tag:blogger.com,1999:blog-4634764830409899124.post7029682912539982389..comments2024-03-19T03:24:12.491-07:00Comments on CYBER DIARY: Chit funds, my mother and the Saradha scamsibihttp://www.blogger.com/profile/06419580767377767200noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-4634764830409899124.post-3461216981918595522013-05-11T08:21:34.507-07:002013-05-11T08:21:34.507-07:00You are right. Many people have lost money investe...You are right. Many people have lost money invested in small unregistered chit funds too.sibihttps://www.blogger.com/profile/06419580767377767200noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-5830620870200614912013-05-11T06:23:13.554-07:002013-05-11T06:23:13.554-07:00I have a fear of chit funds too, because many peop...I have a fear of chit funds too, because many people I know lost a lot through it -- this was way back in the mid 80's or so.Agnijahttps://www.blogger.com/profile/09252180663413868400noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-17772189974761030672013-05-11T05:58:48.213-07:002013-05-11T05:58:48.213-07:00Thanks a lot Sukumar for updating with real facts ...Thanks a lot Sukumar for updating with real facts directly from the field. Policy failure and poor enforcement are evident in all such type of scams.sibihttps://www.blogger.com/profile/06419580767377767200noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-76952424045268757602013-05-10T09:34:34.210-07:002013-05-10T09:34:34.210-07:00Thank U Sir,
Sharada keyman sudipto has admitted- ...Thank U Sir,<br />Sharada keyman sudipto has admitted- out of hundred rupees collected investable amount left was about ten which can never earn promised return<br />To run the business he spent lot for keeping the monitoring authorities in good humor more over cost of Political patronage was high so there was no money to pay All are equally responsible <br /><br />Urban people are greedy so they took chance<br />Money earned through Corruption were invested <br />Rural people has limited knowledge and avenue of investment.<br />Nationalised Banks are non cooperative and harass even for opening an account. Deposit in Post Office was easier which was used.<br />But Post Office interest rate has been reduced for whose interest ?<br />Money collected through small saving ( through Post Offices) are utilized by collecting State Govts, but downwards trends of small savings collection was never noticed <br />So the saving was channeled in this way and masters got share and remained silent spectator knowing fully well the future catastrophe<br /><br />sukumarhttps://www.blogger.com/profile/05817158620385424136noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-41451224148915476612013-05-10T03:46:56.942-07:002013-05-10T03:46:56.942-07:00My lack of knowledge about chit funds brought me h...My lack of knowledge about chit funds brought me here. Good eye opener about the sad state of affairs, but I also think a couple of lines about how chit funds actually work would be very useful too. Rickiehttps://www.blogger.com/profile/03218141712437311308noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-47847121379903540392013-05-10T03:45:00.793-07:002013-05-10T03:45:00.793-07:00Though the people behind the Vinvinc scam were arr...Though the people behind the Vinvinc scam were arrested, the investors have not got the money back. As you said, ultimately, common man is going to suffer. Thanks Ranjanasibihttps://www.blogger.com/profile/06419580767377767200noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-16892056866266657642013-05-10T03:37:09.630-07:002013-05-10T03:37:09.630-07:00Very interesting incident Shiju. I never knew that...Very interesting incident Shiju. I never knew that there were chit funds in Dubai. Since there are no chit regulations, people must be engaging in this business illegally there.sibihttps://www.blogger.com/profile/06419580767377767200noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-52386694248384498132013-05-10T03:34:38.045-07:002013-05-10T03:34:38.045-07:00Thanks a lot! Such businesses flourish through pol...Thanks a lot! Such businesses flourish through political patronage!sibihttps://www.blogger.com/profile/06419580767377767200noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-45816857876348157572013-05-10T00:17:12.785-07:002013-05-10T00:17:12.785-07:00Good post. These will keep on happening until some...Good post. These will keep on happening until some stringent actions are taken. It reminds me the Vinivinc scam in Bangalore. Ultimately common man is going to suffer. Ranjana's craft bloghttps://www.blogger.com/profile/09158034917470295411noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-79341407264120511422013-05-09T22:10:00.788-07:002013-05-09T22:10:00.788-07:00Agree with you,laxity in enforcement of rules lead...Agree with you,laxity in enforcement of rules lead to such fraud. There was a guy from Kerala who used to run a chit fund in Dubai. One day he fled with all the money back to India. His justification was that most of the investors were Pakistanis.Shiju Sugunanhttps://www.blogger.com/profile/06700650350565769078noreply@blogger.comtag:blogger.com,1999:blog-4634764830409899124.post-89106871581902937962013-05-09T20:42:35.783-07:002013-05-09T20:42:35.783-07:00well.. cheat fund because its a govt pvt illegal v...well.. cheat fund because its a govt pvt illegal venture of the date .. i dont wish to take names .. but West Bengal has seen businesses flourishing out of these cheat fund businesses only... and while 90% of the companies are ok 10 % do the wiping out of people's money ...<br />Sraddha was just too big hence caught the limelight !!<br />Nice analysis !! Anonymousnoreply@blogger.com