Ltd. POWERGRID Infrastructure Investment Trust, National Commodity and Derivatives Exchange, Odisha Rural Housing & Development Corporation, National Bank for Agriculture and Rural Development, The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970, https://en.wikipedia.org/w/index.php?title=Saradha_Group_financial_scandal&oldid=1102122143, Pages with non-numeric formatnum arguments, All Wikipedia articles written in Indian English, Articles containing potentially dated statements from 2013, All articles containing potentially dated statements, Articles containing potentially dated statements from September 2014, Wikipedia articles needing clarification from September 2014, Articles with unsourced statements from August 2019, Creative Commons Attribution-ShareAlike License 3.0, Financial services, infrastructure management, automobiles, manufacturing, Allegations that this consortium of companies is a, Insurance Regulatory and Development Authority Act, 1999, The General Insurance Business (Nationalisation) Act, 1972, The Securities Contracts (Regulation) Act, 1956, Multi-State Cooperative Legislation Act, 2002, Indian Association of Alternative Investment Funds (IAAIF), SEBI (Venture Capital Funds) Regulations, 1996, SEBI (Investment Advisers) Regulations 2013, This page was last edited on 3 August 2022, at 13:20. [71] It also bought similar shell companies like West Bengal Awadhoot Agro Private Ltd, located in North 24-Parganas, and Landmark Cement in Bankura to showcase them to agents and depositors and convince them that the Saradha Group had diversified interests. On 1 March 2019, the staff and activities of CGMLs branches in France, Italy and Spain began being transferred to for the six months ended 30 June 2021 4 3. Citis Banking, Capital Markets and Advisory Group is acting as exclusive financial advisor to Citi in respect of the transaction. [167] Before the Supreme Court the Government of West Bengal stated that the investigation into the scam was being successfully conducted by the SIT. We have a legitimate interest in processing your personal data. You should carefully review the applicable privacy and information security policies and notices for any other websites you click through to via the Services. [7] The State government also set up a fund of 5 billion (US$63million) to ensure that low-income investors were not bankrupted. ", "Where there is a will, not bill, there is a way Cops seal two firms' offices", "Sen panel to recommend selling of Saradha assets", "Saradha more equal than others Court seeks annual report", "Tripura may order CBI probe into Saradha chit fund scam", "Saradha arrests: Non-cooperation charge may prove costly for state", "Bengal government putting obstacles in Saradha probe to save Trinamool", "Mamata Banerjee government suppressing Saradha facts: Left Front", "Supreme Court directs CBI to probe Saradha, other deposit-taking firms", "SC orders CBI probe into Saradha chit fund scam", "Congress Questions Mamata's Meeting with Saradha Scam Mastermind", "CBI arrests Sadananda Gogoi in Saradha scam", "Odisha's former advocate general Ashok Mohanty arrested in chit-fund scam", "Former Assam DGP, under scanner in Saradha scam, commits suicide", "First Mamata minister Madan Mitra arrested in Saradha chit fund scam", "Saradha scam: CBI arrests Trinamool Congress MP Srinjoy Bose", "The Shillong session: When Rajeev Kumar was quizzed for 39 hours over 5 days", "CBI's Attempted Arrest of Kolkata Police Commissioner Was an Attack on Federalism", "Saradha case: Supreme Court seeks reply from Vodafone, Airtel on CBI plea", "Saradha chairman Sudipta Sen sentenced to three years in jail", "Politicians who took money from me, cheated people are now joining BJP, alleges jailed Saradha promoter", "Abhishek Banerjee exposes letter accusing Suvendu Adhikari of extorting Rs 6 cr from chit fund agency", " ", "Sudipta Sen Letter: ' ' ", "-: ", 2013 Indian Premier League spot-fixing and betting case, AJL-National Herald Panchkula land grab case, Concerns and controversies over the 2010 Commonwealth Games, Gurugram Rajiv Gandhi Trust land grab case, Bank of Credit and Commerce International, FacebookCambridge Analytica data scandal, Benami Transactions (Prohibition) Act, 1988, Disqualification of convicted representatives in India, Criminal enterprises, gangs and syndicates, Chartered Bank of India, Australia and China, Mercantile Bank of India, London and China, Structured Financial Messaging System (SFMS). [96] Despondency quickly spread across Bengal. Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income or Loss, USD in thousands, except for per share amounts. Select an infographic below to open a full pdf version. On 25 April, responding to the PIL, a division bench of Calcutta High Court comprising Chief Justice Arun Kumar Mishra and Justice Joymalya Bagchi said that because the ramifications of the scam included other states, a central agency would do justice to the investigation. As of 2013[update], 80% of multi-level marketing and finance schemes against which complaints have been received are based in West Bengal, giving the state the title of "Ponzi capital of India". 185 crore was refunded to the depositors. We also have a financial institutions group that is responsible for our businesses with other banks, insurance companies and other non-banking financial institutions. [168], The state governments of Orissa, Jharkhand and Tripura, which were respondent to the case, requested a CBI enquiry. James Griffiths, Asia Pacific [49], SEBI warned the state government of West Bengal about Saradha Group's chit fund activities in 2011,[50] again prompting Saradha Group to change its methods. Its direct parent is Citicorp, a Bank Holding Company organised and existing under the laws of the United States of America, which is ultimately owned by Citigroup, Inc., a public corporation listed on the New York Stock Exchange. You also agree not to hold Citi liable for any publicity, any publication of news, or comments pertaining to the secrets of your or any other person's private or family lives on the Services. This time, it acquired and sold large numbers of shares of various listed companies then embezzled the proceeds of the sale through accounts which as of September 2014[update] have not been identified. CPM accused TMC of associating with the 'chit fund', TMC alleged that Union Minister of Finance's wife Nalini Chidambaram had taken lawyers' fees from Saradha Group to incorporate its companies and should be investigated. [193] According to news-reports, at the time of handing the Saradha Group investigation to CBI, SIT had arrested 11 people, had traced 224 immovable properties, seized 54 vehicles and had filed charge sheet in almost 300 pending cases. If your account information is incomplete, inaccurate or not current, please use the Contact Us option on our website, or call or write to us at the telephone numbers or appropriate address for changes listed on your account statements, records, online or other account materials. Suggesting that you will receive a different price or rate for goods or services or a different level or quality of goods or services. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including, among others, Citis ability to successfully wind down its consumer banking and local commercial banking operations in Russia, including within the expected timeframe, whether resulting from or related to Russias war in Ukraine or otherwise, including imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the macroeconomic and geopolitical environments; governmental or regulatory requirements, approvals and actions; Citis incurrence of unexpected losses, charges or other costs in connection with the wind down; and the precautionary statements included in this release. Jeroen Holtrop spreekt hierover met GGD-arts Karlijn te Paske en de studenten zelf. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. Despite a history of Ponzi schemes, the continuing decline in interest rates, rapid financialisation of household savings, lack of financial literacy and investor awareness, political patronage, absence of adequate legal deterrence, and regulatory arbitrage encouraged the growth of similar companies. [222] Kunal Ghosh wrote a letter to Home Minister Amit Shah in demand of arresting Mukul Roy and Suvendu Adhikari for money laundering scandal and Shah accepted that he had received the letter. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. [154][155] Jamaat-e-Islami used its brokerage from the laundering operation to fuel its militant protests against the war crime trials of its founders[156] and destabilise the Awami League government in Bangladesh. Certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Liabilities to related parties .. Taxes payable . Other current liabilities Unaudited Condensed Consolidated Interim Statements of Cash Flows. [73] To further etch itself in the socio-cultural milieu of Bengal, Saradha Group invested in football rivals and the best-known football clubs in Bengal: Mohun Bagan A.C. ( 18million in 201011) and East Bengal F.C. These statements may be identified by words such as believe, expect, anticipate, intend, estimate, may increase, may fluctuate, target, illustrative and similar expressions or future or conditional verbs such as will, should, would and could. Not for dummies. James Dimon (/ d a m n /; born March 13, 1956) is an American billionaire businessman and banker who has been the chairman and chief executive officer of JPMorgan Chase the largest of the big four American banks since 2005. To support certain Citi entities' use of information in accordance with this Notice (a list of Citi entities who may access your Personal Information can be found at. We collect two types of information: Personal Information and Other Information. Citigroup Inc. annual balance sheet for C company financials. On 25 April 2013, India's Income Tax department and Ministry of Corporate Affairs started separate investigation into the Saradha affair and similar Ponzi funds masquerading as NBFCs or CISs. Your personal data may be stored and processed in any country where we have facilities or in which we engage service providers. In March 2022, Citi expanded the scope of its planned exit in Russia to include local commercial banking. Terms defined under the CCPA may differ in meaning from the common usage of the same terms used elsewhere in this Notice. Keeping your account information accurate and up to date is very important. [72], As part of its corporate social responsibility program, Saradha Group donated motorcycles to the Kolkata Police. [18] However failure to replace the role of moneylenders gave rise to unscrupulous financial operators that operated Ponzi schemes. You may exercise these rights by managing this information through your online account on Citi's Privacy Hub at online.citi.com/dataprivacyhub or by calling us at (833) 971-1191. For purposes of this subsection, the terms "consumer," "categories of personal information," "business purpose," "third party," and "sell" have the meanings ascribed to them respectively in the CCPA. Citigroup Credit Ratings; Investor Contacts; SEC Filings. This includes Personal Information that you provide to us and Personal Information that we collect automatically when you visit or interact with the Services. This list has all global annual earnings of all time, limited to earnings of more than $40 billion in "real" (i.e. She had studied at the St. John's Diocesan Girls' Higher Secondary School, and the Sivanath Sastri College. U.S. Securities and Exchange Commission, including without limitation the Risk Factors section of Citis 2021 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. (PDF, The_statement_on_financial_position_Sept_2021.pdf). As part of the wind-down, Citi will also continue to actively pursue sales of certain Russian consumer banking portfolios. Sudipto Sen tried but failed to calm uneasy depositors and agents, and could not increase inflow of funds. A Times of India interviewee said, "'The entire Dakshin Barasat today looks like it was hit by a cyclone. Citigroup revenue for the twelve months ending September 30, 2022 was $89.660B, a 12.21% increase year-over-year. [50][103], On 22 April 2013 the Mamata Banerjee led West Bengal government announced that a four-member judicial inquiry commission headed by Shyamal Kumar Sen, retired Chief Justice of the Allahabad High Court, would probe the scam. While post offices have tried to address this through postal savings banks, people are often lured by Ponzi schemes that promise much higher returns. [217] On 17 May 2021, CBI arrested Firhad Hakim, Subrata Mukherjee, Sovan Chatterjee and Madan Mitra on the charges they took the bribes from Saradha Narada after West Bengal Governor Jagdeep Dhankar gave the permission to arrest the ministers(Firhad Hakim, Subrata Mukherjee) and one MLA (Madan Mitra) and former MLA(Sovan Chatterjee). [120] Soon after the Saradha scam, Assam Government sent the Bill to the State Governor for his approval so it could be forwarded to President of India for his assent. Send you technical notices, updates, security alerts, and support and administrative messages (such as changes to our terms, conditions, and policies) and to respond to your comments, questions, and customer service requests; Receive and respond to your submissions on the Services such as submissions on Citi News and Site Feedback; Permit you to participate in voluntary polls and surveys (we may use third parties to deliver incentives to you to participate in such polls and surveys, and you may be required to provide your contact details to the third party in order to fulfill the incentive offer); Communicate with you about products, services, and events offered by Citi and others, and provide news and information we think will be of interest to you (see "Your Choices" below for information about how to opt out of these communications at any time); Monitor and analyze trends, usage, and activities in connection with our Services; Develop new products and services and enhance current products and services; Detect, investigate, and prevent fraudulent transactions and other illegal activities, and protect the rights and property of Citi and others; and. [170] On 9 May 2014, the same bench of the Supreme Court ordered CBI to investigate all Ponzi schemes, including Saradha, in Eastern India. Around 1.74 million depositors filed claims with the commission, of which 83% invested 10,000 (US$130) or less. [117] Doubts whether a cash-starved state with high debt burden has the financial acumen or political will to independently administer such a fund. Kenya has been operating in Kenya since 1974 and has two branches in Nairobi and Mombasa, serving Corporate and Institutional clients. Between 25 and 40% of the deposit was returned to these agents as commissions and lucrative gifts to quickly build up a wide agent pyramid. Titi Cole, Citi's CEO of Legacy Franchises, said: We have explored multiple strategic options to sell these businesses over the past several months. We assist our customers with managing their finances to increase the value of their investments and finance their projects. While the CPM, Congress and BJP again accused TMC of facilitating and profiting from the fraud, TMC said the companies were allowed to register during the government run by CPM in the state and Congress in the centre. There is a sense of treachery that has replaced the warmth of a neighbourhood. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth.. With a physical presence in 95 countries, Citi works closely with global clients, attracting both FDI and FPI flows and showcasing India as a key global supply chain destination, while facilitating investments into the country across asset classes. Private Securities Litigation Reform Act of 1995. [20][21][22], However, this does not address the former issue of being able to save their money easily, keep it in safekeeping and invest it so that it grows. We (and our service providers) use different technologies to collect this information, including cookies and web beacons. We retain personal data for as long as needed or permitted in light of the purpose(s) for which it was obtained and consistent with applicable law. From time to time, we may revise this Notice. Ten years of annual and quarterly financial ratios and margins for analysis of Citigroup (C). The commission was named the Justice Shyamal Sen Commission of Enquiry (Saradha Group of Companies and other similar companies). [206][207] As per Supreme Court's order Bengal SIT handed over all arrested suspects including Sudipto Sen, Debjani Mukherjee and Kunal Ghosh over to CBI. 303 people have been arrested for embezzling public money. On 7 December 2012, Reserve Bank of India (RBI) governor Duvvuri Subbarao said the West Bengal government should initiate suo motu action against companies that were indulging in financial malpractice. We will try to comply with your request as soon as reasonably practicable. [173], It was feared that legitimate non-banking financial companies and micro finance institutions would be stigmatised, leading to a vicious cycle of low depositor trust, higher interest rates, lower lending and a localised credit crisis. These statements are not guarantees of future results or occurrences. Loss for the period . Gain on extinguishment of SARs liability . Share listing expense . Depreciation and amortization . Impairment of property, plant and equipment . Impairment of other intangible assets . Exchange rate difference Operating cash flow before movement in working capital. [140] More political controversy occurred when Narendra Modi, the prime ministerial candidate, said Mamata Bannerjee may have directly benefited from the Ponzi scheme when her paintings were allegedly bought for 1.8 crore (US$230,000) by the Saradha Group. ", "BJP questions Mamata Banerjee's silence over CBI quizzing TMC leaders", "New bill on chit funds by Bengal govt sparks off debate", "West Bengal passes new Bill to protect investor interests", "West Bengal to bring new bill on protecting investor interest", "New Bill For Investor Protection To Have More Teeth", "Mamata Banerjee moots social security scheme after Saradha chit fund scam", "Bengal to take over 2 TV channels of Saradha Group, but not liabilities", "Assembly passes Assam Protection of Interests of Depositors (in Financial Establishments) Amendment Bill", "Assam Bill awaits Guv nod to nip Saradha-like scams in bud", "Odisha Police registers second case against Saradha Group", "Chit fund Saradha's office closed in the state", "Orissa ponzi scam surpasses that of Bengal by Rs 2,140 cr", "Corporate Affairs Ministry to probe Saradha group", "Saradha chit fund scam: ED registers money laundering case", "Working hard to save investors from Ponzi schemes: SEBI", "Saradha scam: Probe panel set up to fix loopholes in laws", "Sebi working on norms to incorporate new powers", "Sebi enacts stricter laws on CIS, front running", "Chit fund: TMC questions role of Chidambaram's wife in Saradha group", "Many claims in letter Sudipta Sen's missive to CBI", "Open season on Saradha scandal Rahul's turn to target Mamata, earn wrath", "Saradha scam: Mamata targets Chidambaram over ED probe", "Modi taunts Mamata over Saradha; Look after your wife, retorts TMC", "Narendra Modi slams Mamata Banerjee over Saradha scam, TMC calls him "Butcher of Gujarat", "Mamata Banerjee's party calls Narendra Modi 'butcher of Gujarat', "As CBI's Saradha net closes in on her party, Mamata Banerjee flexes her cadre muscle", "TMC fields law minister to lead anti-CBI protests", "Investors ransack Saradha's Bengal offices, knock at CM's door", "Politicians, academicians arrested over Saradha scam protest", "Chitfund Sufferers' calls for 'Rail Roko' in Kolkata: 20000 expected to squat on Railway Lines", "Ponzi victims in Garia face 'TMC' wrath", "CBI forms SIT to probe Saradha group, 17 other firms", "Mystery Surrounds Pakistan Citizen's TMC MP Post", "Saradha scam shocker: Mamata Banerjee's aide, TMC MP's link with terror group SIMI, Jamat exposed", "Report: India's Saradha Group funded Jamaat violence", "Saradha scam with Trinamool links may also have funded Bangla Islamists", "Mamata summons Bangladesh Deputy High Commissioner", "India Should Unmask Saradha Link to Jamaat", "Bangladesh rakes up Saradha money with India", "Concern expressed over Saradha's Jamaat funding", "Road blockades across Bengal; two PILs filed", "Saradha money scam: Calcutta High Court and Central govt stepping in", "Panel lifeline for two TV channels owned by Saradha", "State probe for now into Saradha default", "SC notice to Centre, Bengal for CBI probe into Saradha scam", "Saradha report 'sketchy' - SC: Where has depositors' money gone? The investigation was widened to include other Ponzi funds. Official data show a steady decline in small-savings deposits and a rise in withdrawals, which left a reduced amount from which the state government could borrow. People who were once friends became enemies. In May 2014, the Supreme Court of India, due to inter-state ramifications, possible international money laundering, serious regulatory failures and alleged political nexus, transferred all investigations into the Saradha scam and other Ponzi schemes to the Central Bureau of Investigation (CBI), India's federal investigative agency. This information includes, without limitation: your email addresses, telephone numbers, and other contact details; the identity of your current employer and other biographical information; feedback on our websites or mobile apps; online preferences, such as Citi News alerts selections; and business information, such as your company name, your role, and industry. [39] MP Kunal Ghosh drew a salary of 1.6 million (US$20,000) per month from Saradha Group, as an employee of the group. [38] Like all Ponzi schemes, Saradha Group promised astronomical returns in fanciful but credible investments. In 17 cases, charge sheets have been filed against 42 people belonging to 15 companies. [68] Author Aparna Sen was made the editor of Parama. Next Generation EU, to support member states hit by the COVID-19 pandemic.. Sectors Services. Expand your Outlook. This Notice applies solely to your Personal Information collected by the Services. For more information about cookies and how to disable them, please see "Your Choices" below. For Immediate Release [32][33] She was arrested together with Sudipto Sen.[34] At the time of her arrest Debjani was in her early 30s. [54] By 2012, SEBI was able to classify the group's activities as collective investment schemes rather than chit fundsand demanded that it immediately stop operating its investment schemes until it received permission to operate from SEBI. CBI questioned several prominent personalities who were connected with Saradha Group; someincluding TMC vice president and former Director General of Police (DGP) in West Bengal Rajat Majumdar,[208] Assamese singer and filmmaker Sadananda Gogoi[209] and former advocate general of Odisha Ashok Mohanty. We've developed a suite of premium Outlook features for people with advanced email and calendar needs. The Services may contain links to other websites. [175] The scandal drew attention to similar illegal deposit mobilising companies, which are facing increased regulatory pressure. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi. Citibank N.A. The SPCO manages deposit concentration risk by placing cash, money market accounts, and certificates of deposit with financial institutions believed by management to be creditworthy. Citigroup Inc. (Citi) is a financial services holding company. [125][126][127] During the transfer of the investigation to CBI in May 2014, EOW had registered up to 207 cases relating to 43 of the group's 44 companies and had arrested 440 people. Er zijn steeds meer gevallen van schurft in de studentenstad Delft. Alvotech - Unaudited Condensed Consolidated Interim Financial Statements 30.9.2022 All amounts are in USD - 5 Cash flows from financing activities 453 FIRs were filed against other money pooling companies and Ponzi funds, and 75 charge sheets were filed before the court. The Great Recession in the United States was a severe financial crisis combined with a deep recession. Commercial Bank as a Growth Engine: Tasnim Ghiawadwala, Personal Banking & Wealth Management Overview: Anand Selvakesari, Consumer Payments & Lending: Anand Selvakesari, Transformation: Karen Peetz / Stuart Riley, Avenue Capital Group, Stavros Niarchos Foundation, Law Firm Group. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. danielle.romeroapsilos@citi.com, Investor Contact: Please be advised of the following additional information that will be required: Whether you submit a request directly on your own behalf, or through an authorized agent, we will take reasonable steps to verify your identity prior to responding to your requests under CCPA. [88][89], The earliest public warnings about the reckless and fraudulent CIS in West Bengal started in 2009 from MPs Somendra Nath Mitra and Abu Hasem Khan Choudhury and TMC leader Sadhan Pande. [28], Sudipto Sen was the chairman and managing director of the Saradha Group. Its name is a cacography of Sarada Devi, the wife and spiritual counterpart of Ramakrishna Paramahamsaa nineteenth-century mystic of Bengal. [42] Under Indian Securities regulations and section 67 of the Indian Companies Act (1956), a company cannot raise capital from more than 50 people without issuing a proper prospectus and balance sheet. U-Ms net position increased $5 billion in FY 2021 to $19.5 billion, primarily due to substantial investment returns as financial markets experienced tremendous growth following the impact of the pandemic-induced slowdown from the prior year. Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. [31], Debjani Mukherjee was one of the executive directors of Saradha Group who could sign cheques on behalf of the group. [197] The commission received claims from 500,000 depositors who were defrauded by Ponzi funds other than Saradha; the Commission did not refund any of these depositors. The Company uses a number of techniques to determine the fair value of trading assets and liabilities, Private Securities Litigation Reform Act of 1995. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (19992001). A list of data protection authorities is available here. It is weighted You may lodge a complaint with a data protection authority for your country or region where an alleged infringement of applicable data protection law has occurred. The Saradha Group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds[1][2][3] in Eastern India. Citi Daily Bulletin.com covers local news from Pomona to Ontario including, California news, sports, things to do, and business in the Inland Empire. A Form 8-K Current Report has been filed in connection with the wind-down. Citi Kenya is structured around business segments, product groups, operations and technology and staff units. Technology's news site of record. If you prefer, you can usually choose to set your browser to remove or reject browser cookies. Find stories, updates and expert opinion. The S&P 500 stock market index is maintained by S&P Dow Jones Indices.It comprises 503 common stocks which are issued by 500 large-cap companies traded on American stock exchanges (including the 30 companies that compose the Dow Jones Industrial Average).The index includes about 80 percent of the American equity market by capitalization. [202] ED alleged that West Bengal police has not cooperated with it and obstructed its investigation. Actions to facilitate the wind-down of consumer and local commercial banking will commence this quarter. ( 35million since 2010). [174] Because most of the Saradha Group depositors came from the lowest economic strata, the loss of the investment would cause a further decrease in social mobility. In his youth, he was known as Shankaraditya Sen which he later changed to Sudipto Sen and may have had plastic surgery sometime in the 1990s,[30] after which he became associated with land development projects in South Kolkata. Basic and diluted loss for the period per share . Alvotech - Unaudited Condensed Consolidated Interim Financial Statements 30.92.2022, Unaudited Condensed Consolidated Interim Statement of Financial Position. [8], The central government through the Income Tax Department and Enforcement Directorate launched a multi-agency probe to investigate the Saradha scam and similar Ponzi schemes. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. Mukherjee originally joined Saradha Group in 2010 as a receptionist, and rose rapidly to be the group's executive director. Please note that if you choose to remove or reject cookies, this could affect the availability and functionality of our Services. We seek to use reasonable physical, electronic, and procedural measures to safeguard Personal Information within our organization against loss, theft, and unauthorized use, disclosure, or modification. Consumer products and channels affected by the exit include deposits, investments, loans and cards. [95], In his absence, the Ponzi scheme unravelled. [157], In response to the expose, the Government of Bangladesh, led by Sheikh Hasina, ordered the formation of a commission to further investigate the matter. Citi is the leading global bank. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. [74][75] The group also sponsored various Durga Puja celebrations organised by local political leaders. [196] By April 2014, the commission had refunded 400,000 depositors who had invested less than 10,000. [32] She trained as an air hostess. We would like to show you a description here but the site wont allow us. [58] Bollywood actor and TMC MP Mithun Chakraborty was brought in as the brand ambassador of Saradha Group's media platform. You have the right to request that Citi delete Personal Information collected from you, subject to certain exceptions allowed under applicable law. If you are in the EEA, when we process your personal data we will only do so in the following situations: You may have certain rights with respect to the personal data which Citi holds about you, including the right to access or correct (and sometimes, object to or delete) the information. [180] Around six officials from Saradha Group were arrested. Web beacons are electronic images that may be used in our Services or emails and help deliver cookies, count visits, and understand usage and campaign effectiveness. [149][150], According to media reports, around 210 agents, depositors and executives or directors of various money pooling companies have committed suicide in the aftermath of the Saradha Group's collapse. Traders lost interest in opening shutters. You may also contact your home states 529 plan(s), or any other 529 plan, to learn more about [119], On 4 April 2013, the Assam Legislative Assembly unanimously passed the Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill (2013) to enhance the protections available to depositors and to curb fraudulent financial schemes. Proceeds from new borrowings Net proceeds on issue of equity shares .. Net cash generated from financing activities. [79] Sudipto Sen, the group's chairman and managing director, reportedly spent 18.6 million (US$230,000) to buy paintings by Mamata Banerjee, whose government later issued a notification that public libraries should buy and display Saradha Group newspapers. Rs. ", "Trinamool cannot wish away its links with Saradha group irrespective of what Mamata says", "His CPM master's confidential assistants", "Saradha chitfund: Sudipta Sen sent to 14-day police remand- TIMESNOW.tv Latest Breaking News, Big News Stories, News Videos", "Saradha chit fund chief Sudipta Sen's letter to CBI can singe big names", "Sen and Saradha: Story of political intrigue", "West Bengal chit fund scam: Knives out for tainted Trinamool MPs", "Mamata govt feels the heat after the Ponzi scheme meltdown", "Saradha chit fund mess: Quick-rich dreams lie crushed", "Times Now Exclusive: Sudipto Sen's letter to CBI on 6th April", "Sudipta Sen's driver says TMC MPs met Saradha boss before escape", "Bengal's Bonzi shell cracks up Panic strikes other schemes", "Mamata clears arrest to nip chit contagion", "Massive $3.6 Billion Ponzi Scheme Uncovered in India", "Soon, PIL in HC seeking ban on chit fund operators", "Saradha Group chairman Sudipto Sen arrested in Jammu and Kashmir", "What the govt balance sheet shows The words and deeds", "DIDI'S SIN TAX Rs 500cr plan to refund poor victims", "Tathagata Roy says sit is not doing good in sardha case. [159] During subsequent bilateral meetings, Bangladesh Foreign Minister Abul Hassan Mahmud Ali conveyed deep apprehensions about funding for terrorists flowing from India to Bangladesh to Ajit Doval, the Indian National Security Advisor (NSA). We use the Personal Information we collect to provide, maintain, and improve the Services. Citi is the leading global bank. UNAUDITED INTERIM REPORT AND FINANCIAL STATEMENTS Citigroup Global Markets Europe AG, and Citigroup Global Markets Funding Luxembourg SCA. At times, amounts on deposit Get the latest financial news from Citi, the worldwide leader in consumer and corporate banking. We also use the Personal Information we collect to: During at least the past 12 months, we have disclosed your Personal Information for the following business purposes or as otherwise described in this Notice: We may also share aggregated or de-identified information that cannot reasonably be used to identify you to help deliver products, services, and content that are tailored to the users of our Services and for other purposes. Citi is actively engaged in various government initiatives, including working with our clients to channelize foreign capital through FDI investments under the PLI (Performance Linked Incentive) scheme of the Government of India, as well as FII / FPI flows into the country. In order to verify your request, we will require you to provide your social security number, tax ID number or passport number and issuing country, in addition to your first and last name, email address and mailing address. End-of-day quote Nasdaq We collect personal Information that you voluntarily provide to us when you use the Services. [164] On 7 May 2013, Calcutta High Court appointed a three-member administrator group to run Tara News and Tara Muzic. The criteria used to determine our retention periods include: Data Controller Except as otherwise specified on any subsections within sites or apps that comprise the Services, such as the Careers, Alumni, or Citi Consumer Banking subsections, your personal data will be controlled by Citigroup Technology Inc. of 388 Greenwich Street, New York, NY 10013, USA and/or the Citi entity which operates the Services you are accessing (and/or if you are Citigroup personnel, the Citi entity which employs you or contracts with you). [203][204][205], In May 2014, the Supreme Court transferred all investigations into 44 deposit-mobilising companiesincluding Saradha Groupsuspected of running Ponzi schemes in the states of West Bengal, Odisha, Assam, Jharkhand and Tripura, to CBI. [25] No action was taken until after the fraud was uncovered, when many measures were announced. Once verified (see the Verification section below), your authorized agent may create a unique account for you through Citis Privacy Hub at. If you no longer want to receive marketing-related emails from us or Citi News Alerts, you may opt out by following the instructions contained within each such email or through the communications center in your account profile. Prior to responding to any request made on your behalf by an authorized agent, we may require you to provide written confirmation directly to us that you have provided the authorized agent permission to submit such request(s) on your behalf. Citi collects and uses certain Personal Information in order to operate and provide you with access to the Services. In West Bengal, Jharkhand, Assam and Chhattisgarh, it began operating variations of collective investment schemes (CIS) involving tourism packages, forward travel and hotel booking timeshare credit transfer, real estate, infrastructure finance, and motorcycle manufacturing. Dimon was included in Time magazine's 2006, 2008, 106 bank accounts with deposits of 240 million (US$3.0million) were frozen while a number of plots totalling more than 99 bighas and buildings have been identified; steps were taken for their attachment. In February 2019, the CBI interrogated Kolkata Police Commissioner Rajeev Kumar for 39 hours over five days in Shillong. [144][145], Street protests broke out across West Bengal, during some of which protesters ransacked offices of various Ponzi funds. [17] At its centre are moneylenders, mostly unregulated, often also wealthy landlords or now politicians, used to charge exorbitant rates of interest. [99][100][101] After evading the authorities for a week, Sudipto Sen, Debjani Mukherjee and Arvind Singh Chauhan were arrested in Sonmarg, Kashmir, on 23 April 2013. In connection with a sale or business transaction, such as to an acquiring entity or its advisors in the event of any reorganization, merger, sale, joint venture, assignment, transfer or other disposition of all or any portion of our business, assets, or stock (including in connection with any bankruptcy or similar proceedings). HSBC Securities & Capital Markets (India) Pvt.Ltd. In connection with the wind-down plan announced today, Citi expects to incur approximately $170 million in costs, primarily over the next 18 months, largely driven by restructuring, vendor termination fees and other related charges. MP Srinjoy Bose was directly involved with the group's media operations. It helps corporations raise capital (debt and equity) and provides financing solutions, besides working with them on risk management and transaction banking. Some browsers have a do not track feature that lets you tell websites that you do not want to have your online activities tracked. These factors may include, among others, the successful execution and efficacy of Citi's business strategies and investments, including those related to Citi's competitiveness, growth potential, expense and investment efficiencies and capital management; regulatory requirements and approvals; macroeconomic and geopolitical conditions, including those related to inflation, interest rates and supply chains; pandemic impacts; and the precautionary statements included in the materials accessible from this website. Citibank Kenya is the regional hub for the Citi East Africa cluster, which covers Kenya, Uganda, Tanzania and Zambia. We continue to remain committed to contributing to Indias growth and development as we deepen our presence through our institutional businesses and our community initiatives. Kenya Branch is a branch of Citibank, N.A., a federally chartered National Banking Association, organised and existing under the laws of the United States of America. Enron Corporation was an American energy, commodities, and services company based in Houston, Texas.It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies.Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, [223], Angel investment, Venture capital & Private equity, Building brand and non-financial businesses, Criminal prosecution and ongoing investigations, Special Investigation Team (SIT), West Bengal Police, St. John's Diocesan Girls' Higher Secondary School, "What exactly happened in the Saradha Scam? [123], On the basis of complaints filed by over 6000 depositors mainly from districts adjoining Bengal, the Government of Odisha ordered the Crime Branch of Odisha Police to investigate the Saradha scam. Sen, in his letter dated 1 December 2020, named Suvendu Adhikari, Mukul Roy, Adhir Ranjan Chowdhury, Sujan Chakraborty and Biman Bose as beneficiaries from the Saradha group. Any changes will become effective when we post the revised Notice on the Site. [24][25] Citigroup owns Citicorp, the holding Magazine The best financial strategies for surviving a recession in 2023 from 3 top advisers. This outcome is inevitable in a Ponzi scheme that is allowed to run full course. [55], Like previous Ponzi schemes such as Anubhav teak plantations, Japanlife, and Speakasia, Saradha Group invested heavily in the building of its brand. Jane Fraser took over as CEO of Citigroup (C-0.69%) in March, and she's not wasting any time making her mark on the giant financial institution. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. ED also questioned TMC MPs Ahmad Hassan and Arpita Ghosh about their financial transactions with Saradha Group. Revolving Credit Facility Credit Suisse Securities (India) Pvt.Ltd. Suddenly everything has become vicious. Please do not use the Services if you disagree with any part of this Notice. If you wish to submit any type of CCPA request through an authorized agent, please follow the process in the CCPA Authorized Agent section below. All consumers of the household must jointly request access or deletion through the processes outlined in this Notice; We are able to individually verify (i) all members of the household (see the Verification section below); and (ii) that all individuals making the request are still members of the household. Carry out any other purpose described to you at the time the information was collected. When Citi Korea obtains personal information our personal information via the Services, the use will be controlled by and be bound to the necessary process and procedure following the applicable Korean laws. The new Bill was then sent for presidential approval. Earth and the natural world. Global Automobiles immediately stopped most production but kept 150 workers on its payroll who "pretended to work whenever truckloads and busloads of prospective depositors of Saradha Realty visited the plant for a first-hand check before investing". Media Contacts: [139] Mamata Bannerjee, Chief Minister of West Bengal and Chairperson of TMC, attacked P. Chidambaram, the finance minister of the central government, alleging a political vendetta in the timingcoinciding with the parliamentary electionsof a spurt in Enforcement Directorate investigation. [147] The Forum engaged in several, high-visibility, disruptive protests;[148] it was allegedly threatened and intimidated by TMC, the ruling political party. Note that some record earning may be caused by nonrecurring revenue, like Vodafone in 2014 (disposal of its interest in Verizon Wireless) or Fannie Mae in 2013 (benefit for federal income taxes). [9] Decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effect of movements in exchange rates on cash held . Cash and cash equivalents at the end of the period .. Alvotech SA published this content on 28 November 2022 and is solely responsible for the information contained therein. Happy households became miserable. Danielle Romero Apsilos, +1 212 816 2264, Investor contact: These factors also consist of those contained in Citigroup's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citigroup's 2021 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. Axis will pay to Citi cash consideration of approximately US$1.6 billion for the acquisition of the consumer business, subject to customary closing adjustments. These factors also consist of those contained in Citi's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citi's Annual Report on Form 10-K for the year ended December 31, 2021, and Citis Current Report on Form 8-K dated May 10, 2022 (as amended by a Current Report on Form 8-K/A dated May 10, 2022). [94] Sen fled after posting this letter on 10 April. Charge sheets for cheating and criminal conspiracy were filed in 120 cases under provisions of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banning) Act, and the Odisha Protection of Interest of Depositors (in Financial Establishments) Act. These factors include, among others, the successful sale of the India consumer businesses, including within the expected timeframe, macroeconomic and local market conditions, consumer preferences, and the precautionary statements included in this release. [56] With enormous funds at its disposal, Saradha invested in high visibility sectors, such as the Bengali film industry,[57] where it recruited actress and Trinamool Congress (TMC) Member of Parliament (MP) Satabdi Roy as its brand ambassador. The transaction will also include approximately 3,600 Citi employees supporting the consumer businesses in India, who will transfer to Axis upon completion of the proposed transaction. We are extremely pleased with this outcome for our consumer colleagues and clients. After you initiate a request with us by phone at the number above, we will provide you with a form of power of attorney. It has a market leading Corporate Bank in India that is the largest in APAC. The wind-down will be carried out in compliance with applicable regulations and Citi will honor its obligations to clients, employees and partners. ", "Who are the two TMC MPs Srinjoy Bose and Kunal Ghosh? Students stopped going to school. Citi also handles 8% of India's trade flows and 5% of the countrys electronic payments flows. [142][143] On 11 September 2014, West Bengal law minister Chandrima Bhattacharya led around 100 TMC women supporters in a sit-in protest against CBI, alleging a biased and "politically motivated probe". On 17 April, around 600 collection agents claiming to be associated with Saradha Group assembled at the headquarters of TMC and demanded government intervention. See Part II of this Report and Note 7 to the Financial Statements for more information. [190][191] By 6 May 2013, police had arrested directors of Ponzi companies ATM Group[192] and Annex Infrastructure Pvt Ltd on charges of defrauding depositors. During the first thirty-nine weeks of 2022 and 2021, we returned $10.0 million and $107.2 million, respectively, to shareholders through share repurchases. You can tell when we last updated the Notice by checking the date at the beginning of the Notice. Some of the non-EEA countries are recognized by the European Commission as providing an adequate level of data protection according to EEA standards (the full list of these countries is available here). On 3 May 2013, Odisha police seized documents and sealed the group's local offices. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. If you are a California resident, you have the right to request and receive certain information about disclosure of your Personal Information to third parties for their direct marketing purposes. [26] These companies either raised their funds through legitimate channels such as collective investment schemes, non-convertible debentures and preference shares, or illegitimately through hoax financial instruments such as teak bonds, potato bonds or fictitious ventures in agro-export, construction and manufacturing. With our service providers, who provide services such as website hosting, data analysis, information technology and related infrastructure provision, customer service, processing your transactions, e-mail delivery, auditing, and other services; To cooperate with public and government authorities and law enforcement, and to respond to their requests, or to provide them with information as required; For other legal reasons, such as to monitor compliance with and enforce our terms and conditions, to protect our rights, privacy, safety, or property, and/or that of our affiliates, you or others, to protect against fraud, crime, illegal activity, anti-money laundering, or anti-terrorism, and for risk management purposes; and. Please consult your financial, tax, or other advisors to learn more about how state-based benefits and limitations would apply to your specific circumstance. Understanding chit fund, MLM, corporate deposits and collective investment schemes", "Here's why Saradha was not a chit fund but a Ponzi scheme", "More Saradha entities under SEBI scanner", "Saradha raised deposits from 1.7 mn people, probe finds", "Mamata announces SIT, inquiry into Saradha", Mamata sets up fund for duped Saradha investors, Business Standard, 24 April 2013, "60 firms like Saradha Group operating in Bengal", "SC jolt for Mamata: CBI to probe Saradha scam The CBI will also probe other Ponzi schemes in West Bengal, Odisha, Tripura, Jharkhand and Assam", "Supreme Court orders just what Mamata didn't want", "WB Minister Madan Mitra arrested in Saradha scam", "West Bengal minister Madan Mitra arrested by CBI", "Kuriachan Chacko and Ors. Citi will also continue to harness Indias rich talent pool in the areas of Technology, Operations, Analytics, Finance and allied functional areas through its network of Citi Solution Centers that are located in five cities in India and support our global businesses, said Citi India CEO Ashu Khullar. As was previously announced, Citis global exit from its consumer banking franchises in 13 markets across Asia and EMEA is expected to release approximately US$7 billion of allocated tangible common equity over time. Largest corporate annual earnings of all time. [184] Ghosh was arrested by SIT in November 2013 after he posted a list of 12 names on his Facebook page; these included at least four TMC MPs and West Bengal Chief Minister Mamata Banerjee. [76][77], Allegedly several political leaders received financial support from Saradha Group, including MPs of TMC, the incumbent ruling party of West Bengal. The statements of profit or loss and other comprehensive income Citibank Kazakhstan JSC for the period 30 September 2021 (Not audited) attached in pdf. [179], FIR was filed against Sudipto Sen and Kunal Ghosh on 14 April 2013. At the end of the second quarter 2022, Citis remaining exposure to Russia stood at $8.4 billion, down from $9.8 billion at 2021 year-end, of which approximately $1 billion is related to the consumer and local commercial banking businesses in Russia. It excludes Citis institutional client businesses in India; Citi remains committed and focused on serving institutional clients in India and globally. Under the Chit Fund Act (1982), chit funds are regulated by state governments rather than SEBI. [123], In March 2013, Central corporate affairs minister Sachin Pilot said in the Lok Sabhathe lower house of the Parliament of Indiathat his ministry has received complaints against West Bengal's Saradha Group and many other companies for their involvement in Ponzi or multi-layer-marketing schemes. [50] Saradha Group did not comply with this ruling and continued to operate until its collapse in April 2013. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. If you are contacting us from outside the United States, please refer to the Citi website in your country or use the contact details in the local privacy notice for your product. The business segment that caters to our diverse customer base is our Institutional Clients Group, which includes the global relationship banking services we provide for top-tier local corporate clients. [93] He also stated that TMC leader Kunal Ghosh had forced him to enter into loss-making media ventures and blackmailed him into selling one of his television channels at below market price. Providing a different level or quality of goods or services to you. For information regarding how to exercise your rights as a consumer under the California Consumer Privacy Act, please see the below Appendix, Supplemental provision applicable to California residents. [115] On 12 December 2013, the West Bengal Legislative Assembly passed an amended version of the original Bill, incorporating changes suggested by the financial services, and revenue and economic affairs departments in New Delhi. As we move forward with this transaction, India remains a key institutional market for Citi. The Bill was sent to the Union Home Ministry, which sent it back to the West Bengal Assembly on 6 June 2013, stating that the Bill has penal provisions implemented with retrospective effect, thus contravening the Basic structure doctrine of the Indian constitution and the established criminal law jurisprudence. If you have any questions related to our policy, please contact us using the information provided in the "Contact Us" section below. [16] This leads to the absence of two major helplines for poorer people - that of placing their money safely in deposits and secondly of being able to borrow money for their needs which may be as simple as buying seeds for the next crop or their children's marriage. [12][13], The scam has often been compared to the Sanchayita investment scam, a multi crore rupees scam that occurred in West Bengal in the 1970s, complaints related to which led to the formation of the Prize Chits and Money Circulation Schemes (Banning) Act of 1978. The Saradha Group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds in Eastern India.. [176][177] Many of these companies have been variations of time share travel schemes, of which there are few clear regulations. Get all the latest India news, ipo, bse, business news, commodity only on Moneycontrol. Please note that Citi is not responsible for the privacy or information security practices of other websites. [133] In August 2013, the Central Government amended the SEBI Act and gave SEBI powers to search and seize without prior magisterial permission to investigate illegal money collection schemes. james.a.griffiths@citi.com, Danielle Romero Apsilos, New York [199][200] Chief Minister of Tripura said Tripura may also order a CBI probe into Saradha Group. Cookies are small data files stored on your hard drive or in device memory that help us improve our Services and your experience, see which areas and features of our Services are popular, and count visits. The group is intended to unify the regulations of investment schemes by NBFCs, banks and companies, which As of 2013[update] were governed by different laws and regulations, leading to regulatory loopholes. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. If you wish to submit a request to have your Personal Information deleted (see section 3 in this "Supplemental provision applicable to users registering from California" Appendix) or wish to opt-out of the selling of your Personal Information, call us at (833) 981-0270. About Our Coalition. Receivables from related parties .. Cash and cash equivalents . Alvotech - Unaudited Condensed Consolidated Interim Financial Statements 30.9.2022. Unfortunately, however, no data transmission over the internet can be guaranteed to be 100% secure. [130] On 1 May 2013, commenting on the regulatory loopholes, the Chairman of SEBI said, "there should be one single regulator for entire collective investment schemes". Jeffrey French, +44 20 7500 8304 So why not cbi? [44] SEBI persisted in its investigation through 2010. [27] It is estimated that these Ponzi funds have amassed around 10 trillion (US$130billion) from unsuspecting depositors in Eastern India. Jennifer Landis We require a written power of attorney, executed by you, confirming the authority of the authorized agent with respect to your CCPA request(s). [46][47] Investors were rarely informed about the true nature of their investments. Latest breaking news, including politics, crime and celebrity. [116], On 8 May 2013, Banerjee said West Bengal was considering setting up a government-backed small savings fund to encourage small depositors to invest in it rather than in Ponzi schemes. Notes to Financial Statements . At this time, we do not respond to browser do not track signals. This page was last updated on December 29, 2021. [84][85] According to officials investigating the case, the actual amount paid could be almost double of what is being claimed. [121], On 22 April 2013, Assam Police sealed five offices of Saradha Group amid protests by depositors, agents and employees, and accusations that a minister, a former DGP and government officials had facilitated the group's business ventures in Assam. Axis was selected by Citi following an extensive and competitive auction process. This is a positive outcome for our staff and our priority has been on securing their future. We are focused on supporting our impacted colleagues, clients and partners during this period of transition., David Livingstone, Citis CEO of Europe, Middle East and Africa, said, Todays decision is part of our continuing efforts to reduce our activities in Russia. 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