Q: Elaborate Saradha chit fund case ?

Ans:

 21 din mein paisa double”

This sentence describes the scenario. The Saradha Chit fund case comprised a well-known financial fraud by an elite group that was also alleged to be a political scandal. 
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. 
A collection of 200 private firms known as Saradha collection launched a Ponzi scheme that failed as well as collective investment schemes (money pooling schemes) that were mistakenly referred to as chit funds and led to significant financial fraud. This group defrauded about 17 lakh depositors out of almost 30,000 crores by falsely promising them a very large quantity in return in the form of cash, real estate, or other valuables. Sudipta Sen, the managing director of Saradha Realty India, was prohibited by SEBI from the securities market until the company wound up all of the Collective Investment Schemes (CIS).

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