People's Democracy
(Weekly Organ of the Communist Party of India (Marxist)
No. 41
October 13, 2013
|
Vol. XXXVII
No. 41 October 13, 2013 |
CPI(M) LEADERS SUBMIT MEMO TO PM ‘ Saradha Chit Fund Scam’ Surjyokanta
Mishra, leader
of opposition, West Bengal assembly and Sitaram
Yechury, leader, CPI(M) Group, Rajya Sabha met
the prime minister Dr
Manmohan Singh on October 7 and submitted the
following memorandum concerning
financial fraud by certain financial companies/chit
funds in the state of KINDLY refer to our letter of May 9,
2013 regarding the
alarming financial irregularities of Saradha Group, the
reply letter of June 2,
2013 of Union Minister of State for Finance (Expenditure
and Financial
Services), and our subsequent letter on July 15, 2013
pointing out inadequacy of
action on the part of central government against this
financial scam. This inadequacy has now resulted in a
situation where despite
the massive fraud by this Saradha Group, with closing
down of all its offices
and default on repayment of at least 17 lakh depositors,
no action has yet been
taken on the part of the SEBI and the government of West
Bengal to attach the
properties of this Saradha Group and for arranging, in a
legally appropriate
manner, disposal of these
properties for
repayment of dues to the depositors. Instead, without
having any Constitutional
and legal basis and in deviation from the order of the
Calcutta High Court
(July 26, 2013 page 70), the state government has just
allotted and also
released a sum of Rs 50 crore from the State budgetary
resource as grant to the
Inquiry Commission recently, set up by the state
government itself, for
starting payment to a section of depositors (Memo issued
by the Home
Department, September 23, 2013).
Providing such grant for compensation instead of
disposal of assets of
the Saradha Group is again violation of terms of
reference (No. 8) of the
Inquiry Commission itself (Gazette Notification April
24, 2013). Under these circumstances, we urge
upon you to intervene in
this matter so that payment to all depositors is made
with adequate promptness,
by attaching the properties of Saradha Group in
accordance with law and as also
directed by the SEBI (April 23, 2013) and not by giving
grant through the
Commission which is not legal, as mentioned above. This
process should start
immediately with focus on attachment and disposal of
properties, along with
punishment for the offending Group. For completing the entire process, a
comprehensive list of
properties, including the `benami’ properties, would be
essential. Since
this Saradha Group reportedly has
properties in several states as well as abroad and since
states like Tripura,
Odisha and Assam affected by the activities of this
Group, have already decided
to involve CBI, the government of India should
immediately move the Supreme
Court, by joining a litigation already being heard in
the Apex Court in this
matter, in favour of intervention of CBI for
investigation under the order as
well as supervision of the Supreme Court. It would be
appropriate to forge coordination
between the efforts of CBI with those of SFIO and ED and
also the state
agencies, when required. Of late, there have been reported
allegations by one Trinamul
Congress (AITC) Member of Parliament
against another AITC MP for having irregular
financial relation with
this Saradha Group. These are all the more reasons for
immediate induction of
CBI for inquiry with overall supervision of the Supreme
Court for reasons of
neutrality. Similar action should be initiated by
the government of Along with the campaign at all levels
against the activities
of these irregular companies, it is also important for
government of India to
bring back the attractiveness of small saving schemes
and to take
more expeditious steps for spreading
banking network in West Bengal and in several other
states. (
