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Saradha Chit Fund Scam: Why Mamata Reacts, not RBI?

The chit fund company has, no doubt, defrauded thousands of investors, including the poor and to portray herself as pro-poor, Mamata reacted rather abruptly creating a ₹500-crore fund to help these investors. More than helping the poor, the CM's move brings into question how such frauds should be dealt with in future, both by the government and the regulator, here the RBI. Apr 25, 2013
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