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WB Chit Fund Scam Deepens, Suicide Bids

APRIL 23, 2013

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As investors in the West Bengal chit fund scam have lost their savings after the collapse of the Saradha Group, CM Mamata Banerjee has shifted the blame on the Left. The heat has started building on Trinamool Congress MP Kunal Ghosh who headed Saradha group's media unit.


Meanwhile, there has been another suicide bid by Tapasi Singha, a Saradha agent hit by the scam, who tried to kill herself by consuming sleeping pills. She has been admitted to the Jangipur Sub Divisional Hospital.


Saradha Group is one of the largest chit fund cos in eastern India having diverse operations in  construction, realty, tourism, hospitality, agri-businesses and media. As the capital market regulator SEBI started acting against chit fund cos for violations and raised concerns over the safety of public money, pressure on the co mounted.  The crisis, which had been brewing since January, forced it to shut down ten newspapers and TV channels that it had launched or acquired since 2010. More than 1,000 journalists and non-journalists have been made jobless as a result of the crisis.


With the group's debacle, its depositors are left in the lurch. While many are protesting, some of them have even attempted suicide. The West Bengal government has already ordered Sudipto Sen's arrest. With a huge default in repayments, the Saradha Group is on the verge of collapse. But Sudipto Sen had already escaped by the time the order was issued.


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