Tag Archives: Sarandha chit fund scam

Chit-funded media

With the Sarandha chit fun scam in West Bengal, a side-effect has been the going bust of its media investments. Seema Guha, Delhi bureau chief of the recently shut down Bengal Post writes in The Hoot:

The executive editor Ranabir Roychowdhury and several of the core journalist team were known to us, but none of us had ever heard the name of Sudipta Sen, the owner. We in Delhi were far away, but our colleagues in Kolkata too did not know anything about him, except that he was a real estate tycoon with a land bank of 100 acres or more. He was also into chit funds. It was much later that we came to know that this was his main business, our money was basically derived from the collections Saradha made from the poorest people in Bengal and other eastern states. He had business in the north east as well as in Odisha. [Read the full article]