Saradha Group has nothing to do with Chit Fund business: CFAI

Monday, April 29, 2013
Objecting to the use of word Chit Fund in multi-crore Saradha Group financial fraud, industry body CFAI today said none of the entities of the Kolkata-based Group was operating as a registered chit fund. "The failure of some Multi-level Marketing (MLM) or a ponzi scheme is explained as failure of a Chit Fund company. This is totally unfair," All India Association of Chit Funds General Secretary ...

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