...........“The capital for this bank could have been anywhere above Rs. 1,000 crore and the group was banking on the funds that its front companies had collected by floating the ponzi schemes which are now under probe after the scam broke out,” a source privy to the development said. Documents related to RBI guidelines, rules and regulatory compliances required for applying a bank licence were recovered during detailed searches, sources said, adding some of them were found after data was forensically recovered from computer hard discs. “Had the scam not broken out, the group would have applied for the license. We get to understand that the brand name for this future business venture would have been showcased as ‘Saradha bank’,” the source said......
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