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West Bengal CM orders to lock two financial companies
Tags : Mamata Banerjee, Saradha chit fund scam, non-financial banking institutions, Pranab Mukherjee, operating chit funds
Wednesday, May 1 2013 11:42AM IST
West Bengal CM orders to lock two financial companies
Kolkata: Following the criticism by the opposition parties over the recent Saradha chit fund scam, West Bengal Chief Minister Mamata Banerjee on Tuesday in the assembly has delivered an instant closure of two non-financial banking institutions operating under five to six names in West Bengal.

The order has come after the approval of Protection of Interest of Depositors in Financial Establishments Bill, which deals in controlling the corrupt chit funds.

The Chief Minister said, "We have received a list of 73 companies against whom allegations of cheating are there and out of that we have ordered closure of two companies operating with five or six names. There are 800 such corrupt companies all over India and I have asked for that list. Action will be taken against all such companies."

She said, “Mistakes are made, but could be rectified.”

Claiming the CPM, Mamata said, "Between 2009 and 2010, 26 such companies came up. Now, the CPM is trading charges against me. Today I am happy that the Bill has been passed. We will put in all our efforts that the Bill becomes an Act soon. Nobody, whoever he or she is, will be spared."

Mamata stated that she will return the money to the investors who are poor people.
She added, "I myself spoke to the President (Pranab Mukherjee) so that we get the Bill back. We want to stand by the poor and hapless people."

She added, "It is because the Centre has reduced the interest rates in small savings in the post office, poor people and those who have retired keep their money in these chit funds with the hope of getting a little higher interest," "Not only the Centre has reduced interest, it has also reduced the commission for agents of small savings in post-offices. This is also a contributory factor behind the thriving of chit funds."

Mamata further added, "It has to be remembered that there is bound to be grievances if the hard-earned money of the people is defrauded. But the people have to be convinced that the Congress and the CPM are behind those who are engaged in this fraud. A campaign has to be taken to the people that the Ma, Mati, Manush government is in no way responsible for it."

She said, "I am asking all our party MPs, MLAs, ministers, workers and supporters that a campaign has to be launched to convince the people that chit funds have mushroomed due to encouragement of the CPM and the Congress and there should not be any laxity in this regard."

According the current laws and regulations, the Centre has issued a license for operating chit funds however the state did not have the licence.