Chit fund scam: credibility crisis for Mamata Banerjee in West Bengal

New Delhi, Apr 24: Mamata Banerjee is facing perhaps the most challenging political crisis after taking over the reins of power in West Bengal. In an explosive letter to CBI, Sudipta Sen, the chairman of controversial Saradha Group has accused two Trinamool Congress MPs, Kunal Ghosh and Srinjoy Bose, of taking money from him in the name of protecting his business from West Bengal government using their close connection with Mamata Banerjee. The two MPS also assured Sen of central government's cooperation, claimed Sen. Sen, in his letter, says that he was forced to to enter media business just to save himself from a spate of extortion demands and blackmailing tactics. Sudipta claims he was forced to pay Rs 60 lakhs to Pratidin for content and 15 lakhs per month to Kunal Ghosh who had got himself appointed as CEO of Saradha Group Media. Sen claims that that the two Trinamool MPs were paid nearly Rs 20 crore between 2011 and 2013. Sudipta Sen has also accused Ghosh of intruding into his office and forcing him to sign documents that allegedly related to sell of Channel 10, the channel owned by Sudipta Sen's group, for Rs 55 lakhs. The deal was later closed for Rs 24 Crore. Sen has also accused wife of a union minister for demanding money to set up a chanel in north-east. Apart from Bengal politicians, Sen has blamed politicians from Bengal, Assam, Odisha and Jharkhand of taking money from him. He claims these politicians used him and backstabbed him at gunpoint.The entire drama that has unfolded indicates a close nexus between politicians and chit fund operators. Chit fund business has always flourished because of political patronage is no secret but the revelations made by Sen has dented he image of Mamata Banerjee led government. Mamata Banerjee has been trying very hard to project the clean image of her govt but the alleged involvement of her two MPs has dealt a severe blow to her image. The most damaging part of the story is the closeness of Kunal Ghosh to the West Bengal Chief Minister. Mamata Banerjee further compounded the problem defending Kunal Ghosh asking his critics to wait till the enquiry is completed. Mamata Banerjee has announced the setting up of a Rs 500-Cr relief fund to pay back the Saradha depositors.She plans to generate revenue for this purpose – to the tune of 150 cr – by hiking taxes on cigarettes by 10 percent. She has also advised the investors to be careful before investing money in chit funds.But the moot question that the opposition is very right in asking is – was Mamata really unaware of the activities of her two MPs? The question becomes more important in view of the fact that Kunal Ghosh is very close to the West Bengal CM and has always been flaunting her closeness to Mamata Banerjee. Does propriety not demand that she should immediately ask her MPs to resign on moral grounds so that a free and fair investigation could be carried out against these MPs? Sudipta Sen's personal record itself is very dubious. West Bengal police suspect Sen's real name is Shankaraditya Sen who was a Naxalite and frequently met Charu Mazumdar and was jailed in 1971-72. Once out of jail, he became a land shark and roped in some of the same policemen who had arrested him. He disappeared in early 2000 to re-emerge as Sudipta Sen of the Saradha Group. What is more worrying for Mamata Banerjee is the reported unease in TMC's top leadership who are livid with tainted party men who have done irreparable damage to Didi's Ma-Mati-Manush image. According to some media reports, senior Trinamool MPs like Sisir Adhikary , Sudip Bandyopadhyay and Saugata Roy want the party to throw out these tainted leaders without any further delay. They have reportedly shared their strong views with Mukul Roy, Mamata Banerjee's close lieutenant. Senior state level TMC leaders are reportedly unhappy with the way Mamata has reacted to the disclosure because they apprehend negative fallout of the chit fund scam on the upcoming General Elections in 2014.It's not that Mamata Banerjee is not aware of the landmines that may come up if this chit fund scam is not handled delicately and properly. She knows that the worst affected are those who belong to the poorer section of both rural and urband Bengal and they constitute the core constituency of her vote bank. Sooner or later, she will have to bite the bullet and take stringent action against those party MPs who have allegedly misused their connection with her. Chit fund scams are not new to West Bengal. According to the central corporate affairs department, at least 62 dubious chit fund companies are operating in West Bengal and they have amassed close to Rs 15,000 crore. Even Securities and Exchange Board of India (SEBI) has warned that bigger chit fund frauds can happen in the state. It's time for Mamata led West Bengal government to ensure that no other investor is duped by these dubious chit fund companies. Those planning to cheat the poor common man, on the belief their political connections will bail them out, should be strictly dealt without any fear, favour or prejudice.Let Mamata do justice to the electorate who elected her with high hopes of fair play and adherence to rule of law.

Chit fund scam: credibility crisis for Mamata Banerjee in West Bengal

New Delhi, Apr 24: Mamata Banerjee is facing perhaps the most challenging political crisis after taking over the reins of power in West Bengal. In an explosive letter to CBI, Sudipta Sen, the chairman of

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