The chit fund schemes of the two Kolkata-based companies flourished so much so that the scamsters funneled the money to Bangladesh, Dubai, South Africa and Singapore. It is also believed the two companies also laundered money in many other countries and the CBI currently is investigating in it.
These are the two scams that saw for the first time a major standoff between the West Bengal Government and the Centre as the Chief Minister Mamata Banerjee even sat on a protest against the CBI questioning of the Kolkata Police Commissioner Rajeev Kumar. Ultimately, the CBI had to question him in Shillong.
Terrorism Connection of Sharadha Scams
The Shardha scam took a very serious turn when the Bangladesh Foreign Ministry expressed its apprehension about routing of money by the chit fund company to the Islamist terrorist groups of that country that have links with Al Qaeda.
A section of Bengali media of Kolkata earlier had also alleged that Sharadha Group moved money out of India through one of the founder members of Students Islamic Movement of India to Jammat-e-Islami of Bangladesh.
The issue turned too much hot that the Bangladesh Prime Minister Sheikh Hasina ordered the formation of a commission to further investigate in this matter. The Sharadha Group had a consortium of 200 companies.
Two Scams and Northeast
The Sharadha and Rose Valley had very adversely affected the common folk of Northeast particularly Assam and Tripura. The Rose Valley is believed to have cheated the investors of Assam, Tripura, Bihar and West Bengal of Rs. 17,000 crores. The Tripura Government has handed over all the 74 chit fund cases to the CBI.
It is alleged that Sharadha Group paid massive quantum of money to the prominent politicians of Assam and Tripura. The CBI currently is investigating it. Both Sharadha and Rose Valley had invested heavily in media, television channels, film industry, real estates, hotel and resorts, financial sectors and infrastructure.
All the newspapers and television channels of these two companies collapsed after the scams surfaced. A large number of employees of these media organizations in Northeast were rendered jobless and many were not paid salaries for several months.
In the Northeast, the scams affected Assam the most. It was so much so that it assumed political colours as several front ranking politicians were involved in it. The Sharadha Group reportedly paid bribes to several politicians in Assam for their helps in expanding the company.
The issue figured in Assam Legislative Assembly several times. On April 4, 2013, it even passed the Assam Protection of Interests of Depositors (in Financial Establishments) (Amendment) Bill 2013 to protect the depositor many of whom lost their lifetime’s earning by investing in the chit funds.
The Assam Government suo motto registered 222 cases against Sharadha Group and 127 other companies after widespread protests in Assam. Besides arresting 303 persons, charge sheets have also been filed against 42 people in 17 cases.
Amlan Home Chowdhury
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