Hindustan Times: 13 Deaths Related To West Bengal Ponzi Schemes - Essay Example

According to the “Hindustan Times”, a newspaper in India, 13 deaths have been linked to Ponzi schemes operating in the West Bengal region. Just recently a man has been found dead hanging in a tree, the newspaper reported. At least 12 people have been commited suicide and a director of the Ponzi scheme “Saradha” has been killed since the scheme started to fail.

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The Saradha Ponzi scheme may have stolen billions of dollars from Indian investors, Jordan D. Maglich, attorney and publisher of PonziTracker.com reported. This is what has been published on PonziTracker.com:

Shockwaves began emanating out of India in late April that Sudipta Sen, the man behind an Indian conglomerate known as the Saradha Group, was missing amid rumors of financial irregularities and increased scrutiny from India’s Securities and Exchange Board of India (“SEBI”). Sen’s Saradha Group operated a series of companies that offered ‘depositors’ the ability to invest in a wide range of ventures ranging from real estate to motor vehicles to even bio gas. Investors were offered the ability to make short-term investments with promised returns based on the duration.

There were approximately 300,000 agents that have been paid commissions in order to recruit new investors into the Ponzi scheme. Investors in poor countries are especially vulnerable for such schemes, as they advertise an easy way to get out of poverty. Ponzi pitchmen typically target people and families who struggle to make enough money for a living.

Jayanta Sarkar (48, Director) Killed

Sudipta Sen, Chairman and Managing Director of the scheme

Sources: Hindustian Times / PonziTracker.com / Patrickpretty.com