India Savings Deposit Scam Collapse Leaves Thousands Penniless
Sen, chairman and managing director of Saradha Group, said he owned 160 companies. About 15 operated as real firms, Sen’s lawyer Samir Das says.
Unlawful deposit companies proliferate in India. Saradha took in at least $200 million based on preliminary figures, Sinha says. Actual numbers may be bigger, he says. Such firms have raised a total of more than $2 billion, Sinha estimates.
Once again the proponents of the nanny state style look to government to ensure people can trust those organizations they use as banks. As we all know, people don’t need a nanny state to solve their problems. People should just do their own research and examine the banking enterprise to see how reliable they are, and whether they are using questionable methods similar to a ponzi scheme.
It is no surprise the nanny state can’t keep up with all the fraudsters. People should just watch out themselves and not seek protection from the nanny state.