INDIA SUMMARIZED

On Tuesday(January 3) , The CBI arrested Trinamool Congress MP Sudip Bandyopadhyay for his alleged involvement in the chit fund scam by Rose Valley Group. According to reports, Rose Valley chit fund scam amounts to almost Rs 60,000 crore. The scam is believed to be the biggest ponzi fraud in India and the scam itself is at least seven times bigger than Saradha scam. Making of a scam - Rose Valley, as per the ED estimates reportedly collected more than Rs. 15,000 crore from depositors across India, especially West Bengal, Assam and Bihar - In March 2015, the ED arrested group’s chairman Gautam Kundu after interrogation at his salt lake office in Kolkata - However the all India small depositors association pegs the amount at close to Rs 40,000 crore - 16 times the size of the Saradha scam - Huge amounts were allegedly siphoned off and transferred to other accounts - ED is certain a major portion of the money was used to bribe politicians for smooth running of the ponz...