Bengal’s simmering cauldron of chit fund scam

She blamed the centre for not taking adequate steps to stem the rot early and also pointed fingers at the President’s office where a Bill to regulate the chit fund type business enterprises was reportedly lying for consent.

But the unfolding drama not only clearly hints at the massive magnitude of the scam that has affected millions of homes in West Bengal,an overwhelming majority of them in the rural segments but it has also begun to show how the Trinamool Congress leadership was also enjoying the fruits of the exploits.

The evidence of patronage of the Saradha Group of companies by the Trinamool Congress government,MPs,MLAs and also similar other financial institutions are only mounting. Didi gave nomination to a Journalist – Kunal Ghosh as a Rajya Sabha member,who happened to be the CEO of Saradha Group’s media ventures.

Saradha Gorup was yet again one of the major buyers of Didi’s paintings – the purchase amounting to crores of rupees at times. Saradha Group was also one of the major donors of ambulances and bicycles in Jungle mahal and stood by Mamata Banerjee. Closer home In Kolkata they donated mobile emergency trauma care vans to Kolkata Police as a gesture of social and voluntary services. It simply does not stand to logic that the government was not aware of the credentials of the Group and hence accepted the offers a defence Mamata Banerjee put up at the media meet to wash off its stigma.

In fact,the TMC party MLAs and MPs in West Bengal districts have long been projected as patrons of these shady financial companies ever since the Trinamool Congress came to power. The support and patronage could not have been given without a consideration. Now that the companies are going bust one after the other,the leaders have eggs on their faces.

The amount of money that has been raised by these shady chit funds also described as ponzi scheme companies,prize money circulation companies is being pegged at around Rs 15,000 crore to Rs 17,000 crores. The number of depositors,who largely comprised small traders,poor villagers,farmers,housewives,and even the salaried is anyone’s guess.

The setting up of a Commission of Inquiry may help assess the extent of damage done but it would certainly not help redress the grievance by way of return of money to the depositors. The moment this reality becomes clear to the millions of depositors,investors and agents there is likelihood of more suicides,violence and widespread repercussion. Left,right and centre – no one’s going to be spared,it seems.