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Chit fund fiasco: Mamata forms SIT, probe panel

Chit fund fiasco: Mamata forms SIT, probe panel
The West Bengal chief minister Mamata Banerjee announced twin inquiries into the chit fund scam surrounding the Saradha Group that erupted a few days ago. Breaking her silence over the scam which has affected thousands of investors and agents across West Bengal, Mamata Banerjee announced a police investigation to be headed by the Director General of Police (DGP) and aided by the CID.

Banerjee also ordered a high level Commission of inquiry into the scam, to be headed by the ex Chief Justice of the Calcutta High Court, Shyamal Sen.

Banerjee also accused the Centre of bungling the Bill which would enable the Government to keep a rein on the chit fund operations.

Banerjee said that an Ordnance will be issued.

Over the last few days, several of Saradha Group’s offices across the state have shut down and many of its cheques have bounced. With a huge default in repayments, the group is on the verge of collapse.

The West Bengal government has ordered the arrest of its Chairman and Managing Director Sudipto Sen but he is still on the run. So far, only one Saradha director has been arrested.

Saradha had promised abnormally high returns on deposits. Now that it has gone bust, lakhs of depositors and fund collection agents are wondering if they will ever get their money back. The city was criss-crossed by protest rallies on Monday, demanding punishment of the guilty and the return of the capital invested.  

A public interest litigation has been filed in the Calcutta High Court for a CBI inquiry against the Saradha Group. The petition urges the court to appoint a receiver to seize properties of chit fund companies to auction them and pay back depositors.


TOUGH ACT

  • Mamata Banerjee also ordered a high level Commission of inquiry into the scam, to be headed by the ex-Chief Justice of the Calcutta High Court, Shyamal Sen

  • West bengal chief minister also accused the Centre of bungling the Bill which would enable the government to keep a rein on the chit fund operations

  • A public interest litigation has been filed in the Calcutta High Court for a CBI inquiry against the Saradha Group. The petition urges the court to appoint a receiver to seize properties of chit fund companies to auction them and pay back depositors
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