Chit fund disaster due to Left's irresponsibility: Mamata

Kolkata, April 26 (IANS) Assuring people of justice and swift action for relief in the Saradha Group chit fund case, West Bengal Chief Minister Mamata Banerjee Friday lashed out at the erstwhile Left Front regime for not taking the right steps and failing to implement a bill to deal with chit funds during their rule.

"We have got the earlier version of the bill from the governor today (Friday) around 1 p.m. and we have submitted a newly drafted bill at 1.45 p.m. today itself for his approval. He has approved for it to be placed in the assembly," she said.

Hitting out at the previous government, Banerjee accused them of "trying to create panic among the masses because of political reasons".

"Those who were responsible for the injustice, it was their duty to solve it. But they have thrown the responsibility at us. The guilty ones are accusing others.Those who are saying big things it is because of them such a situation has arisen."

"If our government hadn't come to power, more people would have been affected," she added.

Banerjee pointed out that a law would have prevented such incidents, but the former regime had failed to do so even after a "calamity" of similar kind during their rule.

"When the Left was in power there was a similar calamity. They could have made a bill but they didn't so we had to do it. This is a result of previous regime's irresponsibility.

"During the erstwhile Left Front government, no one got their money back and no action was taken. If the law was made earlier then so many common people would not have been in trouble," Banerjee said.

"Previous government had taken three years (to draft a bill). The then president had asked them to amend certain clauses but they didn't. They didn't even draft a new bill. They wasted five years. So we have withdrawn the old bill and drafted a new legislation," she said.

Banerjee also blamed the central government for its inability to foresee the impending danger of chit funds.

"All these were under the central government and was supposed to be overseen by SEBI and RBI. They didn't oversee. So a lot has gone wrong.Our commission has already started working. There is no reason to panic."

Banerjee assured the wronged that their money will be returned following the establishment of a commission.

"Our police has taken swift action. We have kept Rs.500 crore aside for the commission's needs so that it can refund the people's money."