If it is wrong… then it is wrong; the current political scandal in West Bengal


Until the present, a quite number of chit funds got caught and punished in India. Saradha Scam is one of these chit funds having great socio economic and political impact. Saradha group financial scandal (or Saradha kelenkari in Bengali) began with the collapse of Saradha group or Saradha Ponzi scheme in April, 2013. It was a consortium of over 200 private companies having four divisions (Saradha Realty, Saradha Exports, Global automobiles and Saradha media group). Saradha media owned eight newspapers printed in five languages and four television channels. As part of its social responsibility program, this group donated motorcycles to the Kolkata police and persuaded Chief Minister of West Bengal to use its motorcycles and ambulances for the Jangalmahal area of West Bengal. This group also has donated significant amount to the football clubs namely; Mohan Bagan and East Bengal.

Sudipto Sen was the founder, chairman and managing director of the Saradha Group. Debjani Mukherjee was one of the executive directors who could sign cheques on behalf of the group. She had joined Saradha group as a receptionist in 2010 and grew rapidly to her latest position in the group. The group had collected approximately US$ 6-7 billion from the depositors until it collapsed in 2013 April. After the corollary of the scandal, the State Government of West Bengal generated an investigation team to investigate the scandal and also set up US$ 80 million for the low income people who had invested in Saradha group’s financial scheme.

The Central Government of India through Income tax department and   Enforcement Directorate made a probe to SUDIPTO BEFOREinvestigate Saradha scam but in April 2014, the Supreme Court of India handed over all the investigations to Central Bureau of Investigations or CBI (Federal investigation team of SUDIPTO AFTERIndia). The surprised  involvement of reputed political leaders came into picture when Sudipto Sen gave a confession letter (while imprisoned) to the CBI, mentioning a significant  part of Saradha fund was invested to support the political leaders of Trina Mool Congress (TMC), the current ruling party of West Bengal. He also had confessed his investment on few political leaders in Orissa, Assam and Tripura.Due to their direct involvement – the Trinamool Congress MP and Managing Director of Saradha media group Kunal Ghosh and MP Srinjoy Bose who was involved in media operations got caught and imprisoned. In December 2014, Sport and Transport minister of West Bengal –Madan Mitra had been proven for his involvement in Saradha group and been imprisoned.

Mukul Roy, the member of Rajya Sabha and General Secretary of Trinamool Congress would be investigated by CBI in coming week as CBI is suspecting his involvement in Saradha scam. Saradha Financial scam is the limelight of all the Bengali TV channels and newspapers at present. Continued…….






References: The Times of India and Wikipedia

photo courtsey- Financialexpress ,The Hindu and ibnlive


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