149-562: 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. In
298-646: A United Nations Development Programme report, its wind and cyclone zone is "very high damage risk". The annual mean temperature is 26.8 °C (80.2 °F); monthly mean temperatures are 19–30 °C (66–86 °F). Summers (March–June) are hot and humid, with temperatures in the low 30s Celsius; during dry spells, maximum temperatures sometime exceed 40 °C (104 °F) in May and June. Winter lasts for roughly 2 + 1 ⁄ 2 months, with seasonal lows dipping to 9–11 °C (48–52 °F) in December and January. May
447-452: A political scandal is an action or event regarded as morally or legally wrong and causing general public outrage. Politicians , government officials, party officials and lobbyists can be accused of various illegal, corrupt , unethical or sexual practices. Politicians and officials who are embroiled in scandals are more likely to retire or get lower vote shares. Scandal sells, and broadsides, pamphlets, newspapers, magazines and
596-668: A CBI probe into all money collection entities in India. On 9 May 2014, the same bench of the Supreme Court ordered CBI to investigate all Ponzi schemes, including Saradha, in Eastern India. The Court also clarified the concurrent attachment and auction of the assets of suspected Ponzi companies to reimburse depositors at the end of the judicial proceedings initiated by Enforcement Directorate authorised under federal laws and various state agencies authorised under state laws would also run parallel to
745-505: A Special Leave Petition (SLP). Before the Supreme Court the Government of West Bengal stated that the investigation into the scam was being successfully conducted by the SIT. The state governments of Orissa, Jharkhand and Tripura, which were respondent to the case, requested a CBI enquiry. The SC bench led by Justice T.S. Thakur and Justice C. Nagappan in April 2014 said the Supreme Court may order
894-965: A company cannot raise capital from more than 50 people without issuing a proper prospectus and balance sheet. Its accounts must be audited and it must also have explicit permission to operate from the market regulator Securities and Exchange Board of India (SEBI). SEBI first confronted Saradha Group in 2009. Saradha Group adapted by opening up to 200 new companies to create more cross-holdings. This created an extremely complex tiered corporate structure to confound SEBI by hampering their ability to consolidate blame. SEBI persisted in its investigation through 2010. Saradha Group reacted by changing its methods of raising capital. 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. Investors were rarely informed about
1043-585: A controversial ₹ 500 crore (US$ 60 million) relief fund for the low income depositors of the Saradha Group, introducing a 10% additional tax on tobacco products to raise the money and in jest asked smokers "to light up a little more". The propriety of the fund was later questioned by the Governor of RBI. The West Bengal government also set up a Special Investigation Team (SIT) u/s 36 of the CrPC, with officers drawn from
1192-491: A councillor to the KMC. Each borough has a committee of councillors, each of whom is elected to represent a ward. By means of the borough committees, the corporation undertakes urban planning and maintains roads, government-aided schools, hospitals, and municipal markets. As Kolkata's apex body, the corporation discharges its functions through the mayor-in-council, which comprises a mayor , a deputy mayor, and ten other elected members of
1341-707: A factory; Sutanuti was a riverside weavers' village; and Gobindapur was a trading post for Indian merchant princes. These villages were part of an estate belonging to the Sabarna Roy Choudhury family of zamindars . The estate was sold to the East India Company in 1698. In 1712, the British completed the construction of Fort William , located on the east bank of the Hooghly River to protect their trading factory. Facing frequent skirmishes with French forces ,
1490-574: A four-member judicial inquiry commission headed by Shyamal Kumar Sen , retired Chief Justice of the Allahabad High Court , would probe the scam. The commission was named the Justice Shyamal Sen Commission of Enquiry (Saradha Group of Companies and other similar companies). West Bengal's Chief Minister Mamata Banerjee was reported to have said, "ja gechhey ta gechhey" (whatever has gone has gone). On 24 April 2013, Banerjee announced
1639-605: A government-backed small savings fund to encourage small depositors to invest in it rather than in Ponzi schemes. Doubts whether a cash-starved state with high debt burden has the financial acumen or political will to independently administer such a fund. On 23 May 2013, Bannerjee indicated the West Bengal government's willingness to take over Saradha-owned television channels Tara News and Tara Muzic , which had earlier been sent into administration by Calcutta High Court. On 4 April 2013,
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#17328799495141788-760: A minister, a former DGP and government officials had facilitated the group's business ventures in Assam. Unlike in West Bengal, where the probe is based on FIRs filed by defrauded depositors, the Assam Government suo motto registered 222 cases against Saradha Group and 127 other companies after widespread protests in Assam. In 17 cases, charge sheets have been filed against 42 people belonging to 15 companies. 303 people have been arrested for embezzling public money. The government seized nearly ₹ 9.4 million (US$ 110,000) in cash from those arrested. 106 bank accounts with deposits of ₹ 240 million (US$ 2.9 million) were frozen while
1937-654: A multi-agency probe to investigate the Saradha scam and similar Ponzi schemes. 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. Many prominent personalities were arrested for their alleged involvement in
2086-474: A notification that public libraries should buy and display Saradha Group newspapers. The group bought the loss-making company Landmark Cement, which was co-owned by textiles minister Shyamapada Mukherjee . The group also had financial dealings with Ganesh Dey , the confidential assistant of the finance minister of the erstwhile Left Front government , who was later expelled. Politicians outside West Bengal also benefited from Saradha Group. Himanta Biswa Sarma ,
2235-523: A number of plots totalling more than 99 bighas and buildings have been identified; steps were taken for their attachment. On 6 May 2013, Assam handed the investigation to CBI. 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. The Economic Offence Wing (EOW) of
2384-579: A person with a reputation for generosity to her community. The companies that were comprised by Saradha Group were incorporated in 2006. Its name is a cacography of Sarada Devi , the wife and spiritual counterpart of Ramakrishna Paramahamsa —a nineteenth-century mystic of Bengal . This duplicitous association gave Saradha Group a veneer of respectability. Like all Ponzi schemes, Saradha Group promised astronomical returns in fanciful but credible investments. Its funds were sold on commission by agents recruited from local rural communities. Between 25 and 40% of
2533-527: A police commissioner, is overseen by the West Bengal Ministry of Home Affairs . The Kolkata district elects two representatives to India's lower house, the Lok Sabha , and 11 representatives to the state legislative assembly. The Kolkata police district registered 15,510 Indian Penal Code cases in 2010, the 8th-highest total in the country. In 2010, the crime rate was 117.3 per 100,000, below
2682-470: A political vendetta in the timing—coinciding with the parliamentary elections—of a spurt in Enforcement Directorate investigation. 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$ 220,000) by the Saradha Group. TMC replied to
2831-456: A quarter of the population live on less than ₹ 27 (32¢ US) per day. Major manufacturing companies in the city are Alstom , Larsen & Toubro , Fosroc , Videocon . As in many other Indian cities, information technology became a high-growth sector in Kolkata starting in the late 1990s; the city's IT sector grew at 70% per annum—a rate that was twice the national average. The 2000s saw
2980-410: A report from the commission on the discriminatory standards being applied to the refunding of depositors. On 30 April 2013 CBI started investigating into the Saradha Group scandal in Assam at the request of the state government. Chief Minister of Tripura said Tripura may also order a CBI probe into Saradha Group. In West Bengal, because the criminal investigation had not initially been handed over to
3129-427: A stall for the city dwellers. The city receives 2,107 hours of sunshine per year, with maximum sunlight exposure occurring in April. Kolkata has been hit by several cyclones; these include systems occurring in 1737 and 1864 that killed thousands. More recently, Cyclone Aila in 2009 and Cyclone Amphan in 2020 caused widespread damage to Kolkata by bringing catastrophic winds and torrential rainfall. Pollution
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#17328799495143278-457: A state agency. As of 2012 , the city had 16 fire stations. State-owned Bharat Sanchar Nigam Limited , or BSNL, as well as private enterprises, among them Vodafone Idea , Bharti Airtel , Reliance Jio are the leading telephone and cell phone service providers in the city. with Kolkata being the first city in India to have cell phone and 4G connectivity, the GSM and CDMA cellular coverage
3427-435: A steady economic decline in the decades following India's independence due to steep population increases and a rise in militant trade-unionism , which included frequent strikes that were backed by left-wing parties. From the 1960s to the late 1990s, several factories were closed and businesses relocated. The lack of capital and resources added to the depressed state of the city's economy and gave rise to an unwelcome sobriquet:
3576-406: A surge of investments in the real estate, infrastructure, retail, and hospitality sectors; several large shopping malls and hotels were launched. Companies such as ITC Limited , CESC Limited , Exide Industries , Emami , Eveready Industries India , Lux Industries , Rupa Company , Berger Paints , Birla Corporation , Britannia Industries and Purushottam Publishers are headquartered in
3725-607: Is 1.5–9 m (5–30 ft). Much of the city was originally a wetland that was reclaimed over the decades to accommodate a burgeoning population. The remaining undeveloped areas, known as the East Kolkata Wetlands , were designated a "wetland of international importance" by the Ramsar Convention (1975). As with most of the Indo-Gangetic Plain , the soil and water are predominantly alluvial in origin. Kolkata
3874-447: Is a major concern in Kolkata. As of 2008 , sulphur dioxide and nitrogen dioxide annual concentration were within the national ambient air quality standards of India, but respirable suspended particulate matter levels were high, and on an increasing trend for five consecutive years, causing smog and haze. Severe air pollution in the city has caused a rise in pollution-related respiratory ailments, such as lung cancer. Kolkata, which
4023-473: Is a sense of treachery that has replaced the warmth of a neighbourhood. Suddenly everything has become vicious." By this time, the Saradha Group financial scandal had colloquially become known as "Bonzi"—a portmanteau of the words Ponzi and Bengal. On 18 April, an arrest warrant for Sudipto Sen was issued. By 20 April, the news of potentially the largest Ponzi scheme in India had become headline news in West Bengal, and then front-page news nationally. After evading
4172-533: Is also experiencing marked growth in its manufacturing base. In the 2011 West Bengal Legislative Assembly election , Left Front was succeeded by the Trinamool Congress . Spread roughly meridionally along the east bank of the Hooghly River , Kolkata sits within the lower Ganges Delta of eastern India approximately 75 km (47 mi) west of the international border with Bangladesh; the city's elevation
4321-581: Is east of the town. To promote the recycling of garbage and sewer water, agriculture is encouraged on the dumping grounds. Parts of the city lack proper sewerage, leading to unsanitary methods of waste disposal. In 1856, the Bengal Government appointed George Turnbull to be the Commissioner of Drainage and Sewerage to improve the city's sewerage. Turnbull's main job was to be the Chief Engineer of
4470-686: Is extensive. As of 2010 , Kolkata has 7 percent of the total broadband internet consumers in India; BSNL, VSNL , Tata Indicom , Sify, Hathway , Airtel, and Jio are among the main vendors. The Eastern Command of the Indian Army is based in the city. Being one of India's major city and the largest city in eastern and north-eastern India, Kolkata hosts diplomatic missions of many countries such as Australia, Bangladesh, Bhutan, Canada, People's Republic of China, France, Germany, Italy, Japan, Myanmar, Nepal, Russia, Sri Lanka, Switzerland, Thailand, United Kingdom and United States . The U.S Consulate in Kolkata
4619-712: Is home to institutions of national importance, including the Academy of Fine Arts , the Asiatic Society , the Indian Museum and the National Library of India . The University of Calcutta , first modern university in south Asia and its affiliated colleges produced many leading figures of South Asia. It is the centre of the Indian Bengali film industry, which is known as Tollywood . Among scientific institutions, Kolkata hosts
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4768-519: Is located over the "Bengal basin", a pericratonic tertiary basin. Bengal basin comprises three structural units: shelf or platform in the west; central hinge or shelf/slope break; and deep basinal part in the east and southeast. Kolkata is located atop the western part of the hinge zone which is about 25 km (16 mi) wide at a depth of about 45,000 m (148,000 ft) below the surface. The shelf and hinge zones have many faults, among them some are active. Total thickness of sediment below Kolkata
4917-520: Is nearly 7,500 m (24,600 ft) above the crystalline basement ; of these the top 350–450 m (1,150–1,480 ft) is Quaternary , followed by 4,500–5,500 m (14,760–18,040 ft) of Tertiary sediments, 500–700 m (1,640–2,300 ft) trap wash of Cretaceous trap and 600–800 m (1,970–2,620 ft) Permian - Carboniferous Gondwana rocks. The quaternary sediments consist of clay, silt and several grades of sand and gravel. These sediments are sandwiched between two clay beds:
5066-530: Is the US Department of State 's second-oldest Consulate and dates from 19 November 1792. The Diplomatic representation of more than 65 Countries and International Organization is present in Kolkata as Consulate office, honorary Consulate office, Cultural Centre, Deputy High Commission and Economic section and Trade Representation office. Public transport is provided by the Kolkata Suburban Railway ,
5215-515: Is the largest and second busiest suburban railway network in the country by number of stations and track length, and also one of the largest in the world. Kolkata has five long-distance inter-city railway stations, located at Howrah (the largest and busiest railway complex in India, as of 2024 ), Sealdah (2nd busiest in India, as of 2024 ), Kolkata , Shalimar and Santragachi Junction , which connect Kolkata by rail to most cities in West Bengal and to other major cities in India. The city serves as
5364-421: Is the seventh most populous city in India with an estimated city proper population of 4.5 million (0.45 crore) while its metropolitan region Kolkata Metropolitan Area is third most populous metropolitan region of India with a metro population of over 15 million (1.5 crore). Kolkata is regarded by many sources as the cultural capital of India and a historically and culturally significant city in
5513-695: Is the area south of Park Street , which comprises thoroughfares such as Jawahar Lal Nehru Road , Abanindranath Thakur Sarani , Dr. Martin Luther King Sarani, Dr. Upendra Nath Brahmachari Sarani, Shakespeare Sarani and Acharay Jagadish Chandra Basu Road . South Kolkata developed after India gained independence in 1947; it includes upscale neighbourhoods such as Bhowanipore , Alipore , Ballygunge , Kasba , Dhakuria , Santoshpur , Garia , Golf Green , Tollygunge , New Alipore , Behala , Barisha etc. The south suburban areas like Maheshtala , Budge Budge , Rajpur Sonarpur , Baruipur etc. are also within
5662-457: Is the hottest month, with daily temperatures ranging from 27–37 °C (81–99 °F); January, the coldest month, has temperatures varying from 12–23 °C (54–73 °F). The highest recorded temperature is 43.9 °C (111.0 °F), and the lowest is 5 °C (41 °F). The winter is mild and very comfortable weather pertains over the city throughout this season. Often, in April–June,
5811-723: Is the oldest High Court in India. It was preceded by the Supreme Court of Judicature at Fort William which was established in 1774. The Calcutta High Court has jurisdiction over the state of West Bengal and the Union Territory of the Andaman and Nicobar Islands . Kolkata has lower courts: the Court of Small Causes and the City Civil Court decide civil matters; the Sessions Court rules in criminal cases. The Kolkata Police , headed by
5960-484: Is the oldest underground mass transit system in India. The fully operational blue line spans the north–south length through the middle of the city. In 2020, part of the Second line was inaugurated to cover part of Salt Lake city , Kolkata metro area. This east–west green line connects two satellite cities of Kolkata namely Salt Lake and Howrah. Other operational lines are Purple line and Orange line. Kolkata Suburban Railway
6109-541: Is under the jurisdiction of the Kolkata Municipal Corporation (KMC), has an area of 206.08 km (80 sq mi). The east–west dimension of the city is comparatively narrow, stretching from the Hooghly River in the west to roughly the Eastern Metropolitan Bypass in the east—a span of 9–10 km (5.6–6.2 mi). The north–south distance is greater, and its axis is used to section
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6258-852: 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. 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. On 22 April 2013, Assam Police sealed five offices of Saradha Group amid protests by depositors, agents and employees, and accusations that
6407-517: The Bengali Renaissance . It was the hotbed of the Indian nationalist movement . The partition of Bengal in 1947 affected the fortunes of the city. Following independence in 1947, Kolkata, which was once the premier centre of Indian commerce, culture, and politics, suffered many decades of political violence and economic stagnation before it rebounded. In the late 20th century, the city hosted
6556-613: The East Indian Railway Company responsible for building the first railway 541 miles (871 km) from Howrah to Varanasi (then Benares ). Electricity is supplied by the privately operated Calcutta Electric Supply Corporation , or CESC, to the city proper; the West Bengal State Electricity Board supplies it in the suburbs. Fire services are handled by the West Bengal Fire Service ,
6705-1035: The Geological Survey of India , the Botanical Survey of India , the Calcutta Mathematical Society , the Indian Science Congress Association , the Zoological Survey of India , the Horticultural Society , the Institution of Engineers , the Anthropological Survey of India and the Indian Public Health Association . The Port of Kolkata is India's oldest operating port. Four Nobel laureates and two Nobel Memorial Prize winners are associated with
6854-692: The Indian Postal Service . However, low rates of interest in the 1980s and 1990s encouraged the rise of several Ponzi schemes in speculative ventures such as Sanchayita Investments, Overland Investment Company, Verona Credit and Commercial Investment Company. Together, these scams eliminated close to ₹ 10 billion (US$ 120 million) in investor wealth. 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
7003-466: The Indian diaspora , TV South East Asia and one FM radio station. Author Aparna Sen was made the editor of Parama . In 2011, Saradha Group bought Global Automobiles, a heavily indebted motorcycle company as a front for the latest version of its Ponzi scheme. 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
7152-651: The Japanese between 1942 and 1944, during World War II . Millions starved to death during the Bengal famine of 1943 (at the same time of the war) due to a combination of military, administrative, and natural factors. Demands for the creation of a Muslim state led in 1946 to an episode of communal violence that killed over 4,000. The partition of India led to further clashes and a demographic shift—many Muslims left for East Bengal (later East Pakistan , present day Bangladesh ), while hundreds of thousands of Hindus fled into
7301-535: The Kolkata Metro , trams , rickshaws , taxis and buses. The suburban rail network connects the city's distant suburbs. Kolkata Metro is the rapid transit system of Kolkat. According to a 2013 survey conducted by the International Association of Public Transport , in terms of a public transport system, Kolkata ranks top among the six Indian cities surveyed. The Kolkata Metro, in operation since 1984,
7450-884: The Kolkata Police . On 19 July 2011, it persuaded Mamata Banerjee , the Chief Minister of West Bengal , to use its ambulances and motorcycles for the Jangalmahal area of West Midnapore . 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. ( ₹ 18 million in 2010–11) and East Bengal F.C. ( ₹ 35 million since 2010). The group also sponsored various Durga Puja celebrations organised by local political leaders. Allegedly several political leaders received financial support from Saradha Group, including MPs of TMC,
7599-538: The Kolkata metropolitan area , which is the city's urban agglomeration. The agency overseeing the latter, the Kolkata Metropolitan Development Authority , is responsible for the statutory planning and development of greater Kolkata. The Kolkata Municipal Corporation was ranked first out of 21 cities for best governance and administrative practices in India in 2014. It scored 4.0 on 10 compared to
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#17328799495147748-559: The Left Front , which was dominated by the Communist Party of India (CPM). It was the world's longest-serving democratically elected communist government, during which Kolkata was a key base for Indian communism . The city's economic recovery gathered momentum after the 1990s, when India began to institute pro-market reforms . Since 2000, the information technology (IT) services sector has revitalised Kolkata's stagnant economy. The city
7897-489: The Lok Sabha —the lower house of the Parliament of India—that 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. No action was taken until after the fraud was uncovered, when many measures were announced. On 25 April 2013, India's Income Tax department and Ministry of Corporate Affairs started separate investigation into
8046-759: The State governments of India by the 1950s. However failure to replace the role of moneylenders gave rise to unscrupulous financial operators that operated Ponzi schemes. Some commentators place the blame for these kinds of Ponzi schemes on greed rather than exclusion from formal banking systems. 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. While post offices have tried to address this through postal savings banks , people are often lured by Ponzi schemes that promise much higher returns. The relatively prosperous rural economy of West Bengal had previously relied on small savings schemes run by
8195-571: The Victoria Memorial , Howrah Bridge and the Grand Hotel . The city's heritage includes India's only Chinatown and remnants of Jewish , Armenian, Greek and Anglo-Indian communities. The city is closely linked with Bhadralok culture and the Zamindars of Bengal , including Bengali Hindu , Bengali Muslim and tribal aristocrats. The city is often regarded as India's cultural capital. Kolkata
8344-683: The government-in-exile of Bangladesh during the Bangladesh Liberation War in 1971. It was also flooded with Hindu refugees from East Bengal (present-day Bangladesh) in the decades following the 1947 partition of India , transforming its landscape and shaping its politics. The city was overtaken by Mumbai (formerly Bombay) as India's largest city. A demographically diverse city, the culture of Kolkata features idiosyncrasies that include distinctively close-knit neighbourhoods ( paras ) and freestyle conversations ( adda ). Kolkata's architecture includes many imperial landmarks, including
8493-461: The secondary sector (industrial and manufacturing); and 83.69% worked in the tertiary sector (service industries). As of 2003 , the majority of households in slums were engaged in occupations belonging to the informal sector; 36.5% were involved in servicing the urban middle class (as maids, drivers, etc.) and 22.2% were casual labourers . About 34% of the available labour force in Kolkata slums were unemployed. According to one estimate, almost
8642-538: The summer monsoon , sometimes interrupt transportation networks. Kolkata along its metropolitan area is home to the second largest road network in India. As of 2022 , total road network in the city's metropolitan area is 4,018 km (2,497 mi), while the city proper has road network of 1,850 km (1,150 mi). The city has witnessed a steady increase in the number of registered vehicles: from 17 lakhs in 2019 to 21 lakhs in 2022, an 18.52 per cent jump. With 2,448 vehicles per kilometre of road, Kolkata has
8791-410: The "dying city". The city's fortunes improved after the Indian economy was liberalised in the 1990s and changes in economic policy were enacted by the West Bengal state government. Recent estimates of the economy of Kolkata's metropolitan area have ranged from $ 150 to $ 250 billion ( PPP GDP), and have ranked it third-most productive metro area of India. Flexible production has been
8940-453: 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. TMC blamed CPM for letting Ponzi funds grow in Bengal. The Saradha scandal became a major campaign issue amongst the political parties in West Bengal during the 2014 national election . Allegations were made by all
9089-499: The 1850s, Calcutta had two areas: White Town, which was primarily British and centred on Chowringhee and Dalhousie Square ; and Black Town, mainly Indian and centred on North Calcutta. The city underwent rapid industrial growth starting in the early 1850s, especially in the textile and jute industries; this encouraged British companies to massively invest in infrastructure projects, which included telegraph connections and Howrah . The coalescence of British and Indian culture resulted in
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#17328799495149238-453: The 1962 Sino-Indian War , and immigration to foreign countries for better economic opportunities. The Chinese community traditionally worked in the local tanning industry and ran Chinese restaurants. According to the 2011 census, 76.51% of the population is Hindu , 20.60% Muslim , 0.88% Christian and 0.47% Jain . The remainder of the population includes Sikhs , Buddhists , and other religions which accounts for 0.45% of
9387-503: The 1970s, complaints related to which led to the formation of the Prize Chits and Money Circulation Schemes (Banning) Act of 1978. India has a large, low-income, rural population with limited access to formal banking facilities. 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
9536-607: The 2005 National Family Health Survey, around 14% of the households in Kolkata were poor, while 33% lived in slums, indicating a substantial proportion of households in slum areas were better off economically than the bottom quarter of urban households in terms of wealth status. Mother Teresa was awarded the Nobel Peace Prize for founding and working with the Missionaries of Charity in Kolkata—an organisation "whose primary task
9685-437: The 2011 national census, Kolkata district, which occupies an area of 185 km (71 sq mi), had a population of 4,486,679; its population density was 24,252/km (62,810/sq mi). This represents a decline of 1.88% during the decade 2001–11. The sex ratio is 899 females per 1000 males—lower than the national average. The ratio is depressed by the influx of working males from surrounding rural areas, from
9834-442: The 20th century. The Jewish population of Kolkata was 5,000 during World War II, but declined after Indian independence and the establishment of Israel; as of 2003 , there were 25 Jews in the city. India's sole Chinatown is in eastern Kolkata; once home to 20,000 ethnic Chinese, its population dropped to around 2,000, as of 2009 , as a result of multiple factors including repatriation and denial of Indian citizenship following
9983-576: The Bengali language name of one of three villages that predated the arrival of the British; the other two villages were Sutanuti and Govindapur . There are several explanations for the etymology of this name: Although the city's name has always been pronounced Kolkata or Kôlikata in Bengali, the anglicised form Calcutta was the official name until 2001, when it was changed to Kolkata in order to match Bengali pronunciation. The discovery and archaeological study of Chandraketugarh , 35 km (22 mi) north of Kolkata, provide evidence that
10132-404: The Bill pertained to the Concurrent List of the Indian Constitution , on which a federal law was already in place, it required approval from the President. 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
10281-425: The British began to upgrade their fortifications in 1756. The Nawab of Bengal, Siraj-ud-Daulah , condemned the militarisation and tax evasion by the company. His warning went unheeded, and the Nawab attacked; his capture of Fort William led to the killings of several East India company officials in the Black Hole of Calcutta . A force of Company soldiers ( sepoys ) and British troops led by Robert Clive recaptured
10430-407: The CBI investigation, no executive actions were taken at this time. 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. By that time, the Saradha Group Ponzi scheme was already beginning to unravel. In January 2013, the group's cash inflow was, for
10579-409: The CBI investigation. Companies illegally moving deposits diverted an estimated sum of ₹ 240 billion (US$ 2.9 billion) from small savings funds promoted by state government since 2010. 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. This affected the overall macroeconomic situation of
10728-756: The CBI, the Enforcement Directorate (ED)—a Central Government agency which primarily probes money laundering—led the investigation on behalf of the Central Government. In April 2014, ED arrested the absconding wife, son and daughter-in-law of Sudipta Sen, all of whom had been directors of various companies of Saradha Group. ED also questioned TMC MPs Ahmad Hassan and Arpita Ghosh about their financial transactions with Saradha Group. ED alleged that West Bengal police has not cooperated with it and obstructed its investigation. Political scandal In politics ,
10877-816: The CEO of the media group. Under Kunal Ghosh, the group acquired and established local television channels and newspapers, investing around ₹ 9.88 billion (US$ 120 million) in the media group. By 2013, it employed over 1,500 journalists and owned eight newspapers printed in five languages: Seven Sisters Post and Bengal Post (English dailies), Sakalbela and Kalom ( Bengali dailies), Prabhat Varta ( Hindi daily), Ajir Dainik Baturi ( Assamese daily), Azad Hind (Urdu daily) and Parama (Bengali weekly magazine). It also owned Bengali news channels Tara Newz and Channel 10 , Bengali general entertainment channels Tara Muzic and Tara Bangla , Punjabi general entertainment channel Tara Punjabi , an international channel aimed at
11026-483: The Chit Fund Sufferers Unity Forum (CFSUF) and demanded swift investigation and the reimbursement of deposits. The Forum engaged in several, high-visibility, disruptive protests; it was allegedly threatened and intimidated by TMC, the ruling political party. According to media reports, around 210 agents, depositors and executives or directors of various money pooling companies have committed suicide in
11175-445: The Crime Branch of Odisha Police registered criminal cases against Sudipto Sen and Saradha Group. On 3 May 2013, Odisha police seized documents and sealed the group's local offices. 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. Charge sheets for cheating and criminal conspiracy were filed in 120 cases under provisions of
11324-577: The Health and Education Minister of Assam, may have profited personally from the Ponzi scheme. According to officials investigating the case, the actual amount paid could be almost double of what is being claimed. Some commentators state that this Ponzi scheme survived for so long because of its heavy political patronage. 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 . Apart from
11473-445: The Hooghly River. The Kolkata metropolitan area is spread over 1,886.67 km (728.45 sq mi) and comprises 4 municipal corporations (including Kolkata Municipal Corporation), 37 local municipalities and 24 panchayat samitis , as of 2011 . The urban agglomeration encompassed 72 cities and 527 towns and villages, as of 2006 . Suburban areas in the Kolkata metropolitan area incorporate parts of
11622-738: The Indian National Security Advisor (NSA). Bangladeshi human rights activist Shahriar Kabir also raised concerns about Saradha funds being moved through an extremist organisation to terrorist organisations like Al Qaeda . On 22 April 2013, separate Public Interest Litigations (PIL) were filed in Guwahati High Court by RTI activist Akhil Gogoi and in Calcutta High Court by advocate Basabi Roy Chowdhury and subsequently by advocate Rabi Sankar Chattopadhyay and Bikas Ranjan Bhattacharya, both seeking CBI investigation against
11771-712: 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. On 9 May 2013, the Government of Tripura handed over all the cases involving deposit-collecting companies in the state to CBI and the Income Tax Department. In March 2013, Central corporate affairs minister Sachin Pilot said in
11920-595: The Indian constitution and the established criminal law jurisprudence. 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. The new Bill was then sent for presidential approval. On 8 May 2013, Banerjee said West Bengal was considering setting up
12069-537: The Indian military, which is based in Fort William, played a pivotal role in the Indo-Pakistani war of 1971 and securing the surrender of Pakistan . During the mid-1980s, Mumbai (then called Bombay) overtook Kolkata as India's most populous city. In 1985, Prime Minister Rajiv Gandhi dubbed Kolkata a "dying city" in light of its socio-political woes. In the period 1977–2011, West Bengal was governed from Kolkata by
12218-474: The KMC. The functions of the KMC include water supply, drainage and sewerage, sanitation, solid waste management, street lighting, and building regulation. Kolkata's administrative agencies have areas of jurisdiction that do not coincide. Listed in ascending order by area, they are: Kolkata district ; the Kolkata Police area and the Kolkata Municipal Corporation area, or "Kolkata city"; and
12367-517: The Kolkata Municipal Corporation limits, in their own municipal corporations or authorities. Kolkata is the commercial and financial hub of East and Northeast India and home to the Calcutta Stock Exchange . It is a major commercial and military port, and is one of five cities in eastern India (alongside Bhubaneswar , Guwahati , Imphal , and Kushinagar ) to have an international airport. Once India's leading city, Kolkata experienced
12516-567: The Kolkata Municipal Corporation) can be broadly divided into two groups— bustees , in which slum dwellers have some long term tenancy agreement with the landowners; and udbastu colonies , settlements which had been leased to refugees from present-day Bangladesh by the government. The unauthorised slums (devoid of basic services provided by the municipality) are occupied by squatters who started living on encroached lands—mainly along canals, railway lines and roads. According to
12665-542: The Nawabs were abolished, and East India company took complete control of the city and the province. In the early 19th century, the marshes surrounding the city were drained; the government area was laid out along the banks of the Hooghly River. Richard Wellesley , Governor-General of the Presidency of Fort William between 1797 and 1805, was largely responsible for the development of the city and its public architecture. Throughout
12814-610: The Ponzi scheme unravelled. On 17 April, around 600 collection agents claiming to be associated with Saradha Group assembled at the headquarters of TMC and demanded government intervention. Despondency quickly spread across Bengal. A Times of India interviewee said, "'The entire Dakshin Barasat today looks like it was hit by a cyclone. Every home has a bankrupt depositor or a fugitive agent. People who were once friends became enemies. Happy households became miserable. Students stopped going to school. Traders lost interest in opening shutters. There
12963-461: The Saradha Group and other chit fund companies. 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. The court gave state government one week to submit its investigation report to see whether
13112-490: The Saradha Group depositors came from the lowest economic strata, the loss of the investment would cause a further decrease in social mobility. The scandal drew attention to similar illegal deposit mobilising companies, which are facing increased regulatory pressure. Many of these companies have been variations of time share travel schemes, of which there are few clear regulations. These companies tried to register as cooperative societies to continue their financial operations. FIR
13261-472: The Saradha affair and similar Ponzi funds masquerading as NBFCs or CISs. On the same day, the Enforcement Directorate (ED) registered a money laundering case under the provisions of the Prevention of Money Laundering Act (PMLA) at its Guwahati office because the Assam police has registered an FIR against Saradha Group to investigate depositors' allegations of financial irregularities. On 1 May 2013, commenting on
13410-461: The aftermath of the Saradha Group's collapse. In September 2014, Bengali newspaper Anandabazar Patrika , citing several domestic and foreign intelligence reports, published a series of articles reporting that Saradha Group through Ahmed Hassan Imran , a TMC MP and founder member of Student Islamic Movement of India , engaged Jamaat-e-Islami , a Bangladeshi extremist organisation, to move money out of India. Jamaat-e-Islami used its brokerage from
13559-483: The aftermath of the scandal, the State Government of West Bengal where the Saradha Group and most of its investors were based instituted an inquiry commission to investigate the collapse. The State government also set up a fund of ₹ 5 billion (US$ 60 million) to ensure that low-income investors were not bankrupted. The central government through the Income Tax Department and Enforcement Directorate launched
13708-512: The allegations, threatened legal action for defamation and called Modi the "Butcher of Gujarat". 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". Street protests broke out across West Bengal, during some of which protesters ransacked offices of various Ponzi funds. The agents and depositors of several money mobilising funds in West Bengal organised themselves into
13857-603: The approval of the President of India . On 30 April 2013 the new Bill—The West Bengal Protection of Interest of Depositors in Financial Establishments Bill (2013), was passed in a two-day special session of the West Bengal Legislative Assembly . The new law has provisions for retrospective effect, search and seizure, enhanced penalties, establishment of special courts and confiscation of property. As
14006-501: The assets of Saradha Group and proportionally distribute the returns among defrauded investors. By April 2014, the commission had refunded 400,000 depositors who had invested less than ₹ 10,000. Rs. 185 crore was refunded to the depositors. 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. In April 2014, Calcutta High Court sought
14155-559: The authorities for a week, Sudipto Sen, Debjani Mukherjee and Arvind Singh Chauhan were arrested in Sonmarg , Kashmir , on 23 April 2013. On the same day, SEBI stated that both chain marketing and forward contracts are forms of CIS, and officially asked Saradha Group to immediately desist from raising any further capital and return all deposits within three months. On 22 April 2013 the Mamata Banerjee led West Bengal government announced that
14304-507: The building of its brand. With enormous funds at its disposal, Saradha invested in high visibility sectors, such as the Bengali film industry , where it recruited actress and Trinamool Congress (TMC) Member of Parliament (MP) Satabdi Roy as its brand ambassador. Bollywood actor and TMC MP Mithun Chakraborty was brought in as the brand ambassador of Saradha Group's media platform. Saradha Group also enlisted Kunal Ghosh , another TMC MP, as
14453-481: The city into North, Central, South and East Kolkata. North Kolkata is the oldest part of the city. Characterised by 19th-century architecture and narrow alleyways, it includes areas such as Jorasanko , Rajabazar , Maniktala , Ultadanga , Shyambazar , Shobhabazar , Bagbazar , Cossipore , Sinthee etc. The north suburban areas like Dum Dum , Baranagar , Belgharia , Sodepur , Khardaha , New Barrackpore , Madhyamgram , Barrackpore , Barasat etc. are also within
14602-759: The city is struck by heavy rains or dusty squalls that are followed by thunderstorms or hailstorms, bringing cooling relief from the prevailing humidity. These thunderstorms are convective in nature, and are known locally as kal bôishakhi ( কালবৈশাখী ), or "Nor'westers" in English. Rains brought by the Bay of Bengal branch of the south-west summer monsoon lash Kolkata between June and September, supplying it with most of its annual rainfall of about 1,850 mm (73 in). The highest monthly rainfall total occurs in July and August. In these months often incessant rain for days brings life to
14751-517: The city of Kolkata (as a metropolitan structure). Central Kolkata hosts the central business district. It contains B. B. D. Bagh , formerly known as Dalhousie Square, and the Esplanade on its east; Rajiv Gandhi Sarani is on its west. The West Bengal Secretariat , General Post Office , Reserve Bank of India , Calcutta High Court , Lalbazar Police Headquarters and several other government and private offices are located there. Another business hub
14900-519: The city of Kolkata (as a metropolitan structure). The Maidan is a large open field in the heart of the city that has been called the "lungs of Kolkata" and accommodates sporting events and public meetings. The Victoria Memorial and Kolkata Race Course are located at the southern end of the Maidan. Among the other parks are Central Park in Bidhannagar and Millennium Park on Rajiv Gandhi Sarani, along
15049-647: The city such as the Coal India , National Insurance Company , Garden Reach Shipbuilders & Engineers , Tea Board of India , Geological Survey of India , Zoological Survey of India , Botanical Survey of India , Jute Corporation of India , National Test House, Hindustan Copper and the Ordnance Factories Board of the Indian Ministry of Defence . The demonym for residents of Kolkata are Calcuttan and Kolkatan . According to provisional results of
15198-458: The city the following year. Per the 1765 Treaty of Allahabad following the battle of Buxar , East India company was appointed imperial tax collector of the Mughal emperor in the province of Bengal, Bihar and Orissa, while Mughal-appointed Nawabs continued to rule the province. Declared a presidency city , Calcutta became the headquarters of the East India Company by 1773. In 1793, ruling power of
15347-522: The city. During the 1960s and 1970s, severe power shortages, strikes and a violent Marxist – Maoist movement by groups known as the Naxalites damaged much of the city's infrastructure, resulting in economic stagnation. During East Pakistan's secessionist war of independence in 1971, the city was home to the government-in-exile of Bangladesh . During the war, refugees poured into West Bengal and strained Kolkata's infrastructure. The Eastern Command of
15496-449: The city. Philips India, PwC India , Tata Global Beverages , and Tata Steel have their registered office and zonal headquarters in Kolkata. Kolkata hosts the headquarters of two major banks: UCO Bank , and Bandhan Bank . Reserve Bank of India , State Bank of India have its eastern zonal office in Kolkata. India Government Mint, Kolkata is one of the four mints in India. Some of the oldest public sector companies are headquartered in
15645-536: The city. Though home to major cricketing venues and franchises, Kolkata stands out in India for being the country's centre of association football. Kolkata is known for its grand celebrations of the Hindu festival of Durga Puja , which is recognized by UNESCO for its importance to world heritage. Kolkata is also known as the 'City of Joy'. The word Kolkata ( Bengali : কলকাতা [kolˈkata] ) derives from Kôlikata (Bengali: কলিকাতা [ˈkɔliˌkata] ),
15794-506: The company, and was later made the Nawab for a brief time. Under company and later crown rule , Calcutta served as the de facto capital of India until 1911. Calcutta was the second largest city in the British Empire , after London , and was the centre of bureaucracy, politics, law, education, science and the arts in India. The city was associated with many of the figures and movements of
15943-490: The court. Since 2 May 2013, after complaints from depositors, state government ordered SIT to broaden its investigation and conduct search and seizure at offices of MPS Greenery Developers Ltd and Prayag Infotech Hi-Rise Ltd, which were running unregistered collective investment schemes similar to Saradha Group. By 6 May 2013, police had arrested directors of Ponzi companies ATM Group and Annex Infrastructure Pvt Ltd on charges of defrauding depositors. According to news-reports, at
16092-485: The deposit was returned to these agents as commissions and lucrative gifts to quickly build up a wide agent pyramid . The group used a nexus of companies to launder money and evade regulators. Initially, the frontline companies collected money from the public by issuing secured debentures and redeemable preferential bonds . Under Indian Securities regulations and section 67 of the Indian Companies Act (1956) ,
16241-580: The electronic media have covered it in depth. The Muckraker movement in American journalism was a component of the Progressive Era in the U.S. in the early 20th century. Journalists have built their careers on exposure of corruption and political scandal, often acting on behalf of the opposition party. The political ideology of media owners plays a role—they prefer to target the opposition but will reluctantly cover their own side. Journalists have to frame
16390-558: The emergence of a new babu class of urbane Indians, whose members were often bureaucrats, professionals, newspaper readers, and Anglophiles; they usually belonged to upper-caste Hindu communities. In the 19th century, the Bengal Renaissance brought about an increased sociocultural sophistication among city denizens. In 1883, Calcutta was host to the first national conference of the Indian National Association , which
16539-637: The first time, less than its cash payouts. This outcome is inevitable in a Ponzi scheme that is allowed to run full course. Sudipto Sen tried but failed to calm uneasy depositors and agents, and could not increase inflow of funds. On 6 April 2013, Sen wrote an 18-page confessional letter to the CBI, in which he admitted that he had paid large sums of money to several politicians. 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. Sen fled after posting this letter on 10 April. In his absence,
16688-499: The following districts: North 24 Parganas , South 24 Parganas , Howrah , Hooghly and Nadia . Two planned townships in the greater Kolkata region are Bidhannagar , also known as Salt Lake City and located north-east of the city; and Rajarhat , also called New Town and located east of Bidhannagar. In the 2000s, Sector 5 in Bidhannagar developed into a business hub for information technology and telecommunication companies. Both Bidhannagar and New Town are situated outside
16837-482: The fraud, SEBI requested sweeping powers to investigate and prosecute fraudulent CISs. 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. The crash of the Ponzi scheme and the publication of Sudipto Sen's letter led to a barrage of cross-party accusations. CPM accused TMC of associating with
16986-603: The fraud. 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. As per the initial SIT reports, Saradha Group had mobilised ₹ 2,459.59 crore (US$ 290 million) through issuance of its policies. By April 2014, around 385 FIRs against Sardha Group, in which SIT filed 288 chargesheets, had been filed. 453 FIRs were filed against other money pooling companies and Ponzi funds, and 75 charge sheets were filed before
17135-582: The group. She was arrested together with Sudipto Sen. At the time of her arrest Debjani was in her early 30s. She had studied at the St. John's Diocesan Girls' Higher Secondary School , and the Sivanath Sastri College . She trained as an air hostess. Mukherjee originally joined Saradha Group in 2010 as a receptionist, and rose rapidly to be the group's executive director. A story in India Today described her as
17284-486: The growth of similar companies. 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. As of 2013, 80% of multi-level marketing and finance schemes against which complaints have been received are based in West Bengal, giving
17433-958: The headquarters of three railway zones out of eighteen of the Indian Railways regional divisions namely the Kolkata Metro, Eastern Railway and the South Eastern Railway . Kolkata has international rail connectivity with Dhaka , the capital of Bangladesh. Kolkata is the only Indian city with a tram network, which was operated by the Calcutta Tramways Company . It has now amalgamated to West Bengal Transport Corporation . There are three operational routes: Tollygunge to Ballygunge , Gariahat to Esplanade , Shyambazar to Esplanade . Trams are environment friendly but due to slow-moving and traffic congestion, tram attracts less passengers. Water-logging, caused by heavy rains during
17582-478: The highest car density in India. This leads major traffic congestion. The city's main bus terminals are located at Esplanade and Howrah . The Kolkata–Delhi and Kolkata– Chennai prongs of the Golden Quadrilateral , and National Highway 12 start from the outskirts of the city. As of 2024 , Kolkata has one state expressway and two national expressways , all in its metropolitan area. Kalyani Expressway
17731-641: The historic region of Bengal . The three villages that predated Calcutta were ruled by the Nawab of Bengal under Mughal suzerainty . After the Nawab granted the East India Company a trading licence in 1690, the area was developed by the Company into Fort William . Nawab Siraj ud-Daulah occupied the fort in 1756 but was defeated at the Battle of Plassey in 1757, after his general Mir Jafar mutinied in support of
17880-545: The incumbent ruling party of West Bengal. MP Kunal Ghosh drew a salary of ₹ 1.6 million (US$ 19,000) per month from Saradha Group, as an employee of the group. MP Srinjoy Bose was directly involved with the group's media operations. Transport Minister Madan Mitra headed the employees' union of the group and publicly encouraged people to invest their savings with it. Sudipto Sen, the group's chairman and managing director, reportedly spent ₹ 18.6 million (US$ 220,000) to buy paintings by Mamata Banerjee, whose government later issued
18029-442: The late 18th and 19th century, the city was a centre of the East India Company's opium trade. A census in 1837 records the population of the city proper as 229,700, of which the British residents made up only 3,138. The same source says another 177,000 resided in the suburbs and neighbouring villages, making the entire population of greater Calcutta 406,700. In 1864, a typhoon struck the city and killed about 60,000 in Kolkata. By
18178-846: The laundering operation to fuel its militant protests against the war crime trials of its founders and destabilise the Awami League government in Bangladesh. In response to the expose, the Government of Bangladesh, led by Sheikh Hasina , ordered the formation of a commission to further investigate the matter. Mamata Bannerjee summoned the Deputy High Commissioner of Bangladesh to lodge a protest for an alleged protocol violation for "selective leaks in media". 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 ,
18327-527: The lower one at a depth of 250–650 m (820–2,130 ft); the upper one 10–40 m (30–130 ft) in thickness. According to the Bureau of Indian Standards , on a scale ranging from I to V in order of increasing susceptibility to earthquakes, the city lies inside seismic zone III . Kolkata is subject to a tropical savanna climate that is designated Aw under the Köppen climate classification . According to
18476-575: The national average of 3.3. The Kolkata Port Trust, an agency of the central government, manages the city's river port. As of 2023 , the All India Trinamool Congress controls the KMC; the mayor is Firhad Hakim , while the deputy mayor is Atin Ghosh. The city has an apolitical titular post, that of the Sheriff of Kolkata , which presides over various city-related functions and conferences. As
18625-578: The national rate of 187.6; it was the lowest rate among India's largest cities. The Kolkata Municipal Corporation supplies the city with potable water that is sourced from the Hooghly River; most of it is treated and purified at the Palta pumping station located in North ;24 Parganas district. Roughly 95% of the 4,000 tonnes of refuse produced daily by the city is transported to the dumping grounds in Dhapa , which
18774-419: The next crop or their children's marriage. The second aim is achieved instead by a web of parallel, informal banking in the form of money lenders (pawn brokers) who have existed in India for a few centuries. At its centre are moneylenders, mostly unregulated, often also wealthy landlords or now politicians, used to charge exorbitant rates of interest. To curb this practice, several Moneylenders Acts were enacted by
18923-414: The norm in Kolkata, which has an informal sector that employs more than 40% of the labour force. One unorganised group, roadside hawkers , generated business worth ₹ 87.72 billion (equivalent to ₹ 300 billion or US$ 3.6 billion in 2023) in 2005. As of 2001 , around 0.81% of the city's workforce was employed in the primary sector (agriculture, forestry, mining, etc.); 15.49% worked in
19072-500: The plant for a first-hand check before investing". 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. As part of its corporate social responsibility program, Saradha Group donated motorcycles to
19221-455: The political parties in the state. 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. Mamata Bannerjee, Chief Minister of West Bengal and Chairperson of TMC, attacked P. Chidambaram , the finance minister of the central government, alleging
19370-416: The population; 1.09% did not state a religion in the census. Kolkata reported 67.6% of Special and Local Laws crimes registered in 35 large Indian cities during 2004. Kolkata is administered by several government agencies. The Kolkata Municipal Corporation , or KMC, oversees and manages the civic infrastructure of the city's 16 boroughs, which together encompass 144 wards. Each ward elects
19519-414: The probe was being conducted in a fair manner. On 7 May 2013, Calcutta High Court appointed a three-member administrator group to run Tara News and Tara Muzic . The High Court then allowed the SIT to continue with the investigation and ordered it to submit a timely progress report before the court. The petitioners were dissatisfied with the order and appealed to the Supreme Court of India in July 2013 via
19668-675: The proceeds of the sale through accounts which as of September 2014 have not been identified. Meanwhile, Saradha Group started laundering a large portion of its funds to Dubai, South Africa and Singapore. By 2012, SEBI was able to classify the group's activities as collective investment schemes rather than chit funds—and demanded that it immediately stop operating its investment schemes until it received permission to operate from SEBI. Saradha Group did not comply with this ruling and continued to operate until its collapse in April 2013. Like previous Ponzi schemes such as Anubhav teak plantations , Japanlife, and Speakasia, Saradha Group invested heavily in
19817-690: The region in which the city stands has been inhabited for over two millennia. Kolkata or Kalikata in its earliest mentions, is described to be a village surrounded with jungle on the bank of river Ganga as a renowned port, commercial hub and a hindu pilgrimage site for Kalighat Temple . The first mention of the Kalikata village was found in Bipradas Pipilai's Manasa Vijay (1495), where he describes how Chand Sadagar used to stop in Kalighat to worship Goddess Kali during his path to trade voyage. Later Kalikata
19966-590: The regulatory loopholes, the Chairman of SEBI said, "there should be one single regulator for entire collective investment schemes". On 7 May 2013, the Central Government set up an inter-ministerial group with members of the corporate affairs ministry, SEBI, Reserve Bank of India and officers from the Income Tax Department. The group is intended to unify the regulations of investment schemes by NBFCs, banks and companies, which As of 2013 were governed by different laws and regulations, leading to regulatory loopholes. In light of
20115-575: The rest of West Bengal; these men commonly leave their families behind. Kolkata's literacy rate of 87.14% exceeds the national average of 74%. The final population totals of census 2011 stated the population of city as 4,496,694. The urban agglomeration had a population of 14,112,536 in 2011. As of 2003 , about one-third of the population, or 15 lakh (1.5 million) people, lived in 3,500 unregistered squatter-occupied and 2,011 registered slums . The authorised slums (with access to basic services like water, latrines, trash removal by
20264-494: The scam including two Members of Parliament (MP) - Kunal Ghosh and Srinjoy Bose from the Trinamool Congress , former West Bengal Director General of Police Rajat Majumdar , a top football club official Debabrata Sarkar, Sports and Transport minister in the Trinamool Congress government Madan Mitra . The scam has often been compared to the Sanchayita investment scam , a multi crore rupees scam that occurred in West Bengal in
20413-476: The seat of the Government of West Bengal , Kolkata is home to not only the offices of the local governing agencies, but also the West Bengal Legislative Assembly ; the state secretariat, which is housed in the Writers' Building; and the Calcutta High Court . Most government establishments and institutions are housed in the centre of the city in B. B. D. Bagh (formerly known as Dalhousie Square). The Calcutta High Court
20562-403: The state the title of "Ponzi capital of India". It is estimated that these Ponzi funds have amassed around ₹ 10 trillion (US$ 120 billion) from unsuspecting depositors in Eastern India. Sudipto Sen was the chairman and managing director of the Saradha Group. Sen was described as a softly spoken, charming, and forceful orator. At the time of his arrest, he was in his mid-50s. In his youth, he
20711-513: The state's CID and Kolkata Police, to pool the criminal cases and investigate the Saradha Group. Mamata Banerjee led State Government staunchly opposed all investigations by federal investigative agencies CBI, ED and SFIO; conceding only after the Supreme Court ordered the federal agencies to take up the investigation. The state government decided to repeal an existing Bill passed by the Left Front Government in 2009, which had not received
20860-437: The state; instead of being used by government for public funding, the money went into Ponzi schemes that were either diverted to foreign locations or were put to use for private gains. 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. Because most of
21009-470: The story in terms of the audience's values and expectations to maximize the impact. South Kolkata Kolkata , also known as Calcutta ( its official name until 2001 ), is the capital and largest city of the Indian state of West Bengal . It lies on the eastern bank of the Hooghly River , 80 km (50 mi) west of the border with Bangladesh . It is the primary financial and commercial centre of eastern and northeastern India . Kolkata
21158-497: 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. By mid-August 2013, the Justice Shyamal Sen Commission finished its initial compilation of the list of claimants. Around 1.74 million depositors filed claims with the commission, of which 83% invested ₹ 10,000 (US$ 120) or less. The Commission recommended that West Bengal state government sell
21307-607: The true nature of their investments. Instead, many were told they would get high returns after a fixed period. With other investors, the investment was fraudulently sold in the form of a chit fund . Under the Chit Fund Act (1982) , chit funds are regulated by state governments rather than SEBI. SEBI warned the state government of West Bengal about Saradha Group's chit fund activities in 2011, again prompting Saradha Group to change its methods. This time, it acquired and sold large numbers of shares of various listed companies then embezzled
21456-603: Was also found to be mentioned in Mukundaram Chakrabarti 's Chandimangal (1594), Todar Mal's taxation-list in 1596 and Krishnaram Das's Kalikamangal (1676–77). Kalighat was then considered a safe place for businessmen. They used to carry on trade through the Bhagirathi and took shelter there at night. Kolkata's recorded history began in 1690 with the arrival of the English East India Company , which
21605-440: Was consolidating its trade business in Bengal. Job Charnock is often regarded as the founder of the city; however, in response to a public petition, the Calcutta High Court ruled in 2003 that the city does not have a founder. The area occupied by the present-day city encompassed three villages: Kalikata , Gobindapur and Sutanuti . Kalikata was a fishing village, where a handful of merchants began their operations by building
21754-417: Was filed against Sudipto Sen and Kunal Ghosh on 14 April 2013. Around six officials from Saradha Group were arrested. The investigation was headed by the detective department of Bidhannagar police . The investigation was widened to include other Ponzi funds. Kunal Ghosh and other Ponzi fund officials from Saradha were repeatedly questioned by police to determine the true assets of the company and other facets of
21903-482: Was known as Shankaraditya Sen which he later changed to Sudipto Sen and may have had plastic surgery sometime in the 1990s, after which he became associated with land development projects in South Kolkata . The land bank he formed in around 2000 became the catalyst for enticing early customers into his Ponzi scheme. Debjani Mukherjee was one of the executive directors of Saradha Group who could sign cheques on behalf of
22052-411: Was the first avowed nationalist organisation in India. The partition of Bengal in 1905 along religious lines led to mass protests, making Calcutta a less hospitable place for the British. The capital was moved to New Delhi in 1911. Calcutta continued to be a centre for revolutionary organisations associated with the Indian independence movement . The city and its port were bombed several times by
22201-850: Was to love and care for those persons nobody was prepared to look after". Languages spoken in Kolkata city (2011 census) Bengali , the official state language, is the dominant language in Kolkata. English is also used, particularly by the white-collar workforce. Hindi and Urdu are spoken by a sizeable minority. Bengali Hindus form the majority of Kolkata's population; Marwaris , Biharis and Urdu-speaking Muslims compose large minorities. Among Kolkata's smaller communities are Chinese , Tamils , Nepalis , Pathans/Afghans (locally known as Kabuliwala ) Odias , Telugus , Gujaratis , Anglo-Indians , Armenians , Bengali Muslims , Greeks , Tibetans , Maharashtrians , Konkanis , Malayalees , Punjabis and Parsis . The number of Armenians, Greeks, Jews and other foreign-origin groups declined during
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