BJP urges Mamata to break silence over Saradha scam

The Bharatiya Janata Party (BJP) on Tuesday criticised the Trinamool Congress (TMC) for the involvement of its leaders in the Saradha chit fund scam, urging West Bengal Chief Minister Mamata Banerjee to break her silence on the issue.

"It is amply clear that there is a widespread involvement of many TMC leaders in the Saradha scam. Mamata Banerjee has to break her silence and has to come out clean on this issue," BJP spokesperson Sambit Patra told ANI.

Patra further said that instead of playing politics in the Parliament, the TMC should explain its role in the scam.

"The Trinamool Congress is playing politics on the floor of the Parliament but it is not explaining as to why it was responsible for looting lakhs of people of their hard-earned money through the scam," he said.

On Monday, the Central Bureau of Investigation (CBI) summoned West Bengal Transport Minister Madan Mitra in connection with the Saradha scam. The CBI had last month also arrested TMC MP Srinjoy Bose in connection with the scam.

The Kolkata-based Saradha Group was reportedly a Ponzi scheme, with over 10,000 registered chit funds across the country and with an aggregate turnover of Rs.30, 000 crore per annum. The group is said to have defrauded thousands of investors in West Bengal, leading to the arrest of its owner Sudipta Sen.

The industry is governed by Chit Fund Act 40/1982 and is regulated by state governments with their own set of rules. Reserve Bank of India is the principal regulator and at the state level, Registrar of Chits/ Inspector General of Registration oversees these regulations.