Chit fund scam: Mamata asks Bengal to smoke a little more to help raise Rs. 500-cr relief fund

[Tiger80]

Kolkata: Mamata Banerjee announced a Rs. 500 crore fund yesterday to refund the poorest among lakhs of depositors who have lost their savings in the Saradha chit fund collapse. The Chief Minister was apologetic as she announced a 10 per cent additional tax on cigarettes, suggesting, with the hint of a smile, that people could smoke more for a few days to help raise the money sooner. (Watch video here) The cigarette tax, Ms Banerjee said, would raise about Rs. 150 crore for the fund. "We will tap other sources to get the rest of the amount...This will help the common people who are now in distress," she said, denying that her party, the Trinamool Congress, encouraged or exploited Sudipta Sen, the man who ran the chit fund scheme that went bust in West Bengal last week. (Chit fund scam: How Saradha duped its investors) "The Government is not involved in it, this is totally private...the government is only stepping in because it has a responsibility to the people," she said, promising that the guilty, whoever they were, would be punished. Motorcycle factory, cited in chit-fund letter bomb, that ran on deceit Her detractors have slammed the move asking why the tax payer should pay for the fraud and not Saradha group boss Sudipta Sen, who was produced in a Kolkata court this morning. (Read: How Sudipta Sen was traced and caught) Mr Sen, who had been missing for more than a week, was arrested in Kashmir on Monday and was brought to Kolkata late last night. While he was on the run, he sent a letter to the CBI accusing 22 politicians and influential people, whose names he listed, of "misusing" him to make money. Included on the list are senior and national-level leaders. (Chit fund chief's letter-bomb lists national leaders, Mamata's MPs) He accused two Trinamool MPs, Kunal Ghosh and Srinjoy Bose, of exploiting him financially. Both have denied the charges. Ms Banerjee has set up a commission headed by a retired High Court judge which will study applications for refund of money and ensure that the Rs. 500 crore funds is spent to help the poorest of Saradha's investors. http://www.ndtv.com/article/india/chit-fund-scam-mamata-asks-bengal-to-smoke-a-little-more-to-help-raise-rs-500-cr-relief-fund-358730

[zubinpepsi]

so many chit fund frauds over the years.. but that hasnt stopped people from putting their money there.. lame people, lame politicians, lame country.. they all deserve each other.. :facepalm:

[Tiger80]

Chidambaram's wife was a lawyer for a deal with Saradha group: sources New Delhi: Finance Minister P Chidambaram's wife Nalini Chidambaram was engaged as a senior advocate to appear on behalf of Manoranjana Sinh and her husband and a Narasimha Rao government minister Matang Sinh in a company petition filed by her before the company law board against M/4 Positive TV Ltd, sources close to the Union Minister's wife have said. The case is still pending before the Company Law Board. Sources say Nalini represented and advised Manoranjana in her professional capacity and the Saradha group of companies proposed to invest in the company of Manoranjana. This came after Saradha group promoter Sudipta Sen's letter to the Central Bureau of Investigation pointed fingers at Nalini. The letter mentions Nalini Chidambaram, who was the lawyer for a deal between Sudipta Sen and the Narasimha Rao government minister Matang Sinh and his wife Manoranjana Sinh to buy a channel in the Northeast. The TMC is planning to raise in Parliament the issue of Congress leaders named in Sudipta Sen's letter not being questioned. Sudipta Sen, who was brought to Kolkata late on Wednesday night on a 4-day transit remand, was produced in court on Thursday along with two others arrested from Sonmarg in Jammu and Kashmir on Tuesday. Sources say six trunks full of deeds mentioned in Sudipta Sen's letter to the CBI have been seized. Sen's cook Hemanta Pradhan, who was made a director in one of his companies, has also been questioned. In his explosive letter to the CBI, Sen says he was forced into media by TMC MPs Kunal Ghosh and Srinjoy Bose who runs the Pratidin media group. Many high profile names have been mentioned in the letter, including those of top TMC politicians, lawyers and journalists. Earlier on Wednesday when the details of an explosive letter written by Sudipta Sen to the CBI were made public, a round of blame game between the TMC and Left Front had taken place. Sen in the latter alleged that he was forced into the media business by TMC MPs Kunal Ghosh and Srinjoy Bose who run the Pratidin media group. He has also said that he is neither liable nor has the money to refund investors. Through the letter, Sen made himself out to be the victim of a larger conspiracy and not the accused. Sen claimed in his letter that he was used and abused by brokers and politicians in raking in money from investors. What's surprising is that he details the scam, but claims innocence in the face of all allegations saying his signatures and seal were used. In his letter, Sen says he was forced into enter into the media business as he was being threatened by TMC MPs Kunal Ghosh and Srinjoy Bose who run the Pratidin media group. He claims he was forced to pay Rs 60 lakhs to Pratidin for content and 15 lakhs per month to Kunal Ghosh. From 2011 to 2013 Sen claims to have paid nearly Rs 20 crore to the TMC MPs. In return these TMC MPs would offer protection from the State and Centre and exclusive access to Chief Minister Mamata Banerjee TMC MP Kunal Ghosh allegedly wanted him to sell Channel 10 to him for Rs 55 lakhs which he refused and eventually the deal was sealed for Rs 24 crore. What's more, Sen names top political leaders and lawyers with links to high profile politicians who would ensure smooth sailing for all his business ventures. He claims to have paid middleman to settle his case and influence the Sebi as well. He also claims he was asked to pay Rs 25 crores to set up a North East channel through a lawyer in return for political protection. One of the TMC MPs named in the letter, Srinjoy Bose defended himself on Wednesday saying his links with the Saradha group were completely professional. He sad there was no proximity between Mamata and the Saradha group. http://ibnlive.in.com/news/chidambarams-wife-was-a-lawyer-for-a-deal-with-saradha-group-sources/387695-37-64.html

[jiggo]

This is brilliant corrupt politicians scam poor people first, and then tax the people to pay them back their own money under the guise of compensation. And incredible how no-one in the media or government finds this unfair! Seriously what is Mamata smoking first!

[BeautifulGame]

This is what greed does

[dial_100]

fllthy people..

[tk__]

Do these companies operate with a valid government issued business license? Does that make the govt partially culpable at the very least, for giving them an image of legitimacy? I am curious, what is the govt role/responsibility in such cases?

[ravishingravi]

An illegal, tax-funded ‘relief fund’ http://www.niticentral.com/2013/04/25/an-illegal-tax-funded-%E2%80%98relief-fund%E2%80%99-70493.html