Didi fails to act as an executive and doing everything to damage herself, her party and masses in general.
It is very serious case in which a number of MPs including Kunal Ghosh, Shatabdi Roy and Srinjay Basu, State transport minister Madan Mitra and others have been accused. It is not enough,leaked email of Sudipta sen has linked the Sharad scam with President of India. Some Neetuda,key official of Footbal club East Bengal have been paid more than forty crore to manage the President of India as well as SEBI president UK Sinha.It is unfortunate that the rue of law is missing so badly and no one takes notice of yet another Presidntial link to yet another scam beside lread floated bank black money scandal, coalgate as popularly quoted, Two G Spectrumand VVIP copters.
Palash Biswas
CPIM targets chief minister Mamata Banerjee`s image and in defence, Mamata has already begun a street campaign roaring against rivals and keeping silence on her nearest dearest ones and party leaders, ministers, MPs and icons who have been involved in Sharada scam. Meanwhile, the industry minister Prtha Chatterjee is also named as associate of another company Prayag, whose office in Kolkata has been sealed by police. But Prayag claims innocence and published ads on mainstream newspapers. Police has also kept survellience of another group named MPS which has launched an agrressive campaign to adopt investors and agents of busted Sharada group. Another group named Rose valley is associated with film industry and sports as well. Rose valley has already presented two award winning films MANER MANUSH and SHABD. Mind you,Cheat fund companies have invested Rs six thousand million in Bengali film industry. TMC MP Shatabdi Roy is said to be the brand ambassador of Sharada group which she contradicts but her name is floated once again as an associate of yet another group, Sky Lark. The government of West Bengal is opposing CBI enquiry for which two other states involved, Assam and Tripura has taken initiative> in fact CBI team has arrived in Guahati. SEBI accuses the state government of neglecting its advice to lodge FIR against Sharada group and the FIR on behalf of the state government is not lodged as yet. Police is acting on FIR lodged by private parties.Police Officer Nazrul Islam has written a letter complaining cheat fund epidemic in Bengal months agoe. now it is known that no one else but Mamata's brother Kartik had cautioned about chitfunds a year ago. In Bengal, nothing is being done to recover the cpapital invested by investors which is quite possible using 1978 law and Indian penal code which has sufficient provisions against fraud and forgery, economic offences and criminal activities. In fact, those provisions have been used against Sanchayaini and Overland earlier. It is quite unfortunate , that withot repairng the financial management, wuithout taken any action against defaulted ministers, MPs, icons and party leadrs, the chief minister is treating the case as personal political crisis. Didi fails to act as an executive and doing everything to damage herself, her party and masses ingeneral.
It is very serious case in which a number of MPs including Kunal Ghosh, Shatabdi Roy and Srinjay Basu, State transport minister Madan Mitra and others have been accused. It is not enough,leaked email of Sudipta sen has linked the Sharad scam with President of India. Some Neetuda,key official of Footbal club East Bengal have been paid more than forty crore to manage the President of India as well as SEBI president UK Sinha.It is unfortunate that the rue of law is missing so badly and no one takes notice of yet another Presidntial link to yet another scam beside lread floated bank black money scandal, coalgate as popularly quoted, Two G Spectrumand VVIP copters.
The toll in the chit fund bust rose to five in West Bengal Thursday with an agent of a chit fund company allegedly committing suicide by consuming poison at her home in Murshidabad district's Salar.
Family members of 28-year-old Pratima Das said she took the extreme step unable to return the money she had collected for the scheme from the depositors.
Das was crestfallen after she returned from a branch office of a chit fund company at Katwa in Burdwan district on finding it was locked.
Over the past few days, she was being constantly threatened by depositors who wanted their money back.
Four agents and distributors of chit fund companies have taken their own lives since the chit fund aided Saradha Group went bust, affecting tens of thousands of investors - mainly from the small towns and villages - who had parked their hard earned money with the company.
After West Bengal Chief Minister Mamata's claim that she came to know about the Saradha group's alleged fraud only on April 15 this year, her younger brother Kartick claimed that he had warned the party about the danger a year ago.
"A year ago, I had raised an alarm about chitfunds and its role in duping poor people, but nobody cared to give me a hearing as I am a small party worker," Kartick told a tv channel.
Mamata's brother had apparently warned the CM of Saradha's problems. PTI.
"After the Trinamool Congress formed the government in the state, some people were out to derive benefit which is dangerous for the party," he said. He also said "Didi (elder sister) is an honest person and everyone knows this. But she is surrounded by some people who are not fully honest and should be removed from the party to make it stronger."
Asked who were involved in the scam, he evaded a direct answer saying "I think everybody knows."
The chief minister had told a party rally yesterday that she had learnt of the scam only on April 15 and that she would not spare anyone found guilty, including leaders in her own party.
Chief Minister Mamata Banerjeehas sought to shift the blame for the Saradha chit fund scam on the Centre and the previous government in the state, arguing they were responsible for the mushrooming of chit funds in West Bengal.
"Neither the Congress-led UPA government nor the opposition CPI (M) can shirk their responsibilities for the growth of unscrupulous chit funds in our state," Banerjee said while addressing a gathering of the ruling Trinamool Congress on Thursday.
Banerjee also questioned the role of the stock market regulator and the central bank, saying, "Such organisations are controlled by the Sebi and RBI and I want to ask a simple question: why did the Sebi and the RBI not take any action against such chit funds in our state?"
The chief minister said the CPI (M) did not initiate any measure to promulgate an act to control the unscrupulous chit funds even though it ruled the state for 34 years.
Breaking her silence over the CPI (M)'s allegation regarding her nephew Abhishek's alleged involvement with a company which is involved in mobilising public money in an unauthorised manner, she said, "I have no family of my own. I used to live with my mother and two little girls who used to look after her. My mother is no more and I don't want anyone to associate my name with anybody related to me."
Banerjee also clarified that her party had paid for the chartered flight that she took while returning to Kolkata from Delhi after attending the Planning Commission meeting last month.
The Calcutta High Court on Friday adjourned the hearing of pleas, seeking a Central Bureau of Investigation (CBI) probe into the Saradha chit fund scam. The hearing was deferred by the court till Wednesday as four petitions had been filed seeking a probe by the agency. The court will hear two public interest litigations (PIL) into the scam that has duped lakhs of small investors.The issue of transferring the probe to the CBI has become a bone of contention in the state, as the government is against the move while the opposition has been pressing for an investigation by the agency.The director of the Saradha Group, Sudipta Sen, is currently under police custody. The company had collapsed in April. Two directors of the group are also under police custody.
The process of handing over cases related to the chit fund companies in the state to the CBI was on and the formalities would be completed in the next couple of days, Assam Chief Minister Tarun Gogoi said here on Thursday. He also claimed that his government had "acted with alacrity and promptness" in taking action against the chit fund scam that was seen in West Bengal, Bihar and Orissa.
"We asked the CBI over the phone to take over the cases relating to the chit fund companies, for which the investigating agency is now in Guwahati. The process is on to hand over the cases to the agency. All the formalities will be completed in the next two-three days. Where is the question of delay as made out to be by some quarters?" Gogoi asked, dismissing allegations by the Opposition Asom Gana Parishad and BJP that the state government was acting slow.
The CBI team examining the cases had arrived here on Monday.
Earlier,the West Bengal government today opposed a prayer for CBI investigation into the multi-crore chit fund scam, claiming in an affidavit to the Calcutta High Court that at this stage credibility of the investigation by the state police cannot be doubted.
"At this stage any direction for handing over investigation to the Central Bureau of Investigation (CBI) would be premature," the affidavit, submitted before a division bench comprising Chief Justice Arun Mishra and Justice Joymalyo Bagchi, claimed.
"The police authorities have acted with promptitude commensurate to the urgency of the situation. There has been no laxity on the part of the state respondents in the matter of investigation," it said.
"The main accused persons have been arrested. At this stage credibility of the investigation cannot be doubted," the state asserted in its affidavit.
Sudipto Sen, the chairman of Saradha Group, was arrested along with two associates from a hotel at Sonamarg in Kashmir and were at present in the custody of the Bidhannagar Police, which is investigating the matter.
Opposing the petition, the state claimed that it was politically motivated and therefore not maintainable.
The police authority is interrogating the arrested persons and taking necessary action to unearth the entire scheme and modus operandi, it was claimed.
Pointing out that apart from Saradha Group, there were more players in the field and a comprehensive strategy was to be taken to cover all such cases, it said that the government has constituted a four-member commission of inquiry headed by Justice (retd) Shyamal Kumar Sen.
A special investigation team, headed by the Director general of West Bengal Police, has also been formed, it was stated in the report.
"The state government has so far undertaken no covert or overt action to shield anybody," it said denying allegations by the petitioner that efforts are on to shield influential people allegedly involved in the matter.
BJP on Wednesday expressed fear that Saradha Group chairman Sudipta Sen, arrested for duping thousands of investors, might be killed in police custody to "save" the ruling Trinamool Congress from embarrassment.
"We are apprehensive about the safety of Sudipta Sen. We feel that he might be killed in police custody to save Trinamool Congress from public embarrassment as a section of its leaders are closely associated with Sudipta," state BJP president Rahul Sinha told reporters in Kolkata.
"We fear the same thing will happen as in the early Eighties when the Sanchayita boss died under mysterious circumstances," Sinha said, referring to the ponzi company in the 80s when a similar scam took place.
Reiterating his demand for a CBI inquiry, Sinha said those named by Sudipto Sen in his letter to CBI should be thoroughly interrogated by the police.
"Why is the government not taking action against other senior officials of the group?" Sinha asked.
The BJP leader told reporters after meeting Justice (retd) Shyamal Sen who is heading the inquiry commission constituted by the West Bengal government to probe the chit fund scam.
With chit fund scams rocking the investors' confidence across the country, the Odisha Government on Monday decided to press for expediting the Odisha Protection of Interest of Depositors (in Financial Establishments) Bill, 2011 which is awaiting Presidential assent.
A mega chit fund scam in the neighbouring West Bengal has its impact on Odisha with the crime branch of the state police registering criminal cases against Saradha group, the controversial company which is currently at the centre of the multi crore duping incident.
The Economic Offence Wing (EOW) of the Crime Branch registered the cases on the basis of compliants filed by thousands of investors in different parts of the state, particularly in Balasore and Puri districts.
If sources in the crime branch are to be believed, plans are already afoot to bring Sudipta Sen, the promoter of the Sharadha group and Debjani Mukherjee, the director of the company to the state on transit remand for interrogation. Both have been arrested by the West Bengal police.
"We would soon be approaching the West Bengal police and the court there to bring both Sen and Debjani for a detailed interrogation. It is necessary for our investigation," said a senior crime branch official. The Sharada Realty Limited, the Kolkata-based group's flagship company, had opened its office in 2010 at Balasore town in Balasore district which neighbours West Bengal.
Crores of rupees had been collected from investors, promising them handsome returns in quick time. The company had begun its operations in the temple town of Puri last year.
Like in West Bengal, in both Odisha towns, the company had collected funds through local agents.
Immediately after the scam broke out in West Bengal, the company's offices in both the towns closed their shutters and the mangers fled.
For the last few days the investors have been demonstrating both in Balasore and Puri besides registering cases against the company in different police stations.
This forced the state government to direct the crime branch to investigate the matter. A crime branch team had already visited Balasore on Tuesday to record the investors' statements.
Another team left for the north Odisha town on Wednesday for further investigation. A team will also visit Puri very shortly, crime branch sources said.
The scam has also become a major topic of discussion in the state's political circles as in his controversial letter to the CBI, Sen had mentioned about paying a few crores of rupees to a politician in Odisha. He, however, had not named the political leader.
The legislation, which aims to protect the interest of depositors in non-banking financial companies (NBFCs) and un-incorporated bodies (UIBs), was passed by the Assembly in December 2011 and sent for Presidential assent in June 2012.
However, clarifications were sought from the State Government a month ago and the necessary feedbacks were sent. At the State Level Coordination Committee meeting here, it was decided that the State will seek an expedited approval of the legislation which will protect the interest of depositors by way of return of their deposits with benefits/interests at the instance of the State Government. The existing RBI Act does not have provisions to protect interest of common depositors.
In the wake of multi-hundred crore Sharada chit fund scam, the Government has also decided to strengthen the Economic Offences Wing (EOW) of the Crime Branch while mounting a massive awareness campaign about the money circulation schemes and risks involved.
The meeting, chaired by Additional Chief Secretary J K Mohapatra, decided that the Government will use electronic, print and visual media to launch publicity campaign across the State.
Earlier, the EOW had sought two bank officers posted on deputation in view of the increasing number of complaints being reported. The Regional Director of Reserve Bank of India has been requested to facilitate deputation of two bankers to the Crime Branch wing at the earliest. Currently, the EOW has about 15 personnel in the investigating officers positions which is inadequate given the growing work burden. The State Government has also planned to intensify its coordination with RBI, Securities and Exchange Board of India, Registrar of Companies and other such agencies. "Instead of waiting for regular coordination committee meetings to happen, the EOW SP will be mandated with communicating with the various financial agencies," sources said.
The meeting also discussed the fate of depositors of Sharada Group in Balasore and Puri districts and if the CB needed to take up any investigation. However, it was stated that since a Serious Fraud Investigation Organisation probe has been ordered, the State agency will continue to cooperate in the probe. Home Secretary Upendra Nath Behera and ADG of CB B K Sharma also attended the meeting.
Saradha group: How the chit fund media collapse affected hundreds
by Sandhya Sutodia
Editor's Note: The news in Kolkata these days is full of the political fallout of the collapse of one of the largest chit fund companies in the state. Mamata Banerjee, in an effort to distance her party from the Saradha group, was believed to have cleared the arrest of its chairman, Sudipta Sen, who has been on the run. The CPM has jumped on the issue as well as has the Congress alleging the government did not do anything about chit fund companies despite warning notices from the RBI and Sebi. This is ballooning into a political issue for the Trinamool.
But this is a story about the human cost of a company's collapse as written by a former employee.
The final blow came on Tuesday, 26 March around 7:00 pm when I returned to my office at the Bengal Post, after my beat. As I entered, my editor said "Everything is finished. Read the notice."
Rumours of the Bengal Post closing down were doing the rounds for sometime.
After almost three years of publication, Bengal Post, one of the many media properties of the Saradha Group was closing down. For almost three years I gave my heart and soul to the newspaper. It repaid people like me by shutting down with just five days' notice and that too with pending salaries for two months, PF dues and non-handover of Form 16 for 2011-12.
The closing of all editions of Kolkata-based news dailies owned by the company has put my career, along with those of nearly 1,400 journalists of other media ventures like Sakalbela, Azad Hind, Tara News, Tara Muzic and Tara Bangla, Prabhat Varta, Parama and the Seven Sisters Post in jeopardy. Tara employees are trying to keep the channel on the air on their own. Other than its media empire, Saradha was also involved in construction, realty, tours and travels, and agro development.
I remember 26 March, 2013 – the day I met the Securities and Exchange Board of India (Sebi) chairman UK Sinha. His words still reverberate in my mind when he said: "We have initiated proceedings against some of these companies and investigations are being made. In some cases, interim orders have also been given." Sinha was expressing serious concern over the mushrooming of chit funds especially in the eastern region. He also said strong action would be needed to curb their activities.
Whether the Sebi action will do away with the chit fund business is yet to be seen, but the action has definitely had a direct fallout on the media houses in West Bengal belying all the company's tall claims about deep pockets.
Rumours of the Bengal Post closing down were doing the rounds for the past one week. When I attended press conferences, many journalists from other organisations marveled that I was sticking with the paper despite knowing about the proverbial Damocles' sword hanging over its head. Several eyebrows were raised when I attended that Sebi briefing about chit funds. But I just filed my copy, toning down the Sebi chief's remarks to fit the company policy. I kept on telling myself that everything was fine and I should be concentrating on filing my returns as only four days were left for the end of fiscal 2011-12. But at the back of my mind I knew I was hoping against hope. The notice my editor told me to read confirmed that.
For a couple of seconds I stood there. Unable to move. Then finally I dragged myself towards the notice board hardly 10 steps from the editor's cabin, with a lump in my throat and a burning sensation in my eyes.
The notice read, "…we really regret to inform that due to some irrevocable reasons and compelling circumstances, in spite of the best of our intentions, we shall no longer be able (to) publish the daily from 1st April 2013."
I had to read these lines at least three to four times to understand the implication. I tried to see a ray of hope between the lines but could not. It took a long time for it to sink in and to understand that it was for real. I kept on thinking that I was dreaming and that someone would wake me up and everything would go back to normal. But it did not. My world came crashing down all around me. And around my colleagues.
Gautam Chaudhuri who joined The Bengal Post as managing editor on June 2011 said it was shocking to get the notice on 26 March. "I met Sudipta Sen on 8 March. Nothing of this sort of action could be thought of. Mystery is wrapped in layers. Sudipta Sen is not a man of his word and he misled us."
Photo-journalist Aditi Saha wrote on her Facebook page on 15 April, 2013, the day afterSakalbela, the Bengali daily ceased to exist: "Ai din a 2010 a chakri payachilam ar ai din ai 2013 te chakri galo. jani na ar kono din phirbo kina. bachar jonno kaj chai chobi chara bach te parbo na." (I got a job on this day in 2010 and I lost a job on this day in 2013. I don't know whether I will return any day. I need work to survive. Without photographs I cannot survive.)
When writers and freelancers from other media subsidiaries of this 'chit fund', or should we now say 'cheat fund', were contacted, they all had stories of hardship. Some said: "I am not being able to buy food", "I withdrew money from my credit card as bank balance was nil", "I could not pay premium so my policy collapsed", "I am a single mother and I don't have money to buy baby food and diapers for my 2 years old son".
The story got national attention when the anchors and guests on Tara Muzik had an emotional live programme for Bengali New Year also marking the announcement that the popular channel was being closed down.
"Scenes on the set of Bengali channel Tara Muzik resembled a primetime soap opera, except that these weren't scripted…" said one of the national dailies.
Some see hope in Mamata Banerjee's reassurances to the employees. The state government is trying to revive the media entities by talking to other investors. Maitreyee Mitra, actress and anchor, Tara Muzik said: "We are happy that Mamata-di is there with Tara family. I am working for Tara from last six years and only monetary compensation did not drive me to work for this. We are hopeful that Tara will survive."
Shubhasheesh Roy, senior vice president at Tara recounted the night of 14 April when the company got the declaration about closing down. The next day was Bengali New Year. "We got Rs 10 lakh as ex-gratia from the state government," said Roy which helped employees not greet the new year completely empty-handed.
For the employees right now the focus is being paid the money that is owed to them. But it also seems now we have become a joke for all the media houses. Companies do not take us seriously. I feel I am back to square one, after taking a trip to the wonderful fairyland of journalism. From The Bengal Post to every pillar and post.
Sandhya Sutodia is a freelance writer and journalist.
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