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Saradha Group financial scandal

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Financial scandal in India

The Saradha Group financial scandal was a major 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. The group collected around ₹200 to 300 billion (US$4–6 billion) from over 1.7 million depositors before it collapsed in April 2013.2 It is headquartered in Kolkata.1 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

  • HeadquartersKolkata1

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The Saradha Group financial scandal was a major 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. The group collected around ₹200 to 300 billion (US$4–6 billion) from over 1.7 million depositors before it collapsed in April 2013.2

Timeline

  1. Apr 2013Dissolved Dissolved1

Sources

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