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from India Insight:

Ponzi scheme in West Bengal flames out, embers linger

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Suicides, thousands of duped investors, hundreds of laid-off journalists, bickering politicians, protests slack regulation, one suspected mastermind arrested: it's Ponzi scheme time in West Bengal, and it looks likely that little will change after the drama ends.

The latest fleecing of poor and middle-class investors brought in an estimated $730 million, according to media reports, though public interest litigation filed in the Calcutta High Court by one lawyer says the amount is as high as Rs. 300 billion. ($5.5 billion) The head of the Saradha Group and accused mastermind of the scheme, Sudipta Sen, was arrested in Kashmir on April 23 after two weeks as a fugitive. He has maintained his innocence, and reportedly threatened suicide, saying he might not be able to repay investors.

Sen started out as a small-time property dealer in the late 1990's in Kolkata. His Saradha Group in the past decade had interests in real estate, tours groups and newspapers and television stations, and eventually owned nearly 100 companies.

Data from India's Ministry of Corporate Affairs reveals interesting details. Many were incorporated in a one-week period in January 2011. They shared an address: 455 Diamond Harbour Road, Behala, Kolkata. They each listed working capital of Rs. 5 lakh each ($9,196). Their email addresses were the same. India's market regulator, the Securities and Exchange Board of India, began investigating the Saradha Group in 2010.

from India Insight:

“Homelands” exhibit in Delhi examines identity through art

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Indians give high importance to the concept of identity and kinship, especially in a land that is home to hundreds upon hundreds of different languages and ethnic groups. Indian curator Latika Gupta explores this theme in “Homelands”, an exhibition of works by 28 leading contemporary British artists, all wrestling with the idea of what "home" means in the 21st century.

The artists whose works are displayed include four Turner Prize winners, Jeremy Deller, Richard Long, Grayson Perry and Gillian Wearing. Work by World Press Photo (2007) winner Tim Hetherington, who was killed in Libya, also is on display.

from India Insight:

Photo gallery: vigils after Delhi rape victim dies

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Here are some photographs from our India Insight contributors that show vigils following the death on Saturday of a 23-year-old woman after six men raped her aboard a bus in Delhi on Dec. 16. We will update this post as more photos arrive. Thanks to Soumya Bandyopadhyay in Kolkata, Anoo  Bhuyan and Anuja Jaiman in Delhi and Vidya L. Nathan in Bangalore. Apologies for any inconsistent sizing or lack of uniformity. Note for non-Hindi readers or speakers: the sign in the first photograph says: "My voice is higher than my skirt."

Delhi (Anoo Bhuyan):

 

 

 

 

 

 

Kolkata:

 

 

 

 

Delhi (Anuja Jaiman):

 

 

Bangalore:

 

 

 

 

 

You can see many more images related to this story from our Reuters photographers as well.

from India Insight:

Elsewhere in India: Maria Sharapova wins hearts, minds of cameramen

Here's some more news that we found in the Indian press over the weekend and would like to share with you. Rather than present stories of great national importance, we would like to highlight some of the items that you are less likely to see in world news reports. Any opinions that the author might express are surely beneath contempt, and are not necessarily those of Thomson Reuters.

Tennis pro Maria Sharapova visited India. Gushing ensued. "The 25-year-old, here to announce her partnership with UK-based real estate company Homestead, sported an infectious smile throughout the interaction even though the lensmen could not get to focus enough of capturing the blonde beauty. 'Well, it is just the hair and make-up you know. I don't wake up looking like this,' quipped Sharapova when a scribe called her pretty. Here only for a day, Sharapova said food and culture was something she would take back from India. 'I arrived last night and asked the chef what should I try of the Indian food. I had a dosa which tasted really nice. I wanted to have this great Indian experience. There is so much energy in the city, I have been in some quiet areas recently, resting. I really like the culture and people. You all have been really welcoming.'" Final score: love-love. (NDTV)

from Photographers' Blog:

City of joy

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By Rupak de Chowdhuri

It’s festive time in Kolkata, with the Durga festival celebrated across the city, before Diwali celebrations fill the city with light. Kolkata has been called the "City of Joy," a title which was immortalized in a book by Dominique Lapierre. It tells the story of the poorest of the poor who still somehow find hope and joy in life. Little did I know I was about to come face-to-face with such a story.

I hunt for pictures every day. One day, I was looking for pictures when an old friend told me to go to a place where I was guaranteed to find a good story. Because of my curious nature, I started to walk in search of the story I’d been told about in the middle of Kolkata. I started searching among the food stalls because I wouldn’t believe it until I saw them myself.

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