/jsp/bengal/story_16857362.jsp#.UYTansV4800|archive-url=https://archive.today/20130615172800/http://telegraphindia.com/1130504/jsp/bengal/story_16857362.jsp%23.UYTansV4800|url-status=dead|archive-date=15 June 2013|title=Two newspapers stay afloat|last=Zaved|first=Jeshan|work=The Telegraph|access-date=4 May 2013|location=Kolkata}}</ref> (Urdu daily) and ''Parama'' (Bengali weekly magazine). It also owned Bengali news channels [[Tara Newz]] and [[Channel 10 (India)|Channel 10]], Bengali general entertainment channels [[Tara Muzic]] and [[Tara Bangla]],<ref name="OUTLOOK1">{{cite news|url=http://www.outlookindia.com/article.aspx?285082|title=Then Came The Showstopper|last=Mitra|first=Dola|publisher=Outlook India|access-date=29 April 2013}}</ref> Punjabi general entertainment channel [[Tara Punjabi]],<ref>{{cite news|title=Three TV channels owned by Saradha Group to be auctioned|url=http://www.thehindubusinessline.com/news/states/three-tv-channels-owned-by-saradha-group-to-be-auctioned/article5574170.ece|access-date=7 September 2014|publisher=Hindu Businessline}}</ref> an international channel aimed at the [[Non-resident Indian and person of Indian origin|Indian diaspora]], [[TV South East Asia]]<ref>{{cite news|last1=Chowdhury|first1=Rajib|title=Saradha: Footballer under ED scanner|url=http://www.asianage.com/india/saradha-footballer-under-ed-scanner-195|access-date=7 September 2014|publisher=The Asian Age}}</ref> and one FM radio station.<ref>{{cite news|url=http://articles.economictimes.indiatimes.com/2013-04-29/news/38904594_1_bengali-new-srei-infrastructure-finance-trinamool-congress|title=Mamata Banerjee making all efforts to save Saradha Group's media companies|last=Ghosal|first=Shakuntala |author2=Tamal Sengupta |author3=Anuradha Himatsingka|work=The Economic Times|access-date=10 May 2013|location=Kolkata}}</ref> Author [[Aparna Sen]] was made the editor of ''Parama''.<ref>{{cite web|last1=Trust|first1=Press|title=Saradha scam: Actor Aparna Sen questioned by ED|url=http://indianexpress.com/article/india/india-others/saradha-scam-aparna-sen-questioned-by-ed/|website=The Indian Express|access-date=7 September 2014}}</ref><ref>{{cite web|title=Filmmaker Aparna Sen questioned in Saradha scam probe|url=http://indiatoday.intoday.in/story/saradha-scam-ed-aparna-sen-sudipto-sen-parama-saradha-group-piyali-sen-subhojit-sen/1/377578.html|website=India Today|access-date=7 September 2014}}</ref><br />
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In 2011, Saradha Group bought Global Automobiles, a heavily indebted motorcycle company as a front for the latest version of its Ponzi scheme. Global Automobiles immediately stopped most production but kept 150 workers on its payroll who "pretended to work whenever truckloads and busloads of prospective depositors of Saradha Realty visited the plant for a first-hand check before investing".<ref>{{cite news|url=http://www.hindustantimes.com/India-news/Kolkata/Saradha-owner-faked-motorbike-factory-to-dupe-investors/Article1-1048907.aspx|archive-url=https://web.archive.org/web/20130423093309/http://www.hindustantimes.com/India-news/Kolkata/Saradha-owner-faked-motorbike-factory-to-dupe-investors/Article1-1048907.aspx|url-status=dead|archive-date=23 April 2013|title=Saradha chief used fake mobike plant to dupe investors|last=Bhattacharya|first=Snigdhendu|work=Hindustan Times|access-date=29 April 2013|location=Kolkata}}</ref> It also bought similar shell companies like West Bengal Awadhoot Agro Private Ltd, located in North 24-Parganas, and Landmark Cement in Bankura to showcase them to agents and depositors and convince them that the Saradha Group had diversified interests.<ref>{{cite news|url=http://www.telegraphindia.com/1130509/jsp/bengal/story_16877487.jsp#.UYvDicV4800|archive-url=https://archive.today/20130615191953/http://www.telegraphindia.com/1130509/jsp/bengal/story_16877487.jsp%23.UYvDicV4800|url-status=dead|archive-date=15 June 2013|title=Sen's 'bluff', in a nutshell|work=The Telegraph|access-date=9 May 2013|location=Kolkota}}</ref><br />
<br />
As part of its [[Corporate social responsibility (India)|corporate social responsibility]] program, Saradha Group donated motorcycles to the [[Kolkata Police]]. On 19 July 2011, it persuaded [[Mamata Banerjee]], the [[Chief Minister of West Bengal]], to use its ambulances and motorcycles for the Jangalmahal area of [[West Midnapore]].<ref>{{cite news|url=http://www.deccanchronicle.com/130428/news-current-affairs/article/chit-fund-scam-mamata-banerjee-donated-saradha-sops-faces|title=Chit fund scam: Mamata Banerjee donated Saradha sops, faces backlash|last=Basak|first=Sanjay|work=Deccan Chronicle|access-date=29 April 2013}}</ref> To further etch itself in the socio-cultural milieu of Bengal, Saradha Group invested in [[Kolkata derby|football rivals]] and the best-known football clubs in Bengal: [[Mohun Bagan A.C.]] ({{INR}} 18&nbsp;million in 2010–11) and [[East Bengal F.C.]] ({{INR}} 35&nbsp;million since 2010).<ref>{{cite news|url=http://www.ndtv.com/article/india/chit-fund-scam-saradha-shadow-over-football-field-360299|title=Chit fund scam: Saradha shadow over football field|last=Benerjee|first=Moideepa|publisher=NDTV|access-date=29 April 2013|location=Kolkata}}</ref><ref>{{cite news|url=http://www.livemint.com/Leisure/buZuU9ZcRaCeZUIQUhAaQP/Cutbacks-in-the-offing.html|title=Cutbacks in the offing|last=Islam|first=Aminul|work=LiveMint|access-date=13 June 2013}}</ref> The group also sponsored various [[Durga Puja]] celebrations organised by local political leaders.<ref>{{cite news|url=http://www.hindustantimes.com/India-news/Kolkata/Saradha-bares-TMC-cracks/Article1-1050422.aspx|archive-url=https://web.archive.org/web/20130426135039/http://www.hindustantimes.com/India-news/Kolkata/Saradha-bares-TMC-cracks/Article1-1050422.aspx|url-status=dead|archive-date=26 April 2013|title=Scam hurts Trinamool image, Mamata faces dissent|last=Bhattacharya|first=Ravik|work=Hindustan Times|access-date=29 April 2013|location=Kolkata}}</ref><ref>{{cite news|url=http://www.anandabazar.com/29cal5.html|title=Who would fund puja celebrations after Sudipto?|last=Basu|first=Riju|work=Anandabazar Patrika|language=bn|access-date=29 April 2013|location=Kolkata}}</ref><br />
<br />
===Political patronage===<br />
Allegedly several political leaders received financial support from Saradha Group, including MPs of TMC, the incumbent ruling party of West Bengal.<ref name="EPW1"/> MP Kunal Ghosh drew a salary of {{INRConvert|1.6|m|nolink=yes}} per month from Saradha Group, as an employee of the group. MP [[Srinjoy Bose]] was directly involved with the group's media operations.<ref>{{cite news|url=http://m.firstpost.com/politics/who-aretwo-tmc-mps-srinjoy-bosekunal-ghosh-726281.html|title=Who are the two TMC MPs Srinjoy Bose and Kunal Ghosh?|work=First Post|access-date=29 April 2013}}</ref> Transport Minister [[Madan Mitra]] headed the employees' union of the group and publicly encouraged people to invest their savings with it.<ref>{{cite web|url=http://articles.economictimes.indiatimes.com/2013-04-25/news/38817102_1_trinamool-mps-srinjoy-bose-kunal-ghosh|title=Trinamool cannot wish away its links with Saradha group irrespective of what Mamata says|agency=ET Bureau|work=The Economic Times|access-date=29 April 2013|location=Kolkata}}</ref> Sudipto Sen, the group's chairman and managing director, reportedly spent {{INRConvert|18.6|m|nolink=yes}} to buy paintings by Mamata Banerjee, whose government later issued a notification that public libraries should buy and display Saradha Group newspapers.<ref>{{cite news|url=http://www.business-standard.com/article/current-affairs/banking-on-lies-113042600846_1.html|title=Banking on lies|last=Acharya|first=Namrata|work=Business Standard|access-date=9 May 2013|location=Kolkata}}</ref> The group bought the loss-making company Landmark Cement, which was co-owned by textiles minister [[Shyamapada Mukherjee]].<ref>{{cite news|last1=Khanna|first1=Rohit|title=Saradha cloud over TMC MLA's co deal|url=http://timesofindia.indiatimes.com/city/kolkata/Saradha-cloud-over-TMC-MLAs-co-deal/articleshow/40205583.cms|access-date=16 August 2014|work=Times of India}}</ref><ref>{{cite news|last1=Siddiqui|first1=Ahmed|title=CBI focus on Saradha VIPs|url=http://www.telegraphindia.com/1140815/jsp/frontpage/story_18724098.jsp|archive-url=https://archive.today/20140816085739/http://www.telegraphindia.com/1140815/jsp/frontpage/story_18724098.jsp|url-status=dead|archive-date=16 August 2014|access-date=16 August 2014|work=The Telegraph}}</ref> The group also had financial dealings with [[Ganesh Dey]], the confidential assistant of the finance minister of the erstwhile [[Communist Party of India (Marxist)|Left Front government]], who was later expelled.<ref>{{cite news|url=http://www.telegraphindia.com/1130508/jsp/bengal/story_16872857.jsp#.UYvor8V4800|archive-url=https://archive.today/20130615172741/http://www.telegraphindia.com/1130508/jsp/bengal/story_16872857.jsp%23.UYvor8V4800|url-status=dead|archive-date=15 June 2013|title=His CPM master's confidential assistants|work=The Telegraph|access-date=9 May 2013|location=Kolkota}}</ref><br />
<br />
Politicians outside West Bengal also benefited from Saradha Group. [[Himanta Biswa Sarma]], the Health and Education Minister of Assam, may have profited personally from the Ponzi scheme.<ref>{{cite web|url=http://www.timesnow.tv/Sudipta-Sen-sent-to-14-day-police-remand/articleshow/4426115.cms |title=Saradha chitfund: Sudipta Sen sent to 14-day police remand- TIMESNOW.tv – Latest Breaking News, Big News Stories, News Videos |publisher=Timesnow.Tv |access-date=26 April 2013}}</ref><ref>{{cite web|url=http://www.indiablooms.com/NewsDetailsPage/2013/newsDetails250413i.php |title=Assam for CBI probe into Saradha scam |publisher=Indiablooms.com |access-date=26 April 2013}}</ref> According to officials investigating the case, the actual amount paid could be almost double of what is being claimed.<ref>{{cite news|title='Actual money paid to ex-MP's wife by Sen may be much more'|url=http://timesofindia.indiatimes.com/City/Kolkata/Actual-money-paid-to-ex-MPs-wife-by-Sen-may-be-much-more/articleshow/34759961.cms|access-date=10 May 2014|newspaper=Times of India}}</ref><ref>{{cite news|last=Bhabani|first=Soudhriti|title=Saradha chit fund chief Sudipta Sen's letter to CBI can singe big names|url=http://indiatoday.intoday.in/story/west-bengal-chit-fund-scam-sudipta-sen-saradha-group-debjani-mukherjee-tmc/1/267706.html|access-date=10 May 2014|newspaper=India Today}}</ref> Some commentators state that this Ponzi scheme survived for so long because of its heavy political patronage.<ref name="Dailypioneer">{{cite news|url=http://www.dailypioneer.com/columnists/edit/sen-and-saradha-story-of-political-intrigue.html|title=Sen and Saradha: Story of political intrigue|last=Malik|first=Ashok|work=Daily Pioneer|access-date=29 April 2013}}</ref><ref>{{cite news|url=http://businesstoday.intoday.in/story/saradha-group-chit-fund-scam/1/194622.html|title=Unsafe Deposit|last=Arun|first=MG|work=Business Today|access-date=10 October 2013}}</ref><br />
<br />
==Collapse==<br />
The earliest public warnings about the reckless and fraudulent CIS in West Bengal started in 2009 from MPs [[Somendra Nath Mitra]] and [[Abu Hasem Khan Choudhury]] and TMC leader [[Sadhan Pande]].<ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-04-24/kolkata/38789399_1_trinamool-congress-chit-funds-kunal-ghosh|archive-url=https://web.archive.org/web/20130427025320/http://articles.timesofindia.indiatimes.com/2013-04-24/kolkata/38789399_1_trinamool-congress-chit-funds-kunal-ghosh|url-status=dead|archive-date=27 April 2013|title=West Bengal chit fund scam: Knives out for tainted Trinamool MPs|access-date=29 April 2013|work=[[The Times of India]]|location=Kolkata}}</ref> Apart from the CBI investigation, no executive actions were taken at this time. On 7 December 2012, [[Reserve Bank of India]] (RBI) governor [[Duvvuri Subbarao]] said the West Bengal government should initiate ''[[suo motu]]'' action against companies that were indulging in financial malpractice.<ref>{{cite news|url=http://www.hindustantimes.com/India-news/Kolkata/Mamata-govt-feels-the-heat-after-the-chit-fund-meltdown/Article1-1048791.aspx|archive-url=https://web.archive.org/web/20130423090322/http://www.hindustantimes.com/India-news/Kolkata/Mamata-govt-feels-the-heat-after-the-chit-fund-meltdown/Article1-1048791.aspx|url-status=dead|archive-date=23 April 2013|title=Mamata govt feels the heat after the Ponzi scheme meltdown|last=Roy Chowdhury|first=Sumanta|work=Hindustan Times|access-date=29 April 2013}}</ref> By that time, the Saradha Group Ponzi scheme was already beginning to unravel. In January 2013, the group's cash inflow was, for the first time, less than its cash payouts. This outcome is inevitable in a Ponzi scheme that is allowed to run full course. Sudipto Sen tried but failed to calm uneasy depositors and agents, and could not increase inflow of funds.<ref name="TOI1">{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-04-23/kolkata/38761868_1_crore-chit-fund-agent-rs|archive-url=https://web.archive.org/web/20130426001024/http://articles.timesofindia.indiatimes.com/2013-04-23/kolkata/38761868_1_crore-chit-fund-agent-rs|url-status=dead|archive-date=26 April 2013|title=Saradha chit fund mess: Quick-rich dreams lie crushed|last=Bandopadhay|first=Krishnendu|work=[[The Times of India]]|access-date=29 April 2013}}</ref><br />
<br />
On 6 April 2013, Sen wrote an 18-page confessional letter to the CBI, in which he admitted that he had paid large sums of money to several politicians.<ref>{{cite news|url=http://www.deccanherald.com/content/328339/politicos-dock-over-saradha-scam.html|title=Politicos in dock over Saradha scam|agency=DHNS|work=Deccan Herald|access-date=29 April 2013}}</ref> He also stated that TMC leader Kunal Ghosh had forced him to enter into loss-making media ventures and blackmailed him into selling one of his television channels at below market price.<ref>{{cite web|url=https://youtube.com/watch?v=cGrJqJnJhjE|title=Times Now Exclusive: Sudipto Sen's letter to CBI on 6th April|publisher=Times Now - YouTube}}</ref> Sen fled after posting this letter on 10 April.<ref>{{cite news|agency=TNN|title=Sudipta Sen's driver says TMC MPs met Saradha boss before escape|url=http://timesofindia.indiatimes.com/india/Sudipta-Sens-driver-says-TMC-MPs-met-Saradha-boss-before-escape/articleshow/43283070.cms|access-date=24 September 2014|work=Times of India}}</ref><br />
<br />
In his absence, the Ponzi scheme unravelled. On 17 April, around 600 collection agents claiming to be associated with Saradha Group assembled at the headquarters of TMC and demanded government intervention.<ref>{{cite news|agency=TNN|title=Ponzi protests stall traffic|url=http://timesofindia.indiatimes.com/city/kolkata/Ponzi-protests-stall-traffic/articleshow/19732382.cms|access-date=24 September 2014|work=Times of India}}</ref> Despondency quickly spread across Bengal. A [[Times of India]] interviewee said, "'The entire Dakshin Barasat today looks like it was hit by a cyclone. Every home has a bankrupt depositor or a fugitive agent. People who were once friends became enemies. Happy households became miserable. Students stopped going to school. Traders lost interest in opening shutters. There is a sense of treachery that has replaced the warmth of a neighbourhood. Suddenly everything has become vicious."<ref name="TOI1"/> By this time, the Saradha Group financial scandal had colloquially become known as "Bonzi"{{mdash}}a portmanteau of the words Ponzi and Bengal.<ref>{{cite news|url=http://www.telegraphindia.com/1130421/jsp/frontpage/story_16809931.jsp#.UX7l-cV4800|archive-url=https://archive.today/20130615173058/http://www.telegraphindia.com/1130421/jsp/frontpage/story_16809931.jsp%23.UX7l-cV4800|url-status=dead|archive-date=15 June 2013|title=Bengal's Bonzi shell cracks up Panic strikes other schemes|last=Saha|first=Sambit|work=The Telegraph|access-date=29 April 2013}}</ref><br />
<br />
On 18 April, an arrest warrant for Sudipto Sen was issued.<ref>{{cite news|url=http://www.telegraphindia.com/1130419/jsp/frontpage/story_16803225.jsp#.UX7ZDMV4800|archive-url=https://archive.today/20130615173009/http://www.telegraphindia.com/1130419/jsp/frontpage/story_16803225.jsp%23.UX7ZDMV4800|url-status=dead|archive-date=15 June 2013|title=Mamata clears arrest to nip chit contagion|work=The Telegraph|access-date=29 April 2013}}</ref> By 20 April, the news of potentially the largest Ponzi scheme in India had become headline news in West Bengal, and then front-page news nationally.<ref>{{cite web|url=http://www.ponzitracker.com/main/2013/4/25/massive-36-billion-ponzi-scheme-uncovered-in-india.html|title=Massive $3.6 Billion Ponzi Scheme Uncovered in India|last=Maglich|first=Jordan|publisher=Ponzitracker|access-date=5 May 2013}}</ref><ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2013-04-21/kolkata/38709439_1_chit-fund-depositors-ashok-mitra|archive-url=https://web.archive.org/web/20130424081621/http://articles.timesofindia.indiatimes.com/2013-04-21/kolkata/38709439_1_chit-fund-depositors-ashok-mitra|url-status=dead|archive-date=24 April 2013|title=Sanchayita haunts Saradha victims|work=[[The Times of India]]|access-date=6 May 2013}}</ref><ref>{{cite news|url=http://www.indianexpress.com/news/soon-pil-in-hc-seeking-ban-on-chit-fund-operators/1105194/|title=Soon, PIL in HC seeking ban on chit fund operators|work=The Indian Express|access-date=6 May 2013}}</ref> After evading the authorities for a week, Sudipto Sen, Debjani Mukherjee and Arvind Singh Chauhan were arrested in [[Sonmarg]], [[Kashmir]], on 23 April 2013.<ref name=TGIndia1/><ref>{{cite news|url=http://www.indianexpress.com/news/saradha-group-chairman-sudipto-sen-arrested/1106572/|title=Saradha Group chairman Sudipto Sen arrested in Jammu and Kashmir|work=The Indian Express|publisher=PTI|access-date=6 May 2013|location=Kolkata}}</ref> On the same day, SEBI stated that both chain marketing and forward contracts are forms of CIS, and officially asked Saradha Group to immediately desist from raising any further capital and return all deposits within three months.<ref name="SEBIorder"/><ref>{{cite news|url=http://www.telegraphindia.com/1130424/jsp/frontpage/story_16820914.jsp#.UX7t_MV4800|archive-url=https://archive.today/20130615172803/http://www.telegraphindia.com/1130424/jsp/frontpage/story_16820914.jsp%23.UX7t_MV4800|url-status=dead|archive-date=15 June 2013|title='Boxed in', Sebi too late – Saradha given three months to refund investors|work=The Telegraph|access-date=29 April 2013|location=Mumbai}}</ref><br />
<br />
==Aftermath and reactions==<br />
<br />
===State government reaction===<br />
<br />
====West Bengal====<br />
On 22 April 2013 the [[Mamata Banerjee]] led West Bengal government announced that a four-member judicial inquiry commission headed by [[Shyamal Kumar Sen]], retired Chief Justice of the [[Allahabad High Court]], would probe the scam. The commission was named the Justice Shyamal Sen Commission of Enquiry (Saradha Group of Companies and other similar companies). West Bengal's Chief Minister Mamata Banerjee was reported to have said, "ja gechhey ta gechhey" (whatever has gone has gone).<ref>{{cite news|url=http://www.telegraphindia.com/1130423/jsp/frontpage/story_16817005.jsp#.UX7rvMV4800|archive-url=https://archive.today/20130615172808/http://www.telegraphindia.com/1130423/jsp/frontpage/story_16817005.jsp%23.UX7rvMV4800|url-status=dead|archive-date=15 June 2013|title=What the govt balance sheet shows The words and deeds|work=The Telegraph|access-date=29 April 2013}}</ref> On 24 April 2013, Banerjee announced a controversial {{INRConvert|500|c|nolink=yes}} relief fund for the low income depositors of the Saradha Group, introducing a 10% additional tax on tobacco products to raise the money and in jest asked smokers "to light up a little more".<ref>{{cite news|url=http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825376.jsp#.UX7vnMV4800|archive-url=https://archive.today/20130615172818/http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825376.jsp%23.UX7vnMV4800|url-status=dead|archive-date=15 June 2013|title=DIDI'S SIN TAX Rs 500cr plan to refund poor victims|work=The Telegraph|access-date=29 April 2013|location=Kolkota}}</ref><ref>{{cite news|url=http://www.telegraphindia.com/1130426/jsp/opinion/story_16826315.jsp#.UX8AY8V4802|archive-url=https://archive.today/20130615173013/http://www.telegraphindia.com/1130426/jsp/opinion/story_16826315.jsp%23.UX8AY8V4802|url-status=dead|archive-date=15 June 2013|title=Editorial|work=The Telegraph|access-date=29 April 2013}}</ref> The propriety of the fund was later questioned by the Governor of RBI.<ref>{{cite news|url=http://www.telegraphindia.com/1130509/images/09zzrbibig.jpg|archive-url=https://archive.today/20130615192046/http://www.telegraphindia.com/1130509/images/09zzrbibig.jpg|url-status=dead|archive-date=15 June 2013|title=Is Sardha tax fair RBI Chief asks|work=The Telegraph|access-date=9 May 2013}}</ref> The West Bengal government also set up a Special Investigation Team (SIT) u/s 36 of the CrPC, with officers drawn from the state's CID and Kolkata Police, to pool the criminal cases and investigate the Saradha Group.<ref>{{cite news|title=Tathagata Roy says sit is not doing good in sardha case. So why not cbi?|url=http://www.bharatnewschannels.com/abpanandatv-news-watchonline/tathagata-roy-says-sit-is-not-doing-good-in-sardha-case-so-why-not-cbi-video_3b75c17c4.html|access-date=28 April 2014|newspaper=BNC}}</ref> [[Mamata Banerjee]] led State Government staunchly opposed all investigations by federal investigative agencies CBI, ED and SFIO; conceding only after the Supreme Court ordered the federal agencies to take up the investigation.<ref>{{cite news|agency=PTI|title=BJP questions Mamata Banerjee's silence over CBI quizzing TMC leaders|url=http://articles.economictimes.indiatimes.com/2014-09-09/news/53730882_1_cbi-inquiry-tmc-mp-siddharth-nath-singh|access-date=13 September 2014|work=Economic Times}}</ref><br />
<br />
The state government decided to repeal an existing Bill passed by the Left Front Government in 2009, which had not received the approval of the [[President of India]].<ref>{{cite news|title=Confusion over new chit-fund bill|url=http://articles.timesofindia.indiatimes.com/2013-04-30/kolkata/38929038_1_new-bill-bill-tomorrow-financial-establishments-bill|archive-url=https://archive.today/20130615172824/http://articles.timesofindia.indiatimes.com/2013-04-30/kolkata/38929038_1_new-bill-bill-tomorrow-financial-establishments-bill|url-status=dead|archive-date=15 June 2013|access-date=30 April 2013|newspaper=[[The Times of India]]}}</ref><ref>{{cite news|title=New bill on chit funds by Bengal govt sparks off debate|url=http://www.business-standard.com/article/economy-policy/new-bill-on-chit-funds-by-bengal-govt-sparks-off-debate-113042800495_1.html|access-date=30 April 2013|newspaper=Business Standard}}</ref> On 30 April 2013 the new Bill—The West Bengal Protection of Interest of Depositors in Financial Establishments Bill (2013), was passed in a two-day special session of the [[West Bengal Legislative Assembly]]. The new law has provisions for retrospective effect, search and seizure, enhanced penalties, establishment of special courts and confiscation of property.<ref>{{cite news|title=West Bengal passes new Bill to protect investor interests|url=http://www.thehindubusinessline.com/news/states/west-bengal-passes-new-bill-to-protect-investor-interests/article4670519.ece|access-date=30 April 2013|newspaper=Business Line}}</ref><ref>{{cite news|title=West Bengal to bring new bill on protecting investor interest|url=http://www.thehindu.com/news/national/other-states/west-bengal-to-bring-new-bill-on-protecting-investor-interest/article4666940.ece|access-date=30 April 2013|newspaper=The Hindu}}</ref><ref>{{cite news|title=New Bill For Investor Protection To Have More Teeth|url=http://www.businessworld.in/en/storypage/-/bw/new-bill-for-investor-protection-to-have-more-teeth/875675.16627/page/0|access-date=30 April 2013|newspaper=Business World}}</ref> As the Bill pertained to the [[Concurrent List]] of the [[Constitution of India|Indian Constitution]], on which a federal law was already in place, it required approval from the President. The Bill was sent to the [[Union Home Ministry]], which sent it back to the West Bengal Assembly on 6 June 2013, stating that the Bill has penal provisions implemented with retrospective effect, thus contravening the [[Basic structure doctrine]] of the Indian constitution and the established criminal law jurisprudence.<ref>{{cite news|title=Delhi lobs back Saradha bill|url=http://www.telegraphindia.com/1130607/jsp/frontpage/story_16981167.jsp|archive-url=https://archive.today/20140513232236/http://www.telegraphindia.com/1130607/jsp/frontpage/story_16981167.jsp|url-status=dead|archive-date=13 May 2014|access-date=10 May 2014|newspaper=Calcutta Telegraph}}</ref> On 12 December 2013, the West Bengal Legislative Assembly passed an amended version of the original Bill, incorporating changes suggested by the financial services, and revenue and economic affairs departments in New Delhi. The new Bill was then sent for presidential approval.<ref>{{cite news|title=Saradha bill passed 2nd time|url=http://www.telegraphindia.com/1131213/jsp/bengal/story_17673797.jsp|archive-url=https://archive.today/20140513232141/http://www.telegraphindia.com/1131213/jsp/bengal/story_17673797.jsp|url-status=dead|archive-date=13 May 2014|access-date=10 May 2014|newspaper=Calcutta Telegraph}}</ref><br />
<br />
On 8 May 2013, Banerjee said West Bengal was considering setting up a government-backed small savings fund to encourage small depositors to invest in it rather than in Ponzi schemes.<ref>{{cite news|url=http://indiatoday.intoday.in/story/mamata-banerjee-moots-social-security-scheme-chit-fund-scam/1/269959.html|title=Mamata Banerjee moots social security scheme after Saradha chit fund scam|agency=IANS|work=India Today|access-date=9 May 2013|location=Kolkata}}</ref> Doubts whether a cash-starved state with high debt burden has the financial acumen or political will to independently administer such a fund.<ref>{{cite news|url=http://www.telegraphindia.com/1130509/jsp/bengal/story_16877625.jsp#.UYvdRcV4800|archive-url=https://archive.today/20130615173026/http://www.telegraphindia.com/1130509/jsp/bengal/story_16877625.jsp%23.UYvdRcV4800|url-status=dead|archive-date=15 June 2013|title=Here comes trusted Didi deposit scheme|work=The Telegraph|access-date=9 May 2013|location=Kolkata}}</ref><br />
<br />
On 23 May 2013, Bannerjee indicated the West Bengal government's willingness to take over Saradha-owned television channels ''Tara News'' and ''Tara Muzic'', which had earlier been sent into administration by Calcutta High Court.<ref>{{cite news|url=http://www.telegraphindia.com/1130523/jsp/frontpage/story_16930019.jsp#.UZ5kBsVhByM|archive-url=https://archive.today/20130615173033/http://www.telegraphindia.com/1130523/jsp/frontpage/story_16930019.jsp%23.UZ5kBsVhByM|url-status=dead|archive-date=15 June 2013|title=Bengal to take over 2 TV channels of Saradha Group, but not liabilities|agency=PTI|work=The Telegraph|access-date=23 May 2013|location=Kolkata}}</ref><br />
<br />
====Assam====<br />
On 4 April 2013, the [[Assam Legislative Assembly]] unanimously passed the Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill (2013) to enhance the protections available to depositors and to curb fraudulent financial schemes.<ref>{{cite web|url=http://news.guwahationline.in/Assembly-passes-Assam-Protection-of-Interests-of-Depositors-in-Financial-Establishments-Amendment-Bill-17571|title=Assembly passes Assam Protection of Interests of Depositors (in Financial Establishments) Amendment Bill|access-date=6 May 2013|location=Guwahati}}</ref> Soon after the Saradha scam, [[Government of Assam|Assam Government]] sent the Bill to the State Governor for his approval so it could be forwarded to President of India for his assent.<ref name="DP1">{{cite news|url=http://www.dailypioneer.com/nation/assam-bill-awaits-guv-nod-to-nip-saradha-like-scams-in-bud.html|title=Assam Bill awaits Guv nod to nip Saradha-like scams in bud|agency=IANS|work=Dailly Pioneer|access-date=6 May 2013|location=Guwahati}}</ref><br />
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On 22 April 2013, [[Assam Police]] sealed five offices of Saradha Group amid protests by depositors, agents and employees, and accusations that a minister, a former DGP and government officials had facilitated the group's business ventures in Assam.<ref>{{cite news|url=http://www.telegraphindia.com/1130424/jsp/frontpage/story_16820616.jsp#.UX7umMV4800|archive-url=https://archive.today/20130615172903/http://www.telegraphindia.com/1130424/jsp/frontpage/story_16820616.jsp%23.UX7umMV4800|url-status=dead|archive-date=15 June 2013|title=Company Offices Sealed in Assam|work=The Telegraph|access-date=29 April 2013|location=Guwahati/Bongaigaon}}</ref> Unlike in West Bengal, where the probe is based on FIRs filed by defrauded depositors, the Assam Government ''suo motto'' registered 222 cases against Saradha Group and 127 other companies after widespread protests in Assam. In 17 cases, charge sheets have been filed against 42 people belonging to 15 companies. 303 people have been arrested for embezzling public money. The government seized nearly {{INRConvert|9.4|m|nolink=yes}} in cash from those arrested. 106 bank accounts with deposits of {{INRConvert|240|m|nolink=yes}} were frozen while a number of plots totalling more than 99 [[bigha]]s and buildings have been identified; steps were taken for their attachment.<ref name="DP1"/> On 6 May 2013, Assam handed the investigation to CBI.<ref name="Telegraph9513">{{cite news|url=http://www.telegraphindia.com/1130509/jsp/frontpage/story_16877046.jsp#.UYvCQ8V4800|archive-url=https://archive.today/20130615172801/http://www.telegraphindia.com/1130509/jsp/frontpage/story_16877046.jsp%23.UYvCQ8V4800|url-status=dead|archive-date=15 June 2013|title=Tripura at CBI's door over deposits|work=The Telegraph|access-date=9 May 2013|location=Agartala}}</ref><br />
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====Odisha====<br />
On the basis of complaints filed by over 6000 depositors mainly from districts adjoining Bengal, the [[Government of Odisha]] ordered the Crime Branch of [[Odisha Police]] to investigate the Saradha scam.<ref>{{cite news|title=State feels Saradha aftershocks|url=http://www.telegraphindia.com/1130430/jsp/odisha/story_16842147.jsp#.UYAfj6JHLxM|archive-url=https://archive.today/20130615172725/http://www.telegraphindia.com/1130430/jsp/odisha/story_16842147.jsp%23.UYAfj6JHLxM|url-status=dead|archive-date=15 June 2013|access-date=30 April 2013|newspaper=The Telegraph}}</ref> The Economic Offence Wing (EOW) of the Crime Branch of Odisha Police registered criminal cases against Sudipto Sen and Saradha Group. On 3 May 2013, Odisha police seized documents and sealed the group's local offices.<ref>{{cite web|url=http://zeenews.india.com/news/odisha/odisha-police-registers-second-case-against-saradha-group_846976.html|title=Odisha Police registers second case against Saradha Group|publisher=Zee News|access-date=6 May 2013|location=Bhuvaneshwar}}</ref><ref>{{cite news|url=http://www.dnaindia.com/india/1831404/report-odisha-police-registers-second-case-against-saradha-group|title=Odisha Police registers second case against Saradha Group|agency=PTI|work=DNA India|access-date=6 May 2013|location=Bhuvneshwar}}</ref><ref>{{cite news|url=http://www.odishareporter.in/districts/khordha/chit-fund-saradhas-office-closed-in-the-state|title=Chit fund Saradha's office closed in the state|agency=PTI|work=Odisha Reporter|access-date=6 May 2013}}</ref> During the transfer of the investigation to CBI in May 2014, EOW had registered up to 207 cases relating to 43 of the group's 44 companies and had arrested 440 people. Charge sheets for cheating and criminal conspiracy were filed in 120 cases under provisions of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banning) Act, and the Odisha Protection of Interest of Depositors (in Financial Establishments) Act.<ref>{{cite news|last=Anand|first=Utkarsh|title=Orissa ponzi scam surpasses that of Bengal by Rs 2,140 cr|url=http://indianexpress.com/article/india/india-others/orissa-ponzi-scam-surpasses-that-of-bengal-by-rs-2140-cr/|access-date=10 May 2014|newspaper=Indian Express}}</ref><br />
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====Tripura====<br />
On 9 May 2013, the [[Government of Tripura]] handed over all the cases involving deposit-collecting companies in the state to CBI and the Income Tax Department.<ref name="Telegraph9513"/><br />
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===Central government reaction===<br />
In March 2013, [[Ministry of Corporate Affairs (India)|Central corporate affairs minister]] [[Sachin Pilot]] said in the [[Lok Sabha]]{{mdash}}the lower house of the Parliament of India{{mdash}}that his ministry has received complaints against West Bengal's Saradha Group and many other companies for their involvement in Ponzi or multi-layer-marketing schemes.<ref name="eoi1"/> No action was taken until after the fraud was uncovered, when many measures were announced. On 25 April 2013, India's Income Tax department and Ministry of Corporate Affairs started separate investigation into the Saradha affair and similar Ponzi funds masquerading as NBFCs or CISs.<ref>{{cite news|url=http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825969.jsp#.UX7vkcV4800|archive-url=https://archive.today/20130615223914/http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825969.jsp%23.UX7vkcV4800|url-status=dead|archive-date=15 June 2013|title=Corporate Affairs Ministry to probe Saradha group|agency=PTI|work=The Telegraph|access-date=29 April 2013}}</ref> On the same day, the Enforcement Directorate (ED) registered a money laundering case under the provisions of the Prevention of Money Laundering Act (PMLA) at its [[Guwahati]] office because the Assam police has registered an FIR against Saradha Group to investigate depositors' allegations of financial irregularities.<ref>{{cite news|url=http://articles.economictimes.indiatimes.com/2013-04-25/news/38817381_1_chairman-sudipto-sen-saradha-group-enforcement-directorate|title=Saradha chit fund scam: ED registers money laundering case|work=The Economic Times|access-date=29 April 2013|location=New Delhi}}</ref> On 1 May 2013, commenting on the regulatory loopholes, the Chairman of SEBI said, "there should be one single regulator for entire collective investment schemes".<ref>{{cite news|url=http://www.thehindu.com/news/national/working-hard-to-save-investors-from-ponzi-schemes-sebi/article4672931.ece|title=Working hard to save investors from Ponzi schemes: SEBI|agency=PTI|work=The Hindu|access-date=1 May 2013|location=New Delhi}}</ref><br />
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On 7 May 2013, the Central Government set up an inter-ministerial group with members of the corporate affairs ministry, SEBI, Reserve Bank of India and officers from the Income Tax Department. The group is intended to unify the regulations of investment schemes by NBFCs, banks and companies, which {{as of|2013}} were governed by different laws and regulations, leading to regulatory loopholes.<ref>{{cite news|url=http://www.moneycontrol.com/news/cnbc-tv18-comments/saradha-scam-probe-panel-setto-fix-loopholeslaws-_866496.html|title=Saradha scam: Probe panel set up to fix loopholes in laws|last=Bannerjee|first=Ronojoy|publisher=CNBC-TV18|access-date=9 May 2013}}</ref> In light of the fraud, SEBI requested sweeping powers to investigate and prosecute fraudulent CISs.<ref>{{cite news|url=http://www.livemint.com/Money/5EInzuBGAyh4Km8CkgCgKM/Sebi-seeks-sweeping-powers.html|title=Sebi seeks sweeping powers|last=Lashkar|first=Anirudh|author2=Vyas Mohan |work=Live Mint|access-date=22 May 2013|location=Mumbai}}</ref> In August 2013, the Central Government amended the SEBI Act and gave SEBI powers to search and seize without prior magisterial permission to investigate illegal money collection schemes.<ref>{{cite news|url=http://www.business-standard.com/article/markets/sebi-working-on-regulations-to-incorporate-new-powers-113081900921_1.html|title=Sebi working on norms to incorporate new powers|last=Modak|first=Samie|work=Business Standard|access-date=19 August 2013}}</ref><ref>{{cite news|url=http://www.business-standard.com/article/markets/sebi-enacts-stricter-laws-on-cis-front-running-113081201156_1.html|title=Sebi enacts stricter laws on CIS, front running|work=Business Standard|access-date=19 August 2013}}</ref><br />
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===Political reactions and protests===<br />
The crash of the Ponzi scheme and the publication of Sudipto Sen's letter led to a barrage of cross-party accusations. CPM accused TMC of associating with the 'chit fund', TMC alleged that Union Minister of Finance's wife Nalini Chidambaram had taken lawyers' fees from Saradha Group to incorporate its companies and should be investigated.<ref>{{cite web|author=PTI |url=http://articles.timesofindia.indiatimes.com/2013-04-25/india/38816292_1_saradha-group-nalini-chidambaram-kunal-ghosh |archive-url=https://web.archive.org/web/20130428083513/http://articles.timesofindia.indiatimes.com/2013-04-25/india/38816292_1_saradha-group-nalini-chidambaram-kunal-ghosh |url-status=dead |archive-date=28 April 2013 |work=[[The Times of India]] |title=Chit fund: TMC questions role of Chidambaram's wife in Saradha group |access-date=26 April 2013}}</ref> TMC blamed CPM for letting Ponzi funds grow in Bengal.<ref name="Letter">{{cite news|url=http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825380.jsp#.UX7vmsV4800|archive-url=https://archive.today/20130615192134/http://www.telegraphindia.com/1130425/jsp/frontpage/story_16825380.jsp%23.UX7vmsV4800|url-status=dead|archive-date=15 June 2013|title=Many claims in letter – Sudipta Sen's missive to CBI|work=The Telegraph|access-date=29 April 2013}}</ref><br />
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The Saradha scandal became a major campaign issue amongst the political parties in West Bengal during the [[2014 Indian general election|2014 national election]].<ref>{{cite news|last=Purohit|first=Devadeep|title=Open season on Saradha scandal Rahul's turn to target Mamata, earn wrath|url=http://www.telegraphindia.com/1140420/jsp/frontpage/story_18259251.jsp|archive-url=https://archive.today/20140428180946/http://www.telegraphindia.com/1140420/jsp/frontpage/story_18259251.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref> Allegations were made by all the political parties in the state. While the CPM, Congress and BJP again accused TMC of facilitating and profiting from the fraud, TMC said the companies were allowed to register during the government run by CPM in the state and Congress in the centre.<ref>{{cite news|last=Bannerjee|first=Rupak|title=CPM a Saradha beneficiary: Mamata|url=http://timesofindia.indiatimes.com/city/kolkata/CPM-a-Saradha-beneficiary-Mamata/articleshow/34307155.cms|access-date=28 April 2014|newspaper=Times of India}}</ref> Mamata Bannerjee, Chief Minister of West Bengal and Chairperson of TMC, attacked [[P. Chidambaram]], the finance minister of the central government, alleging a political vendetta in the timing{{mdash}}coinciding with the parliamentary elections{{mdash}}of a spurt in Enforcement Directorate investigation.<ref>{{cite news|agency=PTI|title=Saradha scam: Mamata targets Chidambaram over ED probe|url=http://www.deccanherald.com/content/401204/saradha-scam-mamata-targets-chidambaram.html|access-date=28 April 2014|newspaper=DEccan Herald}}</ref> More political controversy occurred when [[Narendra Modi]], the prime ministerial candidate, said Mamata Bannerjee may have directly benefited from the Ponzi scheme when her paintings were allegedly bought for {{INRConvert|1.8|c|nolink=yes}} by the Saradha Group.<ref>{{cite news|last=Roy|first=Sandip|title=Modi taunts Mamata over Saradha; Look after your wife, retorts TMC|url=http://www.firstpost.com/politics/modi-taunts-mamata-over-saradha-look-after-your-wife-retorts-tmc-1499583.html|access-date=28 April 2014|newspaper=Firstpost}}</ref> TMC replied to the allegations, threatened legal action for defamation and called Modi the "Butcher of Gujarat".<ref>{{cite news|title=Narendra Modi slams Mamata Banerjee over Saradha scam, TMC calls him "Butcher of Gujarat"|url=http://indianexpress.com/photos/picture-gallery-others/narendra-modi-slams-mamata-banerjee-over-saradha-scam-tmc-calls-him-butcher-of-gujarat/#modi2-14|access-date=28 April 2014|newspaper=Indian Express}}</ref><ref>{{cite news|last=Bannerjee|first=Monidepa|title=Mamata Banerjee's party calls Narendra Modi 'butcher of Gujarat'|url=http://www.ndtv.com/elections/article/election-2014/mamata-banerjee-s-party-calls-narendra-modi-butcher-of-gujarat-514767?curl=1398702740|access-date=28 April 2014|newspaper=NDTV}}</ref> On 11 September 2014, West Bengal law minister Chandrima Bhattacharya led around 100 TMC women supporters in a sit-in protest against CBI, alleging a biased and "politically motivated probe".<ref>{{cite news|last1=Das|first1=Madhuparna|title=As CBI's Saradha net closes in on her party, Mamata Banerjee flexes her cadre muscle|url=http://indianexpress.com/article/india/politics/as-cbis-saradha-net-closes-in-on-her-party-mamata-flexes-her-cadre-muscle/|access-date=13 September 2014|work=The Indian Express}}</ref><ref>{{cite news|agency=TNN|title=TMC fields law minister to lead anti-CBI protests|url=http://timesofindia.indiatimes.com/City/Kolkata/TMC-fields-law-min-to-lead-anti-CBI-protests/articleshow/42291830.cms|access-date=13 September 2014|work=Times of India}}</ref><br />
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Street protests broke out across West Bengal, during some of which protesters ransacked offices of various Ponzi funds.<ref name="BS10">{{cite news|url=http://www.business-standard.com/article/companies/investors-ransack-saradha-s-bengal-offices-knock-at-cm-s-door-113042000428_1.html|title=Investors ransack Saradha's Bengal offices, knock at CM's door|last=Mishra|first=Digbijay|access-date=29 April 2013|location=Kolkata}}</ref> The agents and depositors of several money mobilising funds in West Bengal organised themselves into the Chit Fund Sufferers Unity Forum (CFSUF) and demanded swift investigation and the reimbursement of deposits.<ref>{{cite web|agency=IANS|title=Politicians, academicians arrested over Saradha scam protest|url=https://in.news.yahoo.com/politicians-academicians-arrested-over-saradha-scam-protest-151004907.html|publisher=Yahoo|access-date=10 May 2014}}</ref> The Forum engaged in several, high-visibility, disruptive protests;<ref>{{cite web|title=Chitfund Sufferers' calls for 'Rail Roko' in Kolkata: 20000 expected to squat on Railway Lines|url=http://www.railnews.co.in/chitfund-sufferers-calls-for-rail-roko-in-kolkata-20000-expected-to-squat-on-railway-lines/|access-date=10 May 2014}}</ref> it was allegedly threatened and intimidated by TMC, the ruling political party.<ref>{{cite news|last=Chankraborty|first=Manotosh|title=Ponzi victims in Garia face 'TMC' wrath|url=http://timesofindia.indiatimes.com/city/kolkata/Ponzi-victims-in-Garia-face-TMC-wrath/articleshow/34554174.cms|access-date=10 May 2014|newspaper=Times of India}}</ref><ref>{{cite news|title=Saradha Shock|url=http://www.thestatesman.net/news/52694-saradha-shock.html|access-date=10 May 2014|newspaper=The Statesman}}</ref> <br />
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According to media reports, around 210 agents, depositors and executives or directors of various money pooling companies have committed suicide in the aftermath of the Saradha Group's collapse.<ref>{{cite news|last=Bhattacharya|first=Ravik|title=CBI forms SIT to probe Saradha group, 17 other firms|url=http://www.hindustantimes.com/elections2014/state-of-the-states/on-last-day-of-poll-cbi-forms-team-to-probe-saradha-scam/article1-1218557.aspx|archive-url=https://web.archive.org/web/20140513040544/http://www.hindustantimes.com/elections2014/state-of-the-states/on-last-day-of-poll-cbi-forms-team-to-probe-saradha-scam/article1-1218557.aspx|url-status=dead|archive-date=13 May 2014|access-date=15 May 2014|newspaper=Hindustan Times}}</ref><ref>{{cite news|last1=Das|first1=Madhuparna|title=Saradha net wider, tighter|url=http://indianexpress.com/article/india/india-others/saradha-net-wider-tighter/99/|access-date=24 September 2014|work=Indian Express}}</ref><br />
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===International reaction===<br />
In September 2014, Bengali newspaper ''[[Anandabazar Patrika]]'', citing several domestic and foreign intelligence reports, published a series of articles reporting that Saradha Group through [[Ahmed Hassan Imran]], a TMC MP and founder member of [[Student Islamic Movement of India]],<ref>{{cite news|last1=Chanda|first1=Arup|title=Mystery Surrounds Pakistan Citizen's TMC MP Post|url=http://www.newindianexpress.com/nation/Mystery-Surrounds-Pakistan-Citizens-TMC-MP-Post/2014/09/22/article2442700.ece|access-date=24 September 2014|work=The New Indian Express}}</ref> engaged [[Bangladesh Jamaat-e-Islami|Jamaat-e-Islami]], a [[Bangladeshi]] extremist organisation, to move money out of India.<ref>{{cite news|author=Nairita|title=Saradha scam shocker: Mamata Banerjee's aide, TMC MP's link with terror group SIMI, Jamat exposed|url=http://news.oneindia.in/india/mamata-banerjee-close-aide-tmc-mp-connection-with-terror-outfit-simi-bangladesh-1520240.html|access-date=12 September 2014|work=One India}}</ref><ref>{{cite news|title=Bangladesh moves India on Imran|url=http://bdnews24.com/bangladesh/2014/09/12/bangladesh-moves-india-on-imran|access-date=12 September 2014|work=BDNews24}}</ref> Jamaat-e-Islami used its brokerage from the laundering operation to fuel its [[2013 Bangladesh riots|militant protests]] against the [[International Crimes Tribunal (Bangladesh)|war crime trials]] of its founders<ref>{{cite news|title=Report: India's Saradha Group funded Jamaat violence|url=http://www.dhakatribune.com/crime/2014/sep/13/report-india%E2%80%99s-saradha-group-funded-jamaat-violence|access-date=12 September 2014|work=Dhaka Tribune}}</ref> and destabilise the [[Awami League]] government in Bangladesh.<ref>{{cite news|last1=Chanda|first1=Arup|title=Saradha Money Fanned Bangla Flames|url=http://www.newindianexpress.com/nation/Saradha-Money-Fanned-Bangla-Flames/2014/08/24/article2395017.ece|access-date=13 September 2014|work=The New Indian Express}}</ref><br />
<br />
In response to the expose, the Government of Bangladesh, led by [[Sheikh Hasina]], ordered the formation of a commission to further investigate the matter.<ref>{{cite web|title=Saradha scam with Trinamool links may also have funded Bangla Islamists|url=http://firstbiz.firstpost.com/corporate/saradha-scam-with-trinamool-links-may-also-have-funded-bangla-islamists-97730.html|website=Firstbiz|access-date=13 September 2014}}</ref> Mamata Bannerjee summoned the Deputy High Commissioner of Bangladesh to lodge a protest for an alleged protocol violation for "selective leaks in media".<ref>{{cite news|last1=Bagchi|first1=Suvojit|title=Mamata summons Bangladesh Deputy High Commissioner|url=http://www.thehindu.com/news/cities/kolkata/mamata-banerjee-summons-bangladesh-deputy-high-commissioner/article6406234.ece|access-date=13 September 2014|work=The Hindu}}</ref> During subsequent bilateral meetings, Bangladesh Foreign Minister [[Abul Hassan Mahmud Ali]] conveyed deep apprehensions about funding for terrorists flowing from India to Bangladesh to [[Ajit Doval]], the Indian National Security Advisor (NSA).<ref>{{cite web|title=India Should Unmask Saradha Link to Jamaat|url=http://www.newindianexpress.com/editorials/India-Should-Unmask-Saradha-Link-to-Jamaat/2014/09/23/article2444261.ece|publisher=The New Indian Express|access-date=24 September 2014}}</ref><ref>{{cite news|title=Bangladesh rakes up Saradha money with India|url=http://www.hindustantimes.com/india-news/bangladesh-rakes-up-saradha-money-with-india/article1-1266293.aspx|archive-url=https://web.archive.org/web/20140920021843/http://www.hindustantimes.com/india-news/bangladesh-rakes-up-saradha-money-with-india/article1-1266293.aspx|url-status=dead|archive-date=20 September 2014|access-date=24 September 2014|work=Hindustan Times}}</ref> Bangladeshi human rights activist [[Shahriar Kabir]] also raised concerns about Saradha funds being moved through an extremist organisation to terrorist organisations like [[Al Qaeda]].<ref>{{cite news|last1=Azad|first1=Abid|title=Concern expressed over Saradha's Jamaat funding|url=http://www.dhakatribune.com/crime/2014/sep/14/concern-expressed-over-saradha%E2%80%99s-jamaat-funding|access-date=24 September 2014|work=Dhaka Tribune}}</ref><br />
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===Judicial reactions===<br />
On 22 April 2013, separate [[Public Interest Litigation]]s (PIL) were filed in [[Guwahati High Court]] by RTI activist Akhil Gogoi and in [[Calcutta High Court]] by advocate Basabi Roy Chowdhury and subsequently by advocate Rabi Sankar Chattopadhyay and Bikas Ranjan Bhattacharya, both seeking CBI investigation against the Saradha Group and other chit fund companies.<ref>{{cite news|url=http://www.thehindubusinessline.com/industry-and-economy/banking/road-blockades-across-bengal-two-pils-filed/article4644303.ece|title=Road blockades across Bengal; two PILs filed|work=Business Line|access-date=29 April 2013|location=Kolkata}}</ref><br />
On 25 April, responding to the PIL, a division bench of Calcutta High Court comprising Chief Justice [[Arun Kumar Mishra]] and Justice Joymalya Bagchi said that because the ramifications of the scam included other states, a central agency would do justice to the investigation. The court gave state government one week to submit its investigation report to see whether the probe was being conducted in a fair manner.<ref>{{cite news|url=http://www.keralanext.com/news/2013/04/29/article106.asp|title=Saradha money scam: Calcutta High Court and Central govt stepping in|publisher=Kerala Next|access-date=29 April 2013}}</ref> On 7 May 2013, Calcutta High Court appointed a three-member administrator group to run ''Tara News'' and ''Tara Muzic''.<ref>{{cite news|url=http://www.indianexpress.com/news/panel-lifeline-for-two-tv-channels-owned-by-saradha/1112504/#sthash.d77SGLSg.dpuf|title=Panel lifeline for two TV channels owned by Saradha|work=The Indian Express|access-date=9 May 2013}}</ref> The High Court then allowed the SIT to continue with the investigation and ordered it to submit a timely progress report before the court.<ref>{{cite news|title=State probe for now into Saradha default|url=http://www.telegraphindia.com/1130620/jsp/bengal/story_17027926.jsp|archive-url=https://archive.today/20140428181006/http://www.telegraphindia.com/1130620/jsp/bengal/story_17027926.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref> The petitioners were dissatisfied with the order and appealed to the [[Supreme Court of India]] in July 2013 via a Special Leave Petition (SLP).<ref>{{cite news|agency=PTI|title=SC notice to Centre, Bengal for CBI probe into Saradha scam|url=http://www.telegraphindia.com/1130718/jsp/frontpage/story_17130427.jsp|archive-url=https://archive.today/20140428181005/http://www.telegraphindia.com/1130718/jsp/frontpage/story_17130427.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref> Before the Supreme Court the Government of West Bengal stated that the investigation into the scam was being successfully conducted by the SIT.<ref>{{cite news|title=Saradha report 'sketchy' - SC: Where has depositors' money gone?|url=http://www.telegraphindia.com/1140305/jsp/bengal/story_18046308.jsp|archive-url=https://archive.today/20140428180959/http://www.telegraphindia.com/1140305/jsp/bengal/story_18046308.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref><br />
<br />
The state governments of Orissa, Jharkhand and Tripura, which were respondent to the case, requested a CBI enquiry.<ref>{{cite news|title=Neighbour sneezes, Bengal sniffs SC tilts to Odisha CBI probe|url=http://www.telegraphindia.com/1140424/jsp/frontpage/story_18273267.jsp|archive-url=https://archive.today/20140428181006/http://www.telegraphindia.com/1140424/jsp/frontpage/story_18273267.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=The Calcutta Telegraph}}</ref> The SC bench led by Justice T.S. Thakur and Justice C. Nagappan in April, 2014 said the Supreme Court may order a CBI probe into all money collection entities in India.<ref>{{cite news|last=Mishra|first=Ashutosh|title=Collection scam: SC hints at CBI probe|url=http://www.telegraphindia.com/1140424/jsp/frontpage/story_18272259.jsp|archive-url=https://archive.today/20140428181013/http://www.telegraphindia.com/1140424/jsp/frontpage/story_18272259.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=The Calcutta Telegraph}}</ref> On 9 May 2014, the same bench of the Supreme Court ordered CBI to investigate all Ponzi schemes, including Saradha, in Eastern India.<ref>{{cite web|title=Supreme Court asks CBI to probe Saradha chit fund scam|url=http://news.biharprabha.com/2014/05/supreme-court-asks-cbi-to-probe-saradha-chit-fund-scam/|work=IANS|publisher=news.biharprabha.com|access-date=9 May 2014}}</ref> The Court also clarified the concurrent attachment and auction of the assets of suspected Ponzi companies to reimburse depositors at the end of the judicial proceedings initiated by Enforcement Directorate authorised under federal laws and various state agencies authorised under state laws would also run parallel to the CBI investigation.<ref>{{cite news|title=CBI Probe not to Affect Asset Liquidation Move|url=http://www.newindianexpress.com/states/odisha/CBI-Probe-not-to-Affect-Asset-Liquidation-Move/2014/05/10/article2216516.ece|access-date=10 May 2014|newspaper=The New Indian Express}}</ref><br />
<br />
===Economic effects===<br />
[[File:Fall of small savings due to ponzi.png|thumb|right|Graph shows the fall of savings in government schemes with the rise of Ponzi funds (figures on y axis are in Crores INR)]]<br />
<br />
Companies illegally moving deposits diverted an estimated sum of {{INRConvert|240|b|nolink=yes}} from small savings funds promoted by state government since 2010. Official data show a steady decline in small-savings deposits and a rise in withdrawals, which left a reduced amount from which the state government could borrow. This affected the overall macroeconomic situation of the state; instead of being used by government for public funding, the money went into Ponzi schemes that were either diverted to foreign locations or were put to use for private gains.<ref>{{cite news|url=http://www.telegraphindia.com/1130426/jsp/frontpage/story_16829615.jsp#.UX8AJMV4800|archive-url=https://archive.today/20130615172825/http://www.telegraphindia.com/1130426/jsp/frontpage/story_16829615.jsp%23.UX8AJMV4800|url-status=dead|archive-date=15 June 2013|title=Snore & drown savings bell&nbsp;... Zzzzzzzzzzzz&nbsp;... |last=Sarkar|first=Pranesh|work=The Telegraph|access-date=29 April 2013|location=Kolkata}}</ref><br />
<br />
It was feared that legitimate non-banking financial companies and micro finance institutions would be stigmatised, leading to a vicious cycle of low depositor trust, higher interest rates, lower lending and a localised credit crisis.<ref>{{cite news|url=http://zeenews.india.com/business/news/companies/saradha-group-has-nothing-to-do-with-chit-fund-business-cfai_75158.html|title=Saradha Group has nothing to do with Chit Fund business: CFAI|publisher=Zee News|access-date=29 April 2013|location=New Delhi}}</ref> Because most of the Saradha Group depositors came from the lowest economic strata, the loss of the investment would cause a further decrease in social mobility.<ref>{{cite news|url=https://www.bloomberg.com/news/2013-05-06/indian-ponzi-scheme-gets-a-political-bailout.html|title=Indian Ponzi Scheme Gets a Political Bailout|last=Chowdhury|first=Charandas|work=Bloomberg|access-date=9 May 2013}}</ref> The scandal drew attention to similar illegal deposit mobilising companies, which are facing increased regulatory pressure.<ref>{{cite news|url=http://www.livemint.com/Industry/Z13LKAAQCWO5W5apSX3WYM/ICore-EServices-on-the-verge-of-collapse.html|title=ICore E-Services on the verge of collapse|last=Basu|first=Manish|work=Livemint|access-date=9 May 2013}}</ref><ref>{{cite news|url=http://www.ndtv.com/article/india/after-saradha-group-s-collapse-focus-on-rural-bengal-s-get-rich-schemes-359826|title=After Saradha Group's collapse, focus on rural Bengal's 'get rich' schemes|last=Pandey|first=Alok|publisher=NDTV|access-date=9 May 2013|location=Singur}}</ref> Many of these companies have been variations of time share travel schemes, of which there are few clear regulations.<ref>{{cite news|url=http://www.telegraphindia.com/1130521/jsp/frontpage/story_16921023.jsp#.UZuZDMVhByM|archive-url=https://archive.today/20130615172846/http://www.telegraphindia.com/1130521/jsp/frontpage/story_16921023.jsp%23.UZuZDMVhByM|url-status=dead|archive-date=15 June 2013|title=Sebi and Rose hurl thorns in ad valley|last=Ghosh|first=Pinak|work=The Telegraph|access-date=21 May 2013|location=Kolkota}}</ref> These companies tried to register as cooperative societies to continue their financial operations.<ref>{{cite news|url=http://www.livemint.com/Industry/Veab8B9Gm8mqPvlhNVpPnM/Saradha-fallout-Bengal-firms-eye-cooperative-society-status.html|title=Saradha fallout: Bengal firms eye cooperative society status|last=Basu|first=Manish|work=LiveMint|access-date=21 May 2013|location=Kolkata}}</ref><br />
<br />
==Criminal prosecution and ongoing investigations==<br />
<br />
===Special Investigation Team (SIT), West Bengal Police===<br />
FIR was filed against Sudipto Sen and Kunal Ghosh on 14 April 2013.<ref>{{cite news|url=http://www.telegraphindia.com/1130427/jsp/frontpage/story_16833653.jsp#.UX8C1cV4800|archive-url=https://archive.today/20130615192131/http://www.telegraphindia.com/1130427/jsp/frontpage/story_16833653.jsp%23.UX8C1cV4800|url-status=dead|archive-date=15 June 2013|title=Our proximity was our power|work=The Telegraph|access-date=29 April 2013}}</ref> Around six officials from Saradha Group were arrested.<ref>{{Cite web|url=https://www.livemint.com/Industry/17xY5ipGyuLphDO2DbNwcK/Saradha-Group-chairman-Sudipta-Sen-arrested.html|title=Saradha Group chairman Sudipta Sen arrested in Kashmir}}</ref><ref>{{cite news|url=http://www.hindustantimes.com/India-news/Kolkata/Ponzi-fire-spreads-to-other-firms/Article1-1051702.aspx|archive-url=https://web.archive.org/web/20130430000633/http://www.hindustantimes.com/India-news/Kolkata/Ponzi-fire-spreads-to-other-firms/Article1-1051702.aspx|url-status=dead|archive-date=30 April 2013|title=Ponzi fire spreads to other firms|work=Hindustan Times|access-date=29 April 2013|location=Berhampore}}</ref> The investigation was headed by the detective department of [[Bidhannagar Police Commissionerate|Bidhannagar police]]. The investigation was widened to include other Ponzi funds.<ref>{{cite news|url=http://economictimes.indiatimes.com/news/politics-and-nation/saradha-chit-fund-scam-the-top-five-among-bengals-flourishing-financial-grey-market/articleshow/19773013.cms?curpg=3|title=Saradha chit fund scam: The top five among Bengal's flourishing financial grey market|last=Ray|first=Atmadip |author2=Anuradha Himatsingka |author3=Sutanuka Ghosal|work=The Economic Times|access-date=29 April 2013}}</ref> Kunal Ghosh and other Ponzi fund officials from Saradha were repeatedly questioned by police to determine the true assets of the company and other facets of the fraud.<ref>{{cite news|url=http://www.telegraphindia.com/1130430/jsp/frontpage/story_16843470.jsp#.UX8DKsV4800|archive-url=https://archive.today/20130615172819/http://www.telegraphindia.com/1130430/jsp/frontpage/story_16843470.jsp%23.UX8DKsV4800|url-status=dead|archive-date=15 June 2013|title=Signal in Kunal quiz|work=The Telegraph|access-date=29 April 2013}}</ref> Ghosh was arrested by SIT in November 2013 after he posted a list of 12 names on his Facebook page; these included at least four TMC MPs and West Bengal Chief Minister Mamata Banerjee.<ref>{{cite news|last=Bannerjee|first=Monideepa|title=Saradha scam: Trinamool MP Kunal Ghosh arrested, names Mamata Banerjee in Facebook post|url=http://www.ndtv.com/article/india/saradha-scam-trinamool-mp-kunal-ghosh-arrested-names-mamata-banerjee-in-facebook-post-450038|access-date=28 April 2014|newspaper=NDTV}}</ref><br />
<br />
As per the initial SIT reports, Saradha Group had mobilised {{INRConvert|2459.59|c|nolink=yes}} through issuance of its policies.<ref>{{cite news|agency=PTI|title=West Bengal: Saradha scam worth Rs 2,460 crore, report says|url=http://timesofindia.indiatimes.com/india/West-Bengal-Saradha-scam-worth-Rs-2460-crore-report-says/articleshow/24453420.cms|access-date=28 April 2014|newspaper=Times of India}}</ref> By April 2014, around 385 FIRs against Sardha Group, in which SIT filed 288 chargesheets, had been filed. 453 FIRs were filed against other money pooling companies and Ponzi funds, and 75 charge sheets were filed before the court.<ref>{{cite news|last=Mondal|first=Pronab|title=Happy birthday, SIT A year of largely living up to its 'name'|url=http://www.telegraphindia.com/1140421/jsp/frontpage/story_18261927.jsp|archive-url=https://archive.today/20140428181002/http://www.telegraphindia.com/1140421/jsp/frontpage/story_18261927.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref><ref>{{cite news|title=State fried on Saradha omission|url=http://www.telegraphindia.com/1140327/jsp/frontpage/story_18123631.jsp|archive-url=https://archive.today/20140429064435/http://www.telegraphindia.com/1140327/jsp/frontpage/story_18123631.jsp|url-status=dead|archive-date=29 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref><ref>{{cite news|title=Bengal system has crumbled under Saradha plot:SC|url=http://www.telegraphindia.com/1140410/jsp/bengal/story_18175157.jsp|archive-url=https://archive.today/20140429064417/http://www.telegraphindia.com/1140410/jsp/bengal/story_18175157.jsp|url-status=dead|archive-date=29 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref><br />
<br />
Since 2 May 2013, after complaints from depositors, state government ordered SIT to broaden its investigation and conduct search and seizure at offices of MPS Greenery Developers Ltd and Prayag Infotech Hi-Rise Ltd, which were running unregistered collective investment schemes similar to Saradha Group.<ref>{{cite news|url=http://www.firstpost.com/business/wb-govt-shuts-down-mps-office-in-kolkata-another-saradha-in-making-752875.html|title=WB govt shuts down MPS office in Kolkata; Another chit fund scam in the making?|work=First Post|access-date=6 May 2013}}</ref><ref>{{cite news|url=http://www.telegraphindia.com/1130503/jsp/frontpage/story_16853458.jsp#.UYesycV4800|archive-url=https://archive.today/20130615173051/http://www.telegraphindia.com/1130503/jsp/frontpage/story_16853458.jsp%23.UYesycV4800|url-status=dead|archive-date=15 June 2013|title=Where there is a will, not bill, there is a way – Cops seal two firms' offices|work=The Telegraph|access-date=6 May 2013}}</ref> By 6 May 2013, police had arrested directors of Ponzi companies ATM Group<ref>{{cite news|url=http://www.telegraphindia.com/1130506/jsp/bengal/story_16864113.jsp#3|archive-url=https://archive.today/20130615173041/http://www.telegraphindia.com/1130506/jsp/bengal/story_16864113.jsp%233|url-status=dead|archive-date=15 June 2013|title=Director held|work=The Telegraph|access-date=6 May 2013|location=Midnapore}}</ref> and Annex Infrastructure Pvt Ltd on charges of defrauding depositors.<ref>{{cite news|url=http://zeenews.india.com/news/west-bengal/bengal-based-chit-fund-owner-arrested_844660.html|title=Bengal-based chit fund owner arrested|publisher=Zee News|access-date=6 May 2013|location=Barasat}}</ref> According to news-reports, at the time of handing the Saradha Group investigation to CBI, SIT had arrested 11 people, had traced 224 immovable properties, seized 54 vehicles and had filed charge sheet in almost 300 pending cases.<ref>{{cite news|last=Siddiqui|first=Imran|title=Political angle blips on CBI radar|url=http://www.telegraphindia.com/1140510/jsp/bengal/story_18327305.jsp|archive-url=https://archive.today/20140510120434/http://www.telegraphindia.com/1140510/jsp/bengal/story_18327305.jsp|url-status=dead|archive-date=10 May 2014|access-date=10 May 2014|newspaper=Calcutta Telegraph}}</ref><br />
<br />
===Justice Shyamal Sen Commission===<br />
By mid-August 2013, the Justice Shyamal Sen Commission finished its initial compilation of the list of claimants. Around 1.74 million depositors filed claims with the commission, of which 83% invested {{INRConvert|10000|nolink=yes}} or less.<ref>{{cite news|url=http://www.telegraphindia.com/1130819/jsp/frontpage/story_17246240.jsp|archive-url=https://archive.today/20130819192645/http://www.telegraphindia.com/1130819/jsp/frontpage/story_17246240.jsp|url-status=dead|archive-date=19 August 2013|title=Saradha vow faces tricky sums|last=Basu|first=Kinshuk|author2=Pranesh Sarkar |work=The Telegraph|access-date=19 August 2013|location=Kolkata}}</ref> The Commission recommended that West Bengal state government sell the assets of Saradha Group and proportionally distribute the returns among defrauded investors.<ref>{{cite news|url=http://www.business-standard.com/article/current-affairs/sen-panel-to-recommend-selling-of-saradha-assets-113080500214_1.html|title=Sen panel to recommend selling of Saradha assets|last=Basak|first=Probal|author2=Namrata Acharya |work=Business Standard|access-date=19 August 2013|location=Kolkata}}</ref> By April 2014, the commission had refunded 400,000 depositors who had invested less than {{INR}}10,000. Rs. 185 crore was refunded to the depositors.<ref>[https://www.hindustantimes.com/india/shyamal-sen-commission-wound-up-job-unfinished/story-07YLIk47hwg2S2WufOOQ6O.html Hindustan Times]</ref> The commission received claims from 500,000 depositors who were defrauded by Ponzi funds other than Saradha; the Commission did not refund any of these depositors. In April 2014, Calcutta High Court sought a report from the commission on the discriminatory standards being applied to the refunding of depositors.<ref>{{cite news|title=Saradha more equal than others Court seeks annual report|url=http://www.telegraphindia.com/1140422/jsp/frontpage/story_18265512.jsp|archive-url=https://archive.today/20140428180958/http://www.telegraphindia.com/1140422/jsp/frontpage/story_18265512.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref><br />
<br />
===Central agencies===<br />
On 30 April 2013 CBI started investigating into the Saradha Group scandal in Assam at the request of the state government.<ref>{{cite news|title=CBI starts investigation in Assam|work=Bartaman|language=bn |location=Kolkata}}</ref><ref>{{cite news|title=Chit fund scam: CBI team to meet Assam Police in Guwahati|publisher=ANI |location=Guwahati}}</ref> [[Chief Minister of Tripura]] said Tripura may also order a CBI probe into Saradha Group.<ref>{{cite news|url=http://indiatoday.intoday.in/story/tripura-may-order-cbi-probe-into-saradha-chit-fund-scam/1/268553.html|title=Tripura may order CBI probe into Saradha chit fund scam|work=India Today|access-date=30 April 2013|location=Agartala}}</ref><br />
<br />
In West Bengal, because the criminal investigation had not initially been handed over to the CBI, the [[Enforcement Directorate]] (ED){{mdash}}a Central Government agency which primarily probes money laundering{{mdash}}led the investigation on behalf of the Central Government. In April 2014, ED arrested the absconding wife, son and daughter-in-law of Sudipta Sen, all of whom had been directors of various companies of Saradha Group. ED also questioned TMC MPs Ahmad Hassan and Arpita Ghosh about their financial transactions with Saradha Group.<ref>{{cite news|last=Chaudhury|first=Monalisa|title=ED contacts Trinamul MP|url=http://www.telegraphindia.com/1140423/jsp/frontpage/story_18269381.jsp|archive-url=https://archive.today/20140428181004/http://www.telegraphindia.com/1140423/jsp/frontpage/story_18269381.jsp|url-status=dead|archive-date=28 April 2014|access-date=28 April 2014|newspaper=Calcutta Telegraph}}</ref> ED alleged that West Bengal police has not cooperated with it and obstructed its investigation.<ref>{{cite news|title=Saradha arrests: Non-cooperation charge may prove costly for state|url=http://timesofindia.indiatimes.com/city/kolkata/Saradha-arrests-Non-cooperation-charge-may-prove-costly-for-state/articleshow/33876460.cms|access-date=28 April 2014|newspaper=Times of India}}</ref><ref>{{cite news|title=Bengal government putting obstacles in Saradha probe to save Trinamool|url=http://odishasuntimes.com/49120/bengal-government-putting-obstacles-saradha-probe-save-trinamool/|access-date=28 April 2014|newspaper=Odisha Sun Times}}</ref><ref>{{cite news|agency=IANS|title=Mamata Banerjee government suppressing Saradha facts: Left Front|url=http://www.dnaindia.com/india/report-mamata-banerjee-government-suppressing-saradha-facts-left-front-1981761|access-date=28 April 2014|newspaper=DNA}}</ref><br />
<br />
In May 2014, the Supreme Court transferred all investigations into 44 deposit-mobilising companies{{mdash}}including Saradha Group{{mdash}}suspected of running Ponzi schemes in the states of West Bengal, Odisha, Assam, Jharkhand and Tripura, to CBI.<ref>{{cite news|last=Dutta|first=Romita|title=Supreme Court directs CBI to probe Saradha, other deposit-taking firms|url=http://www.livemint.com/Companies/97h9veL4nrPoEVfrQxWSwN/Supreme-Court-orders-CBI-probe-in-Saradha-scam.html|access-date=10 May 2014|newspaper=Livemint}}</ref><ref>{{cite news|last=Mohapatra|first=Dhananjay|title=SC orders CBI probe into Saradha chit fund scam|url=http://timesofindia.indiatimes.com/india/SC-orders-CBI-probe-into-Saradha-chit-fund-scam/articleshow/34868614.cms|access-date=10 May 2014|newspaper=Times of India}}</ref> As per Supreme Court's order Bengal SIT handed over all arrested suspects including Sudipto Sen, Debjani Mukherjee and Kunal Ghosh over to CBI. CBI questioned several prominent personalities who were connected with Saradha Group; some{{mdash}}including TMC vice president and former Director General of Police (DGP) in West Bengal [[Rajat Majumdar]],<ref>{{cite news|title=Congress Questions Mamata's Meeting with Saradha Scam Mastermind|url=http://www.newindianexpress.com/nation/Congress-Questions-Mamatas-Meeting-with-Saradha-Scam-Mastermind/2014/09/10/article2424359.ece|access-date=24 September 2014|work=The New Indian Express}}</ref> Assamese singer and filmmaker Sadananda Gogoi<ref>{{cite news|agency=TNN|title=CBI arrests Sadananda Gogoi in Saradha scam|url=http://timesofindia.indiatimes.com/india/CBI-arrests-Sadananda-Gogoi-in-Saradha-scam/articleshow/42392099.cms|access-date=24 September 2014|work=Times of India}}</ref> and former advocate general of Odisha Ashok Mohanty.<ref>{{cite news|agency=PTI|title=Odisha's former advocate general Ashok Mohanty arrested in chit-fund scam|url=http://timesofindia.indiatimes.com/india/Odishas-former-advocate-general-Ashok-Mohanty-arrested-in-Saradha-chit-fund-scam/articleshow/43155814.cms|access-date=24 September 2014|work=Times of India}}</ref> Former Assam DGP Shankar Barua who was a suspect in the Saradha scandal and whose house was searched by CBI, committed suicide.<ref>{{cite news|agency=PTI|title=Former Assam DGP, under scanner in Saradha scam, commits suicide|url=http://timesofindia.indiatimes.com/india/Former-Assam-DGP-under-scanner-in-Saradha-scam-found-dead/articleshow/42703997.cms|access-date=24 September 2014|work=Times of India}}</ref><ref>{{cite web|last1=Trust|first1=Press|title=First Mamata minister Madan Mitra arrested in Saradha chit fund scam|url=http://indiatoday.intoday.in/story/mamata-minister-madan-mitra-saradha-chit-fund-scam-cbi-trinamool-congress/1/406588.html|website=India Today|publisher=India Today|access-date=16 December 2014}}</ref> On 21 November 2014 CBI arrested Srinjoy Bose, another TMC parliamentarian in connection with the scam.<ref>{{cite news|agency=TNN|title=Saradha scam: CBI arrests Trinamool Congress MP Srinjoy Bose|url=http://timesofindia.indiatimes.com/india/Saradha-scam-CBI-arrests-Trinamool-Congress-MP-Srinjoy-Bose/articleshow/45230685.cms|access-date=21 November 2014|work=Times of India}}</ref> On 12 December 2014, CBI arrested West Bengal Transport minister [[Madan Mitra]] on the charges of criminal conspiracy, cheating, misappropriation and deriving undue financial benefits from the Saradha Group.<ref>{{cite web|last1=Trust|first1=Press|title=First Mamata minister Madan Mitra arrested in Saradha chit fund scam|url=http://indiatoday.intoday.in/story/mamata-minister-madan-mitra-saradha-chit-fund-scam-cbi-trinamool-congress/1/406588.html|website=India Today|publisher=Indian Today|access-date=16 December 2014}}</ref><br />
<br />
In February 2019, the CBI interrogated Kolkata Police Commissioner Rajeev Kumar for 39 hours over five days in Shillong.<ref>{{cite news|agency=TNN|title=The Shillong session: When Rajeev Kumar was quizzed for 39 hours over 5 days|url=http://timesofindia.indiatimes.com/articleshow/71119345.cms|access-date=5 March 2021|work=Times of India}}</ref> This followed a political controversy when the CBI team who had gone to question him had been detained in Kolkata.<ref>{{Cite web|url=https://thewire.in/politics/cbis-attempted-arrest-of-kolkata-police-commissioner-was-an-attack-on-federalism|title=CBI's Attempted Arrest of Kolkata Police Commissioner Was an Attack on Federalism}}</ref> They were later released and even as CM Mamata Bannerjee was protesting on dharna against the arrest of Kumar, the Supreme court ordered interrogation of Rajeev Kumar at a location outside West Bengal to avoid further showdown.{{citation needed}} In March 2019, the CBI filed a plea in Supreme court against telecom operators Vodafone and Airtel alleging their non cooperation in the scam investigation probe.<ref>{{Cite web|url=https://www.livemint.com/politics/news/saradha-case-supreme-court-seeks-reply-from-vodafone-airtel-on-cbi-plea-1553843206214.html|title=Saradha case: Supreme Court seeks reply from Vodafone, Airtel on CBI plea|website=Mint|language=en|access-date=2019-03-29}}</ref> On 17 May 2021, CBI arrested Firhad Hakim, Subrata Mukherjee, Sovan Chatterjee and Madan Mitra on the charges they took the bribes from Saradha Narada after West Bengal Governor Jagdeep Dhankar gave the permission to arrest the ministers(Firhad Hakim, Subrata Mukherjee) and one MLA (Madan Mitra) and former MLA(Sovan Chatterjee).<br />
<br />
===Convictions and sentences===<br />
In February 2014, Sudipta Sen was convicted in a case where he was charged, under various provisions of employment law, as a director of Saradha Group for his failure to deposit with the provident fund authorities INR 0.03 million that his firm owed to its employees; he was sentenced by the trial court to three years in jail, it was the first conviction in a series of civil and criminal cases, relating to corporate fraud and non-payment of deposits, pending against him.<ref>{{cite news|last=Dutta|first=Romita|title=Saradha chairman Sudipta Sen sentenced to three years in jail|url=http://www.livemint.com/Politics/TcKgleKIFyp7mP3htIMUsL/Sudipta-Sen-sentenced-to-3-years-in-jail.html|access-date=28 April 2014|newspaper=Livemint}}</ref><br />
<br />
Later, Sudipta Sen wrote a letter to Prime Minister [[Narendra Modi]] and West Bengal Chief Minister [[Mamata Banerjee]], where he mentioned names of several political leaders who took money from him. Sen, in his letter dated 1 December 2020, named [[Suvendu Adhikari]], [[Mukul Roy]], [[Adhir Ranjan Chowdhury]], [[Sujan Chakraborty]] and [[Biman Bose]] as beneficiaries from the Saradha group.<ref>{{cite news|last=Kundu|first=Indrajit|title=Politicians who took money from me, cheated people are now joining BJP, alleges jailed Saradha promoter|url=https://www.indiatoday.in/india/story/saradha-group-sudipta-sen-letter-to-pm-modi-mamata-banerjee-1747035-2020-12-05|website=India Today|access-date=5 December 2020}}</ref> On 24 January [[Abhishek Banerjee (politician)|Abhishek Banerjee]] exposed the letter accusing Suvendu Adhikari of extorting Rs. 6 crore from chit fund agency. He said "You (Suvendu) not only took Rs. 6 crore from Sudipta Sen, but also blackmailed him. In the letter, is clearly written that the night before he (Sen) went at large, you visited his office and took money from him."<ref>{{Cite web|title=Abhishek Banerjee exposes letter accusing Suvendu Adhikari of extorting Rs 6 cr from chit fund agency|url=https://www.newindianexpress.com/nation/2021/jan/24/abhishek-banerjee-exposes-letter-accusing-suvendu-adhikari-of-extorting-rs-6-crfrom-chit-fund-agenc-2254551.html|access-date=2021-01-24|website=The New Indian Express|language=en}}</ref><ref>{{Cite web|title=শুভেন্দুকে কঠিন শব্দে বিঁধে আক্রমণের ঝাঁজ বাড়ালেন অভিষেক|url=https://www.anandabazar.com/west-bengal/suvendu-adhikari-is-a-traitor-attacked-by-abhishek-banerjee-dgtl/cid/1263039|access-date=2021-01-24|website=আনন্দবাজার পত্রিকা অনলাইন|language=bn}}</ref> On 1 February [[Bankshall Court]] gave order to CBI for investigation of Sudipta Sen's letter.<ref>{{Cite web|title=Sudipta Sen Letter: 'একাধিক নেতা কোটি কোটি টাকা নেন...' সুদীপ্ত সেনের সেই চিঠি নিয়ে সিবিআইকে তদন্তের নির্দেশ আদালতের|url=https://bengali.abplive.com/news/bankshall-court-gives-order-to-cbi-for-investigation-of-sudipta-sen-letter-which-he-wrotes-from-jail-789913|access-date=2021-02-01|website=এবিপি আনন্দ লাইভ|language=bn}}</ref> [[Kunal Ghosh]] wrote a letter to [[Minister of Home Affairs (India)|Home Minister]] [[Amit Shah]] in demand of arresting Mukul Roy and Suvendu Adhikari for money laundering scandal and Shah accepted that he had received the letter.<ref>{{Cite web|title=মুকুল-শুভেন্দু: কুণালের চিঠির প্রাপ্তিস্বীকার শাহের|url=https://www.anandabazar.com/india/kunal-ghosh-approached-amit-shah-in-demand-of-arresting-mukul-roy-and-suvendu-adhikari-for-money-laundering-scandal/cid/1265296|access-date=2021-02-07|website=আনন্দবাজার পত্রিকা অনলাইন|language=bn}}</ref><br />
<br />
==See also==<br />
{{Portal|India|Politics|Law}} <br />
* [[List of scandals in India]]<br />
* [[Corruption in India]]<br />
* [[Rose Valley financial scandal]] <br />
* [[Pyramid scheme]]<br />
* [[The Lokpal Bill, 2011]]<br />
* [[2011 Indian anti-corruption movement]]<br />
* [[Jan Lokpal Bill]]<br />
<br />
==References==<br />
{{Reflist|30em}} <br />
<br />
{{Alleged scams in India}}<br />
{{Corporate scandals}} <br />
{{Corruption in India}}<br />
{{Scams and confidence tricks}}<br />
{{Financial services in India}}<br />
<br />
{{DEFAULTSORT:Saradha scam}}<br />
[[Category:21st-century scandals]]<br />
[[Category:Cover-ups]]<br />
[[Category:Pyramid and Ponzi schemes]]<br />
[[Category:Confidence tricks]]<br />
[[Category:Corporate crime]]<br />
[[Category:Corporate scandals]]<br />
[[Category:Criminal investigation]]<br />
[[Category:Deception]]<br />
[[Category:Financial scandals]]<br />
[[Category:Finance fraud]]<br />
[[Category:Scandals in India]]<br />
[[Category:2013 scandals]]<br />
[[Category:Crime in West Bengal]]<br />
[[Category:Crime in Odisha]]<br />
[[Category:Crime in Assam]]<br />
[[Category:2014 in Indian politics]]</div>TammaraPerretthttps://en.bharatpedia.org/w/index.php?title=Mandeep_Singh&diff=433081Mandeep Singh2023-05-11T04:57:37Z<p>TammaraPerrett: Typo</p>
<hr />
<div>{{short description|Indian cricketer}}<br />
{{distinguish|Mandeep Singh (cricketer, born 1999)}}<br />
{{for|the Indian field hockey player|Mandeep Singh (field hockey)}}<br />
{{Use dmy dates|date=July 2013}}<br />
{{Use Indian English|date=July 2013}}<br />
{{Infobox cricketer<br />
| name = Mandeep Singh<br />
| image = Mandeep Singh 2019.jpg<br />
| caption = Mandeep during the [[2019–20 Vijay Hazare Trophy]]<br />
| country = India<br />
| fullname = <br />
| nickname = Mandy<ref>{{Cite web |title=KL Rahul reveals the funny nicknames of his Punjab teammates |url=https://www.redbull.com/in-en/kl-rahul-punjab-teammates-nicknames |access-date=2022-10-04 |website=Red Bull |language=en}}</ref><br />
| birth_date = {{Birth date and age|1991|12|18|df=yes}}<ref name=ci>{{cite web |url=http://www.espncricinfo.com/india/content/player/398506.html |title=Mandeep Singh |access-date=18 June 2016 |work=Cricinfo}}</ref><br />
| birth_place = [[Jalandhar]], [[Punjab, India]]<br />
| heightft = <br />
| heightinch = <br />
| heightm = <br />
| batting = Right-handed<br />
| bowling = Right-arm medium<br />
| role = [[All-rounder]] <br />
| international = true<br />
| T20Icap = 62<br />
| T20Idebutagainst = Zimbabwe<br />
| T20Idebutdate = 18 June<br />
| T20Idebutyear = 2016<br />
| lastT20Iagainst = Zimbabwe <br />
| lastT20Idate = 22 June<br />
| lastT20Iyear = 2016<br />
| T20Ishirt = 23<br />
| club1 = [[Punjab cricket team (India)|Punjab]]<br />
| year1 = {{nowrap|2010–present}}<br />
| club2 = [[Kolkata Knight Riders]]<br />
| year2 = 2010,2023<br />
| club3 = [[Kings XI Punjab]]<br />
| year3 = 2011–2014,2019-2021<br />
| clubnumber3 = 23<br />
| club4 = [[Royal Challengers Bangalore]]<br />
| year4 = 2015–2018<br />
| clubnumber4 = 9<br />
| club6 = [[Delhi Capitals]]<br />
| year6 = 2022<br />
| columns = 4<br />
| column1 = [[Twenty20 International|T20I]]<br />
| matches1 = 3<br />
| runs1 = 87<br />
| bat avg1 = 43.50<br />
| 100s/50s1 = 0/1<br />
| top score1 = 52[[not out|*]]<br />
| deliveries1 = –<br />
| wickets1 = –<br />
| bowl avg1 = –<br />
| fivefor1 = –<br />
| tenfor1 = –<br />
| best bowling1 = –<br />
| catches/stumpings1 = 1/–<br />
| column2 = [[First-class cricket|FC]]<br />
| matches2 = 92<br />
| runs2 = 6,232<br />
| bat avg2 = 49.07<br />
| 100s/50s2 = 15/33<br />
| top score2 = 235<br />
| deliveries2 = 646<br />
| wickets2 = 1<br />
| bowl avg2 = 342.00<br />
| fivefor2 = 0<br />
| tenfor2 = 0<br />
| best bowling2 = 1/13<br />
| catches/stumpings2 = 71/–<br />
| column3 = [[List A cricket|LA]]<br />
| matches3 = 120<br />
| runs3 = 3,616<br />
| bat avg3 = 37.27<br />
| 100s/50s3 = 4/26<br />
| top score3 = 119<br />
| deliveries3 = 495<br />
| wickets3 = 14<br />
| bowl avg3 = 32.71<br />
| fivefor3 = 0<br />
| tenfor3 = 0<br />
| best bowling3 = 2/3<br />
| catches/stumpings3 = 56/–<br />
| column4 = [[Twenty20|T20]]<br />
| matches4 = 195<br />
| runs4 = 3,724<br />
| bat avg4 = 28.21<br />
| 100s/50s4 = 0/18<br />
| top score4 = 99[[not out|*]]<br />
| deliveries4 = 303<br />
| wickets4 = 16<br />
| bowl avg4 = 21.06<br />
| fivefor4 = 0<br />
| tenfor4 = 0<br />
| best bowling4 = 3/21<br />
| catches/stumpings4 = 74/–<br />
| date = 4 February<br />
| year = 2023<br />
| source = http://espncricinfo.com/india/content/player/398506.html Cricinfo <br />
}}<br />
'''Mandeep Singh''' (born 18 December 1991) is an Indian cricketer.<ref name=ci/> He plays for [[Punjab cricket team (India)|Punjab]] in the top-flight of Indian cricket.<ref>[http://www.espncricinfo.com/ci/content/squad/538684.html Punjab Squad, Ranji Trophy 2011/12]</ref> A right-hand batsman who also occasionally bowls [[fast bowling|right arm medium pace]], Mandeep has also played for India Blue,<ref>[http://www.espncricinfo.com/ci/content/squad/534335.html India Blue Squad, Challenger Trophy 2011/12]</ref> and [[North Zone cricket team|North Zone]]<ref>[http://www.espncricinfo.com/ci/content/squad/550513.html North Zone Squad, Duleep Trophy 2011/12]</ref> and for teams in the [[Indian Premier League]].<ref>[http://www.espncricinfo.com/indian-premier-league-2011/content/squad/495843.html Kings XI Punjab]</ref> He was the vice-captain of the [[India under-19 cricket team]] for the [[2010 ICC Under-19 Cricket World Cup]].<br />
<br />
On 18 July 2012, he was included in 30 probables for the World T20 tournament to be played in Sri Lanka in September 2012.<ref>{{cite news|url=http://www.wisdenindia.com/yuvraj-included-in-world-t20-probables |title=Yuvraj included in World T20 probables |publisher=Wisden India |date=18 July 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120826015206/http://www.wisdenindia.com/yuvraj-included-in-world-t20-probables |archive-date=26 August 2012 }}</ref> However, he was not selected in the final 15-member squad.<br />
<br />
He made his [[Twenty20 International]] (T20I) debut [[Indian cricket team in Zimbabwe in 2016|against Zimbabwe]] at [[Harare Sports Club]] on 18 June 2016.<ref name="T20I">{{cite web |url=http://www.espncricinfo.com/ci/engine/match/1007655.html |title=India tour of Zimbabwe, 1st T20I: Zimbabwe v India at Harare, Jun 18, 2016 |access-date=18 June 2016 |work=ESPN Cricinfo}}</ref><br />
<br />
==Domestic career==<br />
Mandeep plays for [[Punjab]] in [[Ranji Trophy]] & [[Vijay Hazare Trophy]] and for North Zone in Zonal Tournament.<br />
<br />
In the 2012 season of IPL, Mandeep scored 432 runs from 16 matches, including two half-centuries, and ended the tournament as Kings XI Punjab's leading run-scorer.<ref>[http://stats.espncricinfo.com/indian-premier-league-2012/engine/records/batting/most_runs_career.html?id=6680;team=4342;type=tournament Indian Premier League 2012 – Kings XI Punjab / Records / Most runs]</ref> He was also adjudged the winner of "Rising Star of the tournament Award".<ref>{{Cite web |url=http://sports.ndtv.com/cricket/news/item/190801-ipl-5-awards-and-honours |title=IPL 5: Awards and honours |access-date=8 July 2012 |archive-url=https://web.archive.org/web/20120703063016/http://sports.ndtv.com/cricket/news/item/190801-ipl-5-awards-and-honours |archive-date=3 July 2012 |url-status=dead }}</ref><br />
<br />
He was the highest run scorer in 2015 Vijay Hazare Trophy. On the back of his form in the tournament, he was selected for 2015 tour of Zimbabwe.<br />
<br />
In January 2018, he was bought by the [[Royal Challengers Bangalore]] in the [[List of 2018 Indian Premier League personnel changes|2018 IPL auction]].<ref name="IPL2018">{{cite web |url=http://www.espncricinfo.com/story/_/id/22218394/ipl-2018-player-auction-list-sold-unsold-players |title=List of sold and unsold players |access-date=27 January 2018 |work=ESPN Cricinfo}}</ref> In 2019, he was again bought by [[Kings XI Punjab]] and he was retained by the team for IPL 2021 after recently concluded IPL 2020. In February 2022, he was bought by the [[Delhi Capitals]] in the [[List of 2022 Indian Premier League personnel changes|auction]] for the [[2022 Indian Premier League]] tournament.<ref>{{cite web|url=https://www.espncricinfo.com/story/ipl-2022-auction-the-list-of-sold-and-unsold-players-1300689 |title=IPL 2022 auction: The list of sold and unsold players |work=ESPN Cricinfo |access-date=13 February 2022}}</ref><br />
<br />
He was one of the most consistent run scorers in latest editions of [[Ranji Trophy]] after missing [[2017–18 Ranji Trophy|2017–18 season]]. He scored 602 runs<ref name=":0">{{Cite web |title=Ranji Trophy, 2018/19 - Punjab Cricket Team Records & Stats {{!}} ESPNcricinfo.com |url=https://stats.espncricinfo.com/ci/engine/records/averages/batting_bowling_by_team.html?id=12592&team=2063&type=tournament |access-date=2023-02-04 |website=Cricinfo}}</ref> in [[2018–19 Ranji Trophy|2018–19]], 696 runs<ref name=":1">{{Cite web |title=Ranji Trophy, 2019/20 - Punjab Cricket Team Records & Stats {{!}} ESPNcricinfo.com |url=https://stats.espncricinfo.com/ci/engine/records/averages/batting_bowling_by_team.html?id=13223&team=2063&type=tournament |access-date=2023-02-04 |website=Cricinfo}}</ref> in [[2019–20 Ranji Trophy|2019–20]], 376 runs<ref name=":2">{{Cite web |title=Ranji Trophy, 2021/22-2022 - Punjab Cricket Team Records & Stats {{!}} ESPNcricinfo.com |url=https://stats.espncricinfo.com/ci/engine/records/averages/batting_bowling_by_team.html?id=14241&team=2063&type=tournament |access-date=2023-02-04 |website=Cricinfo}}</ref> in [[2021–22 Ranji Trophy|2021–22]] and 463 runs<ref name=":3">{{Cite web |title=Ranji Trophy, 2022/23 - Punjab Cricket Team Records & Stats {{!}} ESPNcricinfo.com |url=https://stats.espncricinfo.com/ci/engine/records/averages/batting_bowling_by_team.html?id=14934&team=2063&type=tournament |access-date=2023-02-04 |website=Cricinfo}}</ref> in [[2022–23 Ranji Trophy|2022–23]]. He averaged more than 50<ref name=":3" /><ref name=":2" /><ref name=":1" /><ref name=":0" /> in each year with cumulative average of 64.76 in this period. Despite this golden patch in his peak age, he was never called up to [[India national cricket team]] or called back to [[India A cricket team]].<br />
<br />
==Personal life==<br />
Mandeep Singh's father was an athletics coach in Jalandhar. He was initially not happy with his son's cricketing ambition but was later satisfied when saw his son's cricketing potential. He married Jagdeep Jaswal in 2016. Their son Rajveer Singh was born on 16 January 2021.<ref name=ci/><br />
<br />
==References==<br />
{{Reflist}}<br />
<br />
==External links==<br />
*{{cricinfo|id=398506}}<br />
<br />
{{Punjab cricket squad}}<br />
{{Kolkata Knight Riders squad}}<br />
<br />
{{DEFAULTSORT:Singh, Mandeep}}<br />
[[Category:1991 births]]<br />
[[Category:Living people]]<br />
[[Category:Indian cricketers]]<br />
[[Category:India Twenty20 International cricketers]]<br />
[[Category:Punjab, India cricketers]]<br />
[[Category:North Zone cricketers]]<br />
[[Category:India Blue cricketers]]<br />
[[Category:Kolkata Knight Riders cricketers]]<br />
[[Category:Punjab Kings cricketers]]<br />
[[Category:Royal Challengers Bangalore cricketers]]<br />
[[Category:Delhi Capitals cricketers]]</div>TammaraPerretthttps://en.bharatpedia.org/w/index.php?title=Macmillan_Publishers&diff=388165Macmillan Publishers2022-05-20T21:59:56Z<p>TammaraPerrett: Constructed an original page.</p>
<hr />
<div>{{short description|International publishing company}}<br />
{{for multi|the British former subsidiary Macmillan Press|Palgrave Macmillan|the defunct American publisher|Macmillan Inc.}}<br />
{{Use British English}}<br />
{{Use dmy dates}}<br />
{{Infobox publisher<br />
| name = Macmillan Publishers<br />
| image = Macmillan_Publishers_Logo_2020.png|alt=Macmillan Publishers<br />
| parent = [[Holtzbrinck Publishing Group]]<br />
| status = <br />
| founded = {{start date and age|df=yes|1843}}<br />
| founders = {{ubl|[[Daniel MacMillan]]|[[Alexander MacMillan (publisher)|Alexander MacMillan]]}}<br />
| successor = <br />
| country = United Kingdom<br />
| headquarters = [[Equitable Building (New York City)|Equitable Building]]<br />[[New York City]], United States<br />
| keypeople = Don Weisberg ([[Chief executive officer|CEO]])<ref>{{Cite news|url=https://www.nytimes.com/2020/09/17/books/macmillan-john-sargent.html|title=Macmillan C.E.O. John Sargent Is Departing|newspaper=The New York Times|last1=Alter|first1=Alexandra}}</ref><br>Jon Yaged ([[President_(corporate_title)|President]])<ref>{{Cite web|url=https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/85407-yaged-named-president-of-macmillan-trade-besser-to-head-kids-group.html|title=Yaged Named President of Macmillan Trade}}</ref><br />
| publications = Books, [[academic journal]]s, magazines<br />
| topics = <br />
| genre = <br />
| imprints = <br />
| revenue = $1.4 billion<ref>{{cite web|url=https://blog.reedsy.com/largest-book-publishers/|title=The Largest Book Publishers in 2021 |access-date=2021-06-22}}</ref><br />
| numemployees = <br />
| nasdaq = <br />
| url = {{URL|macmillan.com}}<br />
}}<br />
'''Macmillan Publishers''' (occasionally known as '''the Macmillan Group'''; formally '''Macmillan Publishers Ltd''' and '''Macmillan Publishing Group, LLC''') is a British [[publishing company]] traditionally considered to be one of the [[Big Five (publishers)|'Big Five']] English language publishers. Founded in [[London]] in 1843 by Scottish brothers [[Daniel MacMillan|Daniel]] and [[Alexander MacMillan (publisher)|Alexander MacMillan]], the firm would soon establish itself as a leading publisher in Britain. It published two of the best-known works of Victorian era children's literature, [[Lewis Carroll]]'s ''[[Alice's Adventures in Wonderland]]'' (1865) and [[Rudyard Kipling]]'s ''[[The Jungle Book]]'' (1894).<ref>{{Cite book|last1=Jaques|first1=Zoe|title=Lewis Carroll's ''Alice's Adventures in Wonderland'' and ''Through the Looking-Glass'': A Publishing History|last2=Giddens|first2=Eugene|publisher=[[Routledge]]|isbn=978-1-317-10552-7|doi=10.4324/9781315592275|page=16}}</ref><ref>{{cite news |title=The Macmillan Jungle Book Colouring Book Free Monkey Pattern Download |url=https://blog.whsmith.co.uk/the-macmillan-jungle-book-colouring-book-free-monkey-pattern-download/ |access-date=17 June 2022 |work=WH Smith}}</ref><br />
<br />
Former [[Prime Minister of the United Kingdom]], [[Harold Macmillan]], grandson of co-founder Daniel, was chairman of the company from 1964 until his death in December 1986. Since 1999, Macmillan has been a wholly owned subsidiary of [[Holtzbrinck Publishing Group]] with offices in 41 countries worldwide and operations in more than thirty others.<br />
<br />
==History==<br />
[[File:Lewis Carroll - Alice's Adventures in Wonderland-10.jpg|thumb|upright|Macmillan logo for ''[[Alice's Adventures in Wonderland]]'', published in London on 26 November 1865]]<br />
Macmillan was founded in London in 1843 by [[Daniel MacMillan|Daniel]] and [[Alexander MacMillan (publisher)|Alexander MacMillan]], two brothers from the [[Isle of Arran]], Scotland. Daniel was the business brain, while Alexander laid the literary foundations, publishing such notable authors as [[Charles Kingsley]] (1855), [[Thomas Hughes]] (1859), [[Francis Turner Palgrave]] (1861), [[Christina Rossetti]] (1862), [[Matthew Arnold]] (1865) and [[Lewis Carroll]] (1865), with the latter first meeting Alexander in London on 19 October 1863.<ref>{{Cite book|last=Cohen|first=Morton N.|author-link=Morton N. Cohen|url=https://archive.org/details/lewiscarroll00mort|url-access=registration|title=Lewis Carroll: A Biography|year=1996|publisher=[[Vintage Books]]|page=126|isbn=9780679745624 }}</ref> [[Alfred, Lord Tennyson]] joined the list in 1884, [[Thomas Hardy]] in 1886 and [[Rudyard Kipling]] in 1890.<ref>{{cite web|url=https://www.panmacmillan.com/about|title=About Pan Macmillan|publisher=Pan Macmillan UK|access-date=2016-09-30|archive-date=16 October 2016|archive-url=https://web.archive.org/web/20161016082319/https://www.panmacmillan.com/about|url-status=dead}}</ref> <br />
<br />
Other major writers published by Macmillan included [[W. B. Yeats]], [[Rabindranath Tagore]], [[Nirad C. Chaudhuri]], [[Seán O'Casey]], [[John Maynard Keynes]], [[Charles Langbridge Morgan|Charles Morgan]], [[Hugh Walpole]], [[Margaret Mitchell]], [[C. P. Snow]], [[Rumer Godden]] and [[Ram Sharan Sharma]].<br />
<br />
Beyond literature, the company created such enduring titles as ''[[Nature (journal)|Nature]]'' (1869), the ''[[Grove Dictionary of Music and Musicians]]'' (1877) and [[Robert Harry Inglis Palgrave|Sir Robert Harry Inglis Palgrave]]'s ''Dictionary of Political Economy'' (1894–99).<br />
<br />
[[File:MacMillan and Co logo 1880.jpg|thumb|left|upright=1.15|This logo appeared in [[Leslie Stephen|Leslie Stephen's]] biography of [[Alexander Pope]], published by Macmillan & Co in London in 1880]]<br />
[[George Edward Brett]] opened the first Macmillan office in the United States in 1869 and Macmillan sold its U.S. operations to the Brett family, [[George Platt Brett, Sr.]] and [[George Platt Brett]], Jr. in 1896, resulting in the creation of an American company, [[Macmillan Publishers (United States)|Macmillan Publishing]], also called the Macmillan Company. Even with the split of the American company from its parent company in England, George Brett, Jr. and Harold Macmillan remained close personal friends. Macmillan Publishers re-entered the American market in 1954 under the name [[St. Martin's Press]]. <br />
<br />
[[Macmillan of Canada]] was founded in 1905; [[Maclean-Hunter]] acquired the company in 1973. Following numerous mergers, Macmillan Canada dissolved in 2002 after [[Wiley (publisher)|John Wiley & Co.]] acquired it.{{Citation needed}} <br />
<br />
After retiring from politics in 1964, former [[Prime Minister of the United Kingdom]], [[Harold Macmillan]], grandson of co-founder Daniel, became chairman of the company, serving until his death in December 1986.<ref>{{cite web|work=[[BBC]]|url=https://www.bbc.co.uk/history/historic_figures/macmillan_harold.shtml|title=Harold Macmillan (1894–1986)}}</ref><br />
He had been with the family firm as a junior partner from 1920 to 1940 (when he became a junior minister), and from 1945 to 1951 while he was in the opposition in Parliament.<br />
<br />
The German [[Georg von Holtzbrinck Publishing Group|Holtzbrinck Publishing Group]] purchased the company in 1999.<ref name="pw">{{cite news |last1=Milliot |first1=Jim |title=Holtzbrinck's U.S. Arm Now Macmillan |url=https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/612-holtzbrinck-s-u-s-arm-now-macmillan.html |access-date=October 17, 2018 |work=Publishers Weekly |language=en}}</ref><br />
<br />
===21st century===<br />
<br />
[[File:ASA conference 2008 - 14.JPG|thumb|2008 conference booth]]<br />
[[Pearson PLC|Pearson]] acquired the Macmillan name in America in 1998, following its purchase of the [[Simon & Schuster]] educational and professional group (which included various Macmillan properties).<ref name="pw" /> Holtzbrinck purchased it from them in 2001.<ref>''Bookseller'', [http://www.allbusiness.com/retail-trade/miscellaneous-retail-miscellaneous/4655423-1.html Allbusiness.com]</ref> McGraw-Hill continues to market its pre-kindergarten through elementary school titles under its Macmillan/McGraw-Hill brand. The US operations of Holtzbrinck Publishing changed its name to Macmillan in October 2007.<ref name="pw" /><ref name="pw0">{{cite news |title=News Briefs: Macmillan Rebrands Higher Education Division |url=https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/50021-news-briefs.html |access-date=October 17, 2018 |work=Publishers Weekly |language=en}}</ref> Its audio publishing imprint changed its name from Audio Renaissance to Macmillan Audio, while its distribution arm was renamed from Von Holtzbrinck Publishers Services to Macmillan Publishers Services.<ref name="pw" /> Pan Macmillan purchased Kingfisher, a British children's publisher, from [[Houghton Mifflin Harcourt|Houghton Mifflin]] in October 2007. Roaring Brook Press publisher Simon Boughton would oversee Kingfisher's US business.<ref name="pw1">{{cite news |title=News Briefs: Macmillan Buys Kingfisher |url=https://www.publishersweekly.com/pw/print/20071008/9999-news-briefs.html |access-date=October 17, 2018 |work=PublishersWeekly.com |language=en}}</ref><br />
<br />
By some estimates, as of 2009, [[e-book]]s account for three to five per cent of total book sales, and are the fastest growing segment of the market.<ref name="nyt091029">{{cite news|title=Macmillan Lowers E-Book Payments for Authors |url=http://mediadecoder.blogs.nytimes.com/2009/10/28/macmillan-lowers-e-book-payments-for-authors/ |first=Motoko|last=Rich |work=[[The New York Times]] |access-date=2010-02-11 }}</ref> According to ''[[The New York Times]]'', Macmillan and other major publishers "fear that massive discounting [of e-books] by retailers including [[Amazon.com|Amazon]], [[Barnes & Noble]] and [[Sony Connect|Sony]] could ultimately devalue what consumers are willing to pay for books." In response, the publisher introduced a new [[Standard form contract|boilerplate contract]] for its authors that established a royalty of 20 per cent of net proceeds on e-book sales, a rate five per cent lower than most other major publishers.<ref name="nyt091029"/> Following the announcement of the [[Apple iPad]] on 27 January 2010—a product that comes with access to the [[iBookstore]]—Macmillan gave Amazon.com two options: continue to sell e-books based on a price of the retailer's choice (the "[[wholesale]] model"), with the e-book edition released several months after the hardcover edition is released, or switch to the [[Agency (law)|agency]] model introduced to the industry by Apple, in which both are released simultaneously and the price is set by the publisher. In the latter case, Amazon.com would receive a 30 per cent [[Commission (remuneration)|commission]].<ref name="nyt100131">{{cite news|title=Publisher Wins Fight With Amazon Over E-Books |url=https://www.nytimes.com/2010/02/01/technology/companies/01amazonweb.html |author=Motoko Rich and Brad Stone |work=[[The New York Times]] |access-date= 2010-02-11 }}</ref> Amazon responded by pulling all Macmillan books, both electronic and physical, from their website (although affiliates selling the books were still listed). On 31 January 2010, Amazon chose the agency model preferred by Macmillan.<ref>{{cite web|url=https://www.amazon.com/tag/kindle/forum/ref=cm_cd_tfp_ef_tft_tp?_encoding=UTF8&cdForum=Fx1D7SY3BVSESG&cdThread=Tx2MEGQWTNGIMHV&displayType=tagsDetail |title=Macmillan E-books |publisher=[[Amazon.com]] |work=Kindle Community |author=The Amazon Kindle team |access-date=2010-02-11}}</ref> In April 2012, the United States Department of Justice filed ''[[United States v. Apple Inc.]]'', naming [[Apple Inc.|Apple]], Macmillan, and four other major publishers as defendants. The suit alleged that they conspired to fix prices for [[e-books]], and weaken [[Amazon.com]]'s position in the market, in violation of [[United States antitrust law|antitrust law]].<ref name="washington post DOJ sues">{{cite news |url=https://www.washingtonpost.com/business/economy/justice-department-files-suit-against-apple-publishers-report-says/2012/04/11/gIQAzyXSAT_story.html |title=Justice Department sues Apple, publishers over e-book prices |newspaper=The Washington Post |access-date=2014-06-01 |author=Mui, Ylan Q. and Hayley Tsukayama}}</ref> In December 2013, a federal judge approved a settlement of the antitrust claims, in which Macmillan and the other publishers paid into a fund that provided credits to customers who had overpaid for books due to the price-fixing.<ref name="usatoday settlements rolling out">{{cite news |url=https://www.usatoday.com/story/tech/2014/03/25/amazon-settlements-ebooks/6869033/ |title=E-book price fixing settlements rolling out |work=USA Today |access-date=2014-06-01 |author=Molina, Brett}}</ref><br />
<br />
In 2010, Macmillan Education submitted to an investigation on grounds of [[fraudulent]] practices.<ref name=":0">{{Cite web|url=https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/7683139/Macmillan-admits-to-bribery-over-World-Bank-Sudan-aid-deal.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/7683139/Macmillan-admits-to-bribery-over-World-Bank-Sudan-aid-deal.html |archive-date=12 January 2022 |url-access=subscription |url-status=live|title=Macmillan admits to bribery over World Bank Sudan aid deal|website=Telegraph.co.uk|access-date=2016-03-17}}{{cbignore}}</ref> The Macmillan division admitted to [[bribery]] in an attempt to secure a contract for an education project in [[Southern Sudan Autonomous Region (2005–11)|southern Sudan]].<ref name=":0" /> As a direct result of the investigation, sanctions were applied by the [[World Bank Group]], namely a 6-year [[debarment]] (reduced from 8 years due to an early acknowledgment of misconduct by the company) declaring the company ineligible to be awarded Bank-financed contracts.<ref>{{Cite web|url=http://www.worldbank.org/en/news/press-release/2010/04/30/the-world-bank-group-debars-macmillan-limited-for-corruption-in-world-bank-supported-education-project-in-southern-sudan|title=The World Bank Group Debars Macmillan Limited for Corruption in World Bank-supported Education Project in Southern Sudan|website=World Bank|language=en|access-date=2016-03-17}}</ref><br />
<br />
In December 2011, Bedford, Freeman, and Worth Publishing Group, Macmillan's higher education group, changed its name to Macmillan Higher Education while retaining the Bedford, Freeman, and Worth name for its k–12 educational unit.<ref name="pw0" /> Also, that month, Brian Napack resigned as Macmillan president while staying on for transitional purposes.<ref>{{cite news |title=News Briefs: Napack Resigns As Macmillan President |url=https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/50021-news-briefs.html |access-date=October 17, 2018 |work=Publishers Weekly |language=en}}</ref><br />
<br />
In 2012, parent company Holtzbrinck reorganized; Macmillan's consumer publishing operations were now led by [[John Turner Sargent]] from [[New York City]].<ref>{{Cite web| last = Tor.com| title = Reorganization at Verlagsgruppe Georg von Holtzbrinck| work = Tor.com| access-date = 2019-07-21| date = 2012-06-18| url = https://www.tor.com/2012/06/17/reorganization-at-verlagsgruppe-georg-von-holtzbrinck/}}</ref><br />
<br />
In May 2015, London-based Macmillan Science and Education merged with Berlin-based Springer Science+Business Media to form [[Springer Nature]], jointly controlled by [[Holtzbrinck Publishing Group]] and [[BC Partners]].<ref>{{cite web |url=https://www.timeshighereducation.com/news/nature-publisher-to-merge-with-springer/2017985.article |title=Nature publisher to merge with Springer |publisher=Times Higher Education |access-date=April 6, 2018}}</ref><ref>{{cite news |title=Completed merger forms 'Springer Nature' |url=http://www.thebookseller.com/news/completed-merger-forms-springer-nature |author=Caroline Carpenter |publisher=The Bookseller |access-date=July 8, 2015}}</ref><br />
<br />
In January 2019, Toronto, Canada-based online writing community [[Wattpad]] announced an agreement with Macmillan [sic, Springer Nature America] for handling sales and distribution in the U.S. for its new publishing division Wattpad Books, alongside rival Penguin Random House that will handle the U.K. and India market, and Raincoast Books for the Canadian market.<ref>{{Cite web|url=https://company.wattpad.com/blog/2019/1/23/wattpad-launches-wattpad-books-a-new-publishing-division-to-bring-diverse-data-backed-stories-to-book-lovers-everywhere|title=Wattpad Launches Wattpad Books, a New Publishing Division to Bring Diverse, Data-Backed Stories to Book-Lovers Everywhere|website=Wattpad HQ|language=en-US|access-date=2019-09-14|archive-date=7 January 2021|archive-url=https://web.archive.org/web/20210107084420/https://company.wattpad.com/blog/2019/1/23/wattpad-launches-wattpad-books-a-new-publishing-division-to-bring-diverse-data-backed-stories-to-book-lovers-everywhere|url-status=dead}}</ref><ref>{{Cite web|url=https://company.wattpad.com/blog/2019/8/8/penguin-random-house-uk-collaborates-with-wattpad-books-to-bring-global-wattpad-hits-to-readers-in-the-uk|title=Penguin Random House UK collaborates with Wattpad Books to bring global Wattpad hits to readers in the UK|website=Wattpad HQ|language=en-US|access-date=2019-09-14|archive-date=7 January 2021|archive-url=https://web.archive.org/web/20210107084422/https://company.wattpad.com/blog/2019/8/8/penguin-random-house-uk-collaborates-with-wattpad-books-to-bring-global-wattpad-hits-to-readers-in-the-uk|url-status=dead}}</ref><ref>{{Cite web|url=https://company.wattpad.com/blog/2019/7/8/penguin-random-house-india-partners-with-wattpad-to-showcase-exclusive-content-and-innovative-promotions|title=Penguin Random House India Partners with Wattpad to Showcase Exclusive Content and Innovative Promotions|website=Wattpad HQ|language=en-US|access-date=2019-09-14|archive-date=7 January 2021|archive-url=https://web.archive.org/web/20210107084438/https://company.wattpad.com/blog/2019/7/8/penguin-random-house-india-partners-with-wattpad-to-showcase-exclusive-content-and-innovative-promotions|url-status=dead}}</ref><br />
<br />
In November 2019, Macmillan announced that libraries would be able to buy only one copy of e-books for the first eight weeks after publication, in an effort to boost sales by creating long waits for borrowers at large library systems. This prompted complaints and some libraries boycotted the company; the policy was reversed in March 2020.<ref>[https://www.npr.org/sections/coronavirus-live-updates/2020/03/18/818004783/publisher-macmillan-backs-off-policy-restricting-e-book-sales-to-libraries Publisher Macmillan Backs Off Policy Restricting E-Book Sales To Libraries]</ref><br />
<br />
In September 2020, Macmillan announced that CEO John Sargent will be leaving at the end of the year due to "a disagreement regarding the direction of Macmillan." According to Holtzbrinck spokesperson Erin Coffey, the decision was made by Stefan von Holtzbrinck, CEO of the [[Holtzbrinck Publishing Group|Holtzbrinck group]].<ref>{{Cite web|title=Macmillan CEO forced out over 'direction' of company|url=https://www.independent.co.uk/wires/us/macmillan-ceo-forced-out-over-direction-of-company-b472127.html|access-date=2021-04-13|website=The Independent|language=en}}</ref><br />
<br />
==Divisions==<br />
<br />
===US publishing divisions with imprints===<br />
{{columns-list|colwidth=20em|<br />
*Celadon Books<br />
*[[Farrar, Straus and Giroux]]<br />
**FSG Originals<br />
**Hill and Wang<br />
**MCD<br />
**North Point Press<br />
**Picador <br />
*Flatiron Books<br />
**Flatiron Books<br />
**Flatiron Books: An Oprah Book<br />
*[[Henry Holt and Company]]<br />
**Andy Cohen Books<ref>{{Cite web|url=https://www.hollywoodreporter.com/news/andy-cohen-launch-his-own-901112|title=Andy Cohen to Launch His Own Book Imprint|website=[[The Hollywood Reporter]]}}</ref><br />
**Henry Holt & Co.<br />
**Metropolitan Books<br />
*Macmillan Audio – formerly Audio Renaissance<ref name="pw" /> <br />
*Macmillan Children's Publishing Group<br />
**Farrar Straus Giroux Books for Young Readers<br />
**Feiwel and Friends<br />
**First Second – Graphic novels<br />
**Henry Holt Books for Young Readers<br />
**Imprint<ref>[https://us.macmillan.com/author/imprint Imprints' official page].</ref><br />
**Neon Squid Books<ref>{{Cite web|url=https://www.publishersweekly.com/pw/by-topic/childrens/childrens-industry-news/article/85968-macmillan-children-s-to-add-neon-squid-nonfiction-imprint.html|title=BookExpo 2018: Macmillan Kids' Imprint, Odd Dot, Makes Its Debut}}</ref><br />
**Odd Dot<ref>{{Cite web|url=https://www.publishersweekly.com/pw/by-topic/childrens/childrens-industry-news/article/76947-macmillan-kids-imprint-odd-dot-makes-its-debut.html|title=Macmillan Children's to Add Neon Squid Nonfiction Imprint}}</ref><br />
**Priddy Books<br />
**Roaring Brook Press<ref>{{Cite web| title = Holtzbrinck to Buy Roaring Brook Press| work = PublishersWeekly.com| access-date = 2018-02-20| url = https://www.publishersweekly.com/pw/print/20040405/24005-holtzbrinck-to-buy-roaring-brook-press.html}}</ref><br />
**Square Fish<br />
**Swoon Reads<br />
*St. Martin's Publishing Group<br />
**Castle Point Books<br />
**Griffin<br />
**Minotaur<br />
**St. Martin's Essentials<br />
**St. Martin's Press<br />
**Wednesday Books<ref>{{Cite web|url=https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/71734-smp-launching-crossover-imprint-wednesday-books.html|title=SMP Launching Crossover Imprint, Wednesday Books}}</ref><br />
*Tom Doherty Associates<br />
**Bramble<br />
**Forge<br />
**Nightfire<br />
**Starscape<br />
**[[Tor Books]]<br />
**Tor Teen<br />
**Tordotcom<br />
}}<br />
<br />
===Other US divisions===<br />
*Macmillan Publishers Services, formerly Von Holtzbrinck Publishers Services, distribution unit for independent publishers:<ref name="pw" /><br />
**[[Bloomsbury USA]]<br />
**[[Drawn & Quarterly]]<br />
**Entangled Publishing<br />
**[[Graywolf Press]]<br />
**[[Guinness World Records]]<br />
**Kingfisher<ref name="pw1"/><br />
**Page Street<br />
**Papercutz<br />
**Review of Reviews<br />
<br />
===Pan Macmillan UK imprints===<br />
{{columns-list|colwidth=20em|<br />
*Bello<br />
*Bluebird<br />
*Campbell<br />
*Kingfisher<br />
*Macmillan's Children's Books <br />
*Macmillan Collector's Library <br />
*Mantle<br />
*[[Pan Books]]<br />
*Macmillan<br />
*Picador<br />
*Tor<br />
*Two Hoots<br />
}}<br />
<br />
==See also==<br />
*[[List of largest UK book publishers]]<br />
<br />
<br />
== References ==<br />
{{Reflist}}<br />
<br />
==Further reading==<br />
*{{Cite EB1911|wstitle=Macmillan|volume=17|page=264}}<br />
*{{Cite book |editor-last=James |editor-first=Elizabeth |title=Macmillan: A Publishing Tradition |publisher=[[Palgrave Macmillan]] |year=2002 |isbn=0-333-73517-X}}<br />
*{{Cite book |last=Morgan |first=Charles |title=The House of Macmillan (1843–1943) |publisher=Macmillan |year=1944 |isbn=978-1199630568}}<br />
<br />
==External links==<br />
<br />
* [http://searcharchives.bl.uk/IAMS_VU2:IAMS032-001960392 The Macmillan Archive] at the [[British Library]]<br />
* {{Official website|http://us.macmillan.com/}}<br />
* {{FadedPage|id=20131203|name=Macmillan Catalogue, January 1893}}<br />
* [https://read.macmillan.com/lp/the-macmillan-story/ The Macmillan Story: Bringing authors and readers together since 1843]<br />
<br />
{{Georg von Holtzbrinck Publishing Group}}<br />
{{Big6 publishers USA}}<br />
{{Harold Macmillan}}<br />
{{Portal bar|Companies|Books}}<br />
[[Category:Macmillan Publishers books| ]]<br />
[[Category:Book publishing companies of the United Kingdom]]<br />
[[Category:Publishing companies based in London]]<br />
[[Category:Holtzbrinck Publishing Group]]<br />
[[Category:1843 establishments in England]]<br />
[[Category:Publishing companies established in 1843]]<br />
[[Category:1999 mergers and acquisitions]]<br />
[[Category:British companies established in 1843]]</div>TammaraPerretthttps://en.bharatpedia.org/w/index.php?title=Sikhism_in_Greece&diff=388497Sikhism in Greece2022-03-07T21:49:37Z<p>TammaraPerrett: Fresh page format.</p>
<hr />
<div>{{Infobox religious group|group=Sikhism in Greece {{flagicon|Greece}}<br>{{small|''Σιχ στην Ελλάδα''}}|pop=20,000|langs=[[Punjabi language|Punjabi]]{{·}}[[Greek language]]|image=Archbishop Damaskinos inspects Indian troops in Salonika 1945.jpg|image_caption=[[Damaskinos of Athens]] meeting with turbaned Indian-Sikh troops in [[Salonika]] (1945)|flag=|regions=[[Athens]]{{·}}[[Megara]]{{·}}[[Chalkida]]{{·}}[[Psachna]]|religions=[[Sikhism]]}}<br />
<br />
'''Sikhism in Greece''' ({{Lang-gr|Σιχ στην Ελλάδα'|translit=}}) is a [[minority religion]]. The [[Sikhs|Sikh]] community in [[Cyprus|Greece]] is a small but vastly growing one. According to the latest available data, there are approximately 20,000 [[Sikhism in Bangladesh|Sikhs]] in Greece.<ref>{{Cite news |last=Lavin |first=Talia |title=Vibrant Vaisakhi Celebrates Sikh Life In Greece |work=Huffington Post |url=https://www.huffingtonpost.co.uk/entry/vaisakhi-sikh-celebration_n_7138512 |quote=The Sikh community in Greece, numbered at around 20,000 according to a 2012 report, joined together to mark the holy day}}</ref> The Sikh population in Greece has grown over the years, with many Sikhs migrating to the country for agricultural work or to start their own businesses. <br />
<br />
[[Sikhs]] in [[Greece]] dates back to the early 1900's, many Sikhs came to the country as a part of the [[British Indian Army]].<br />
== History ==<br />
<br />
=== Sikh Gurus ===<br />
According to Sikh historian, Harpal Singh Kasoor, [[Guru Nanak]] may have passed through Greece in one of his journeys to spread the Sikh teachings. <br />
<br />
=== World War I & World War II ===<br />
[[Sikhs]] have fought and passed through Greece in both [[World Wars]], in large number as part of the [[British Indian Army]]. A cemetery of [[Sikh]] soldiers of the [[British Indian Army]], still exists in [[Salonika]]. It was built in 1920, to bury the bodies of the [[British Indian Army|Sikh]] soldiers of the [[First World War]]. However, the first Sikh community was formed in the 1950s by Sikh immigrants. They worked as farmers or fishermen in the [[Greek islands]]. Till the 1970s, the population of Sikhs in Greece was less than 200 people. After the 1970s, Sikh immigrants came to Greece through [[Turkey]]. Some of them started their own farm stores and recruited other immigrants to work with them.<br />
<br />
=== Post 1990's ===<br />
In the 1990s the number of immigrants further increased. The Sikh community in Athens formed a small organization for their religious and social needs, which led to the building of [[Gurudwara]] Shri [[Guru Nanak]] Darbar. They called a [[granthi]], brought some ''saroops'' of [[Guru Granth Sahib]] and rented a large industrial space that served as the temple. It was known by the Greeks as the "Indian Organization of Tavros, Athens", however the [[Punjabi language|Punjabi]] characters on the temple board translate to "Sikh Temple Shri Guru Nanak Darbar, Athens". This was done to prevent the possible future attacks on a foreign religious monument. Following Athens' Sikh community, some other Sikh immigrants also made temples in [[Oinofita]], [[Oropos]], [[Kranidi]] and [[Thebes, Greece|Thebes]]. A large place has been bought by the committee of one of the old Gurdwaras of [[Oinofita]], for the construction of new [[Gurdwara]], outside [[Schimatari]] and near to the Military Airport of [[Tanagra]]. Even though a new construction of a [[Gurdwara]] needs a lot of money, most of the needed money has been donated by nearby-living [[Sikhs]] as [[Daswand]]. The saroop of [[Guru Granth Sahib]] was moved from the old building and moved to the new one, even though it is only half complete. It is the only non-rented [[Gurdwara]] in [[Greece]]. The construction is planned to finish in 2018.<br />
<br />
== Migration ==<br />
Sikh migrants have been drawn to Greece for various reasons. Many Sikhs migrated to work on Greek shipping lines as no working visa was required. Also some Sikhs entered illegally by jumping offshore as soon as the boat docked into Greece. The geographical location of Greece is an entry in Europe, therefore has been a favourable destination for people in the [[2015 European migrant crisis]].<ref>{{Cite book |last=Virk |first=Hardev Singh |title=Sikhs in Continental Europe: From Norway to Greece and Russia to Portugal |year=2020 |doi=10.13140/RG.2.2.10558.10565 |quote=Greece has attracted Sikh migrants because of two reasons. Greek Shipping Lines recruited Sikhs and for working on a ship no visa is required till one is sailing on high seas. Most of them entered Greece as illegal immigrants by jumping off on the shore as soon as the ship docked in a port. The other reason is that Greece is the entry point to Europe for those who travelled by the land route via Afghanistan, Iran and Turkey.}}</ref><br />
<br />
There is a large Sikh population in [[Megara]], where hundreds of Sikhs take part in the annual Vaisakhi Nagar Kirtan.<ref name=":0">{{Cite news |last=Bureau |first=Athens |title=Megara: Hundreds of Indians in traditional costumes take part in Sikh ceremony - Photos |work=Greek City Times |url=https://greekcitytimes.com/2023/06/12/megara-hundreds-of-indians/}}</ref> <br />
<br />
== Discrimination ==<br />
<br />
=== 2014 Sikh Gurdwara attacks ===<br />
In 2014, Gurdwara Sri Dasmesh Singh Sabha and Gurdwara Bhagat Ravidas Darbar were attacked by gunfire in Greece. As per [[Sikh Channel]] report, there were no causalities however some buildings faced some damaged. <ref>{{Cite news |title=Greece: Gun-shots fired at two Sikh Gurdwaras in 'racially-motivated' attack |work=Hindustan Times |url=https://www.hindustantimes.com/chandigarh/greece-gun-shots-fired-at-two-sikh-gurdwaras-in-racially-motivated-attack/story-ea3cQhtF2DaQ1PWOjHL3GO.html |quote=Two Sikh Gurdwaras- Gurdwara Sri Dasmesh Singh Sabha and Bhagat Ravidas Darbar in Marathon, were attacked by gunfire in Greece. The attack reportedly took place on Sept. 21.}}</ref><br />
<br />
== Gurdwaras ==<br />
There are various Gurdwaras in Greece in locations such as [[Athens]], [[Megara]], [[Chalkidiki]] and [[Psachna]]. <ref name=":0" /><ref>{{Cite news |last=Mamakouka |first=Iro-Anna |title=Sikhs of Athens Offer Free Food to All |work=Greek Reporter |url=https://greekreporter.com/2014/03/29/sikhs-of-athens-offer-free-food-to-all/}}</ref><br />
<br />
== References ==<br />
{{Reflist}}<br />
* {{Citation |first=Brij Pal |last=Singh |url=http://www.sikhnet.com/news/sikh-greece |title=A Sikh in Greece |publisher=SikhNet |access-date=July 9, 2013}}<br />
<br />
{{Religion in Greece}}<br />
{{Europe topic|Sikhism in}}<br />
<br />
[[Category:Sikhism by country|Greece]]<br />
[[Category:Religion in Greece]]<br />
[[Category:Greece–India relations]]</div>TammaraPerrett