India regulator struggles to shield savers from more Saharas

April 8, 2015 9:00 PM

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MUMBAI, April 9 (Reuters) - As regulators try to contain one of India's most spectacular investment scandals, dozens of smaller but similar schemes continue to mushroom, employing tactics similar to the ones that enriched the Sahara group and later brought it to its knees.

Sahara began as a scheme for small depositors, but it grew over decades with investment plans that critics say were designed to avoid regulatory scrutiny. At its height, it was one of India's biggest business empires, stretching from Formula One motor racing to New York's Plaza Hotel.

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