Saradha scam
The Saradha Group was a large consortium of over 200 companies based in Kolkata, India, operating from around 2006 until its collapse in April 2013.
It collected about ₹20,000–30,000 crore (US $4-6 billion) from an estimated 1.7 million depositors, mostly in Eastern India.
By early 2013 the inflow of new deposits was less than the outflow (payments to existing investors), a death-knell for a Ponzi scheme.
The Group collapsed in April 2013. Many depositors, especially from low-income groups, were left stranded.
It collected about ₹20,000–30,000 crore (US $4-6 billion) from an estimated 1.7 million depositors, mostly in Eastern India.
By early 2013 the inflow of new deposits was less than the outflow (payments to existing investors), a death-knell for a Ponzi scheme.
The Group collapsed in April 2013. Many depositors, especially from low-income groups, were left stranded.
Sources
wikipedia
The Saradha scandal is one of the largest Ponzi-scheme collapses in India, highlighting how informal financial operations can grow unchecked in vulnerable economies.
It shows how low financial literacy, limited access to formal banking, aggressive promises of high returns, and political/crony connections can combine into a large systemic fraud.
The Wire
Kunal Ghosh, Who Called Mamata 'Biggest Beneficiary' of Saradha Scam, Is Now a TMC Spokesperson