Monday,
December 22, 2014
NEW DELHI: A Left
Front Parties delegation led by Biman Basu (Chairman, Left Front Committee,
West Bengal), Sitaram Yechury (MP, leader of the CPI(M) Group in Rajya
Sabha), Abani Roy (Ex-MP, Revolutionary Socialist Party) Surjya Kanta Mishra
(Leader of the Opposition, Legislative Assembly of West Bengal), Pallab
Sengupta (Communist Party of India) and Ali Imran Ramz (Member, Legislative
Assembly of West Bengal, Forward Bloc) met the Prime Minister today on the
issue of financial irregularities and fraud committed by financial companies in
West Bengal. The delegation submitted a memorandum to the Prime Minister.
The text of the memorandum given below:
Dear
Hon’ble Prime Minister,
We, the
undersigned, draw your attention to the alarming financial irregularities and
fraud committed by about 186 financial companies (`Chit Funds’ or `ponzi
schemes’ as per local parlance) in the state of West Bengal. In the
communications with earlier governments, it was pointed out, inter alia,
the inadequacy of action on the part of the State and Central Governments in
this matter. It was urged to involve and forge coordination between
various investigation agencies under the Central Government like SEBI, SFIO,
CBI and ED along with the State agencies.
Along
with the letter No. 990/L.O./2014 dated 28.11.2014 from Dr. Surjya Kanta
Mishra, Leader of the Opposition, Legislative Assembly, West Bengal, seeking
this appointment, we had enclosed copies of a memorandum dated May 9, 2013 from
the Left Front Committee, West Bengal addressed to Dr. Manmohan Singh, the then
Prime Minister of India, a detailed reply from Shri Namo Narain Meena, the then
Minister of State for Finance (Expenditure & Financial Services), letters
dated July 15, 2013 and October 7, 2013 to the then Prime Minister of India on
this issue.
Though
some progress has been made in the investigations in this fraud under the
Supreme Court supervision and some action against some of the culprits has been
taken, this is inadequate.
Hob’ble
Supreme Court upon a Public Interest Litigation directed the C.B.I. to
investigate into the matter of cheating the common man being a part of larger
conspiracy wherein involvement of officers of different regulatory
agencies and the political personalities/parties could not be ruled out.
This larger
conspiracy can only be unearthed and the guilty punished if all these
fraudulent chit funds which operate in many other states of eastern India
(Odisha, Assam, Tripura, for instance) are thoroughly investigated.
We
apprehend that there may be an all out endeavour on behalf of the beneficiaries
of this massive fraud to misdirect and/or throttle the investigation. The
arrests of some Hon’ble MPs and a senior State Government Cabinet Minister
raises genuine apprehensions of the involvement of the highest level in the
State Government and the ruling Party in the state. Many such names, including
the Hon’ble Chief Minister, have been reportedly mentioned by those
interrogated so far.
We are
seeking your intervention in order to ensure that all these fraudulent schemes
in various states of eastern India are thoroughly investigated by the Central
government and its agencies.
The
Left Front parties are very much concerned about the repayment of the life long
savings of millions of poor people who invested in these fraud `ponzi
schemes’. It becomes the responsibility of the Government of India to
identify the people involved in the larger conspiracy and attach their
properties, movable and immovable, and ensure return of the deposits to the
people so defrauded. The state government had appointed the Justice
Shyamal Sen Commission to identify and compensate those defrauded. This
Commission has since been wound up. It’s investigations and report,
however, have not been made public. These materials must be taken over by
the CBI to facilitate the ongoing enquiry.
We
reiterate our position mentioned in our earlier letters for making the
National Saving Scheme more attractive and taking expeditious steps for
spreading banking network in West Bengal and in several other States by
the Government of India. This, along with banning of such fraud `chit
funds’, is the only way to guarantee the security of small investors.
A
faulty Bill, `The West Bengal Protection of Interest of Depositors in Financial
Establishment Bill, 2013’ moved by the present State Government after a
legislation moved by the earlier Left Front Government and unanimously passed
by the West Bengal Legislative Assembly in December 2009 was withdrawn on 30
April, 2013 and sent to the Hon’ble President of India for his assent. But, for
reasons beyond our knowledge this was withdrawn and a new Bill has been passed
in the Assembly on 12 December, 2013 which is still pending with Government of
India and awaiting the Presidential assent.
Given
the huge number of victims, we sincerely hope that you will urgently intervene on
their behalf and also in order to put in place corrective mechanisms
and regulations, so that such frauds cannot be committed in the future.
Earlier
submissions:
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