The main reason for ponzy financial companies is the legal position. Look at the Financial that is banking structure. Chit funds, NBFCs, Cooperative banks including Urban Cooperative banks are governed by and under RBI. This makes easy for all these easy to cheet. Central Govt must immediately take a decission to fully transfer all these to State Govts and to state laws. That will end all cheeting. Because, for example if chit fund company or NBFC wants to cheet then it will have direct impact on state govt and that is enough for state govt to take stern action other wise that govt will be ouut of power. Next all these are run by local poltcns or supporters of local potcns. So this is simple solution.
The entire saga of the financial scam by the way of non-registered chit fund companies has only shown that the banking system in this part of the country has failed miserably.That some fraudsters have cheated the poor illiterate and semi literate people is a different story altogether.The larger part of the entire scandal is the abject failure of our nationalized banking system.It is very difficult to estimate the exact amount of the money that is lost in a scam of this magnitude but if I go by the amount that is given in your report the two companies Rose Valley and Sarada is to a tune of around Rs.6500cr.Think if this money would have been deposited in the banks then the banks would have made a good profit and the amount should have been given as credit to small and medium scale industries which could have generated huge employment in the smaller towns and villages in Bengal.I fail to understand the poverty concept on Bengal.After all Rs6500 Cr collective deposit in two companies is not a small amount by any yardstick.The problem is we do not do not simply utilize our resources.The make money concept and not "earn money" Concept is what makes the perfect recipe of the tragedy.
when a agent collecting cash and depositing it a non govt. company then agent must be taken awareness where the money is going then he can save himself and his cliant.
If the same scam has happenned in BJP ruled states The media would have left no stone unturned to defame BJP. However it happenned in other Non BJP states they limited thier media trial. See the uproar about PM comment on judicary . V K sing comments, . There was uproar in media about Bengal NUN rape case before the investigation blaming BJP and RSS. The media went in to silence after the real culprits were held. why this hypocracy. Why the party which blamed RSS for the rape didnot come up with a an apology
Re: Media -hypocracy
by suresh shetty on Apr 09, 2015 01:04 PM
I completely agree with you, every incidence that happens is first tried to linked with RSS or BJP without going into the details of the event as it happened in the navi mumbai incident of stone pelting at one of the church there. It latter turned out to be a grudge taken because of some gambling den in the vicinity. I agree that the media should highlight this also, why keep silent once the actual fact it known. This is just to garner more international funds by the NGO's concerned
Re: Re: Media -hypocracy
by PALLAB BANERJEE on Apr 10, 2015 04:01 PM
That's why VK Singh has correctly called them: Presstitudes. They deserve that name
