Saradha chit-fund scam: TMC minister Madan Mitra arrested

In yet another setback to the Mamata Banerjee -led West Bengal Government, the Central Bureau of Investigation (CBI) on Friday arrested Trinamool Congress (TMC) minister Madan Mitra in connection with the Saradha chit-fund scam.

The CBI had earlier on Monday summoned Mitra for questioning.

Taking strong exception to the arrest, the TMC reportedly stated that Mitra's arrest was politically motivated and accused the BJP of practicing politics of vindictiveness.

However, the CPI (M) welcomed the development stating Mitra should have been arrested earlier.

"This should have happened earlier, three question marks have been erased," said CPI (M) leader Ritabrata Banerjee.

"Nothing to be surprised about, Madan Mitra was going from one hospital to the other to avoid being arrested," another CPI (M) leader Nilotpal Basu said.

The CBI had last month arrested TMC Member of Parliament Srinjoy Bose in connection with the scam.

The Kolkata-based Saradha Group, ponzi scheme had over 10,000 registered chit funds across the country and with an aggregate turnover of Rs.30, 000 crore per annum.

The Saradha Group is said to have defrauded thousands of investors, including poor people, inWest Bengal, leading to the arrest of its owner Sudipta Sen.