The Saradha Group was owned by Sudipto Sen, who was the mastermind of the scam. The group collected about Rs 2,500 crore from investors across West Bengal and other states in India, by luring them with high returns on investment. However, the group failed to pay the promised returns, and many investors lost their life savings.
The scam came to light when the Saradha Group collapsed and its agents and investors staged protests demanding their money back. The scam had a significant impact on West Bengal's political landscape, as many politicians were found to have links with the Saradha Group. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) investigated the scam, and several people, including politicians and government officials, were arrested.
The Saradha Scam exposed the lack of regulation and oversight in the non-banking financial sector in India. It led to a significant decline in investor confidence and raised concerns about the safety of investments. The Indian government introduced new regulations and laws to prevent similar scams from happening in the future. The Saradha Scam remains one of the most significant financial scams in India's history, and it serves as a warning for investors to be cautious while investing their money.
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