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Report On Saradha Scam

The group discussion focused on analyzing the Saradha Ponzi scheme scam case. Students discussed key details of the scam such as how Sudipto Sen's company raised money through fraudulent investment schemes. They also debated loopholes in India's economic system that allowed the scam to occur, including lack of regulation for companies raising capital from the public. The discussion concluded with an analysis of the legal and political fallout of the scam, including arrests, court cases, and investigations into regulatory authorities for their failure to prevent the fraud earlier.

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Mansi Dabas
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113 views2 pages

Report On Saradha Scam

The group discussion focused on analyzing the Saradha Ponzi scheme scam case. Students discussed key details of the scam such as how Sudipto Sen's company raised money through fraudulent investment schemes. They also debated loopholes in India's economic system that allowed the scam to occur, including lack of regulation for companies raising capital from the public. The discussion concluded with an analysis of the legal and political fallout of the scam, including arrests, court cases, and investigations into regulatory authorities for their failure to prevent the fraud earlier.

Uploaded by

Mansi Dabas
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© © All Rights Reserved
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TRINITY INSTITUTE OF PROFESSIONAL STUDIES

(Affiliated Guru Gobind Singh Indraprastha University, Delhi & Approved


by Bar Council of India)
Sector 9 Dwarka Institutional Area, Dwarka, New Delhi 110075
Date 31st March 2021
PSDA Topic Group Discussion on Saradha Ponzi Case
Subject Investment and Competition law
Mode Zoom meeting (Virtual Mode)

REPORT ON GROUP DISCUSSION ON SARADHA PONZI CASE

A PSDA lecture was taken on the topic on the topic of Saradha Scam case by Ms. Chahat
Abrol where the law students of 3rd year actively participated, debated and discussed about
the scam in detail. They also discuss about the loopholes in the economic system of India
through this scam in brief.

The discussion was started by Mansi Dabas, who told about the background details of the
case. She stated about the Sudipto Sen, who was the chairman of the Saradha Group and he
became associated with the land development projects in West Bengal. She also discuss about
that debentures and bond issued by the govt. bank are fully secured whereas issued by the
public companies are at high risk for the investor, this loophole was utilized by the Saradha
Group. The agents were appointed by the companies where they supposed to bring the
investors and around 25 to 40% of the deposits was returned to them as a commission. Later
on Sneha told about the 4 million scam done by the company in details. Ayush Pratap Singh
told about the meaning of the Ponzi scheme where he discuss about the Scheme in brief and
legal development through this case.

Discussion was further continued by Manas Tiwari, in which he discuss about the Section 67
of the Indian Companies Act, where the company cannot raise capital more than 50 people
without issuing a proper prospectus and balance sheet. The company must also take explicit
permission to operate from the market regulators SEBI. Devansh further told about the new
Ponzi case which was held in Ahmedabad named Games of Victory governed by 3 people.
Vikas Pratap Singh stated that the scam have the similar nature to the blue valley case.
Further, Saumya talked about the role of SEBI in this case, where she told that SEBI first
confronted Saradha group in 2009 and they informed about the scam to the West Bengal
govt. in 2011. She further stated that the group mobilized Rs. 2,459.59 crore through issuance
of their policies and the investigation of the case was transferred to the CBI. Nitya discussed
about the current scenario of this scam and the political leaders discussed about this issues
during political rally. Priyanshi told us about the arrest warrant was issued against the
Sudipto Sen on 18th April 2013 and afterwards on 23th April 2013 he was arrested along with
Debjani Mukherjee and Arvind Singh which was also discussed by Rohan Pratap Singh as
well. Nishtha further told us about that on 22th April 2013, PILs were filed in Guwahati High
Court by RTI activist Akhil Gogoi and in Calcutta High Court by Advocate Basabi Roy over
all she discussed about the judicial action taken against this scam.

Nimisha Jha stated about the scam details in chats where she explain the investigation done in
this case. Sourav Gupta was the last student who concluded the discussion, he explain that
CBI conduct inquiry against 3 SEBI on 23th March 2021 related to this scam.

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