With her simple cotton saree and hawai chappal, Mamata was always identified with the poorest of the poor Bengali. But this sudden burst of chit fund network of seemingly cheat companies has dragged her into the cesspool. Sheela Bhatt analyses.
The most wanted man of Bengal, Sudipta Sen, along with his close aide Debjani Mukherjee, their driver Rajeeb and another Saradha group official were apprehended from Kashmir's Sonemarg on Tuesday.
The chief minister on Monday announced a double-pronged probe by a special investigation team under the Director General of Police and an inquiry commission under Justice (retd) Shyamal Sen.
The Saradha group's fortunes nose diving has not only put a scanner on other chitfund companies operating in the state, but has also reportedly put a question mark on TMC's rural vote.
Breaking her silence over the collapse of chitfund company, Saradha Group, which has hit thousands of depositors across the state in the last few days, West Bengal Chief Minister Mamata Banerjee today instituted a high-level inquiry and deputed a special investigation team into it.
Banerjee told reporters after a high-level meeting that a SIT under the DGP would go into the fiasco and a high-level inquiry under the Commission of Inquiry Act was being instituted.
Appearing before Justice A K Banerjee and Justice D Basak, Sen's counsel claimed the government was yet to form a special court, as suggested by the High Court in its earlier order, for hearing all cases with regard to the Saradha scam, which runs into thousands of crores of rupees.
With the Trinamool Congress government stepping into the third year of its rule, it is facing its biggest challenge in the multi-crore chit fund scam which has hit lakhs of people across the state.
Saradha kingpin Sudipta Sen had alleged in his purported letter to the Central Bureau of Investigation that Kunal Ghosh and TMC Rajya Sabha member Srinjay Bose had blackmailed him, and he was forced to pay hefty amounts to them.
The accused were charged under Indian Penal Code sections -- 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating) and 120B (punishment of criminal conspiracy).
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Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
The source said that the directorate would also question the suppliers from which the company had purchased those equipment.
Central Bureau of Investigation on Wednesday registered a record number of 46 cases in a day in connection with its probe in the Rs 10,000-crore Saradha chit fund scam naming Trinamool Congress' sitting Rajya Sabha MP Kunal Ghosh as one of the accused.
Initially reluctant to involve the CBI in the investigation on the ground that the central agency had not been able to make any headway into the Nandigram and Netai killings, Chief Minister Mamata Banerjee later changed her stance, saying that the government was not averse to it.
Kumar, who is currently the West Bengal CID additional director general, was part of a special investigation team set up by the West Bengal government to investigate the scam before the Supreme Court handed over the case to the CBI in 2014, along with other chit fund cases.
The rest, investigators claimed, were floated as "dummies" to act as cover for unleashing the alleged ponzi scheme.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
The agency had summoned him in January too but he sought time, citing the ongoing Winter Session of Parliament, they said.
The agency said the recall of the order granting Kumar an interim protection from the arrest was necessary.
Kumar sought seven days time, citing personal reasons, to appear before CBI officers in connection with the case.
The Enforcement Directorate on Wednesday night arrested the wife and son of the alleged kingpin of the multi-crore Saradha chit fund scam accused Sudipta Sen in a money laundering case.
Suvaprasanna, considered close to ruling Trinamool Congress in West Bengal, allegedly sold a television channel he owned to Saradha Group chief Sudipta Sen, now in jail custody.
Ponzi or MLM schemes are fraudulent investment operations.
The two giants of Indian football, Mohun Bagan and East Bengal, are facing turbulent times. On the pitch, East Bengal finished a respectable third in the 2012-13 I-League season, while Mohun Bagan finished a disappointing tenth.
The quizmaster-turned-parliamentarian was interrogated for about two hours on some financial transactions in bank accounts related to the TMC mouthpiece 'Jago Bangla'.
The Saradha group of companies allegedly duped lakhs of people to the tune of Rs 2,500 crore, promising higher rates of return on their investments.
It was a multi-million rupee scam whose extent and reach are still being unravelled, so why did the chief of the scam-tainted Saradha group Sudipta Sen plead that he was unable to pay Rs 30,000 as bail fee? Where could all the money have gone? Indrani Roy finds out.
The ED had sent summons to the painter, considered close to ruling Trinamool Congress in West Bengal, for the second time to seek clarification on the business deal he had entered into with Sudipto Sen, chief of Saradha group.
The first to arrive at the Salt Lake office of the central probe agency here was the award wining actor and director Sen whose statement was recorded by ED which is probing her role as the Editor of a magazine brought out by the now defunct group.
The bench said this is not an appropriate case for custodial interrogation of the petitioner.
The particular matter with Nalini pertains to the legal fee paid to her by the Saradha group.
ED had attached properties in the states of West Bengal, Assam and Odhisha.
Imran, a Rajya Sabha MP, reached the agency's office in Salt Lake here and will be questioned about his connections with the defunct group owned by jailed Saradha Chairman Sudipta Sen.
All airports and immigration authorities have been alerted by the CBI this week to prevent him from leaving the country and intimate the agency on any possible move, they said.
The cop, who is alleged to have suppressed crucial evidences required for preparing the final CBI chargesheet in the scam, has been evading the probe agency's summons to appear before it and his whereabouts are not known.
The CBI action came a day after the agency filed its second charge sheet in the case alleging that former director general (state armed police) and Trinamool Vice President Rajat Majumdar and East Bengal Club official Debabrata Sarkar were beneficiaries of the money collected through chit fund scam.
The apex court had last month handed over the case to CBI and asked the state governments to provide all logistical help to the CBI team probing the matter.
About 17 lakh investors, mostly in West Bengal, who have lost crores of rupees in the Saradha chit fund scam are fast losing hope. The scandal continues to roil West Bengal political circles with several ruling Trinamool Congress leaders being implicated and some arrested. Even West Bengal Chief Minister Mamata Banerjee's name has been dragged into the sordid mess. Indrani Roy presents a FAQ on what the scam is about and the main players behind it.
The Rajya Sabha MP, who is also a spokesperson of West Bengal's ruling party, was asked to appear before a CBI team in the first week of August, officials said on Friday.
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