Tuesday, Oct 21, 2014

Chit fund scams hit Naveen Patnaik govt’s image

CBI probe gathered pace only last month, 2 months after the Supreme Court ordered a probe by the apex investigating agency into the Orissa chit fund scam. CBI probe gathered pace only last month, 2 months after the Supreme Court ordered a probe by the apex investigating agency into the Orissa chit fund scam.
Written by Debabrata Mohanty | Bhubaneswar | Posted: August 20, 2014 3:47 pm

Less than 100 days into his fourth term as Orissa Chief Minister, Naveen Patnaik can barely afford to smile. The brute majority of 117 seats in the 147-member State Assembly and a hopelessly-depleted opposition should have made his fourth term a dream run. But the dream seems to be turning into a nightmare with a determined CBI ploughing deep into the nexus of his partymen and scamsters who duped thousands of crores while running cooperative societies that essentially functioned as ponzi firms.

Though the CBI probe gathered pace only last month, 2 months after the Supreme Court ordered a probe by the apex investigating agency into the Orissa chit fund scam, the spectre of dirt reached BJD’s doorsteps after party MP Ramchandra Hansda’s home was raided about a fortnight ago. Hansda, the sitting MP from Mayurbhanj, was one of the directors of Nabadiganta Capital Service Limited, one of the 43 chit fund companies under probe by CBI. The raiding party recovered Rs 28 lakh in cash from Hansda’s home. Simultaneously former BJD MLA Subarna Nayak’s houses was also raided and incriminating documents seized.

If Naveen thought his worries were over, his hopes died soon as CBI sleuths last week raided his party MLA and former chief whip of BJD, Pravat Tripathy’s houses as well as a small-time Congress leader over their proximity to Artha Tatwa multi-state cooperative society, the most well-known ponzi firm in the state.

Three years ago Artha Tatwa, once headed by Pradeep Sethy, a 37-year-old computer science diploma holder from Ganjam district, was the toast of BJD as well as ruling class as it sponsored a IPL-like tournament, dabbled in real estate and started several ventures which had several BJD politicians on its rolls.

He allegedly lent several of his flashy cars to ruling party politicians. Tripathy, during his presidentship of Orissa State Cooperative Union, a government cooperative society, also did his bit to shore up Sethy’s image as he got him the award of ‘Best Youth Cooperator’.

Sethy’s luck however ran out last year after the city police arrested him in the chit fund scam. In what appears to be fresh trouble for Tripathy, the CBI sleuths yesterday interrogated Ranjan Das, who headed Swastik India Multi State Credit Cooperative Society and seized several documents from him. With help from Tripathy, last year Das had almost made it to the Orissa State Cooperative Council, a government body which makes policy decisions in State’s cooperative sector.

That the scamsters enjoyed political patronage is evident from the tardy pace of investigation carried out by the Bhubaneswar police and CID in last 2 years. While CBI raided the offices and residential continued…

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