Probe all fraudulent chit funds, Left tells Modi

A Left delegation Monday called on Prime Minister Narendra Modi and urged him to have all fraudulent chit funds operating in eastern India thoroughly investigated.

Only then would the "alarming financial irregularities and fraud committed by 186 financial companies" or chit funds in West Bengal be understood, the delegation said in a memorandum submitted to Modi.

"This larger conspiracy can only be unearthed and the guilty punished if all these fraudulent chit funds which operate in many other states of eastern India (Odisha, Assam, Tripura) are thoroughly investigated."

Those who called on the prime minister included Communist Party of India-Marxist leaders Biman Basu, Sitaram Yechury and Surjya Kanta Mishra, Revolutionary Socialist Party's Abani Roy, Communist Party of India's Pallab Sengupta and Forward Bloc's Ali Imran Ramz.

The memorandum said that although some progress had been made in the investigation under Supreme Court supervision and some action against some culprits had been taken, this was inadequate.

"We apprehend that there may be an all out endeavour on behalf of the beneficiaries of this massive fraud to misdirect and/or throttle the investigation.

"The arrests of some MPs and a senior state cabinet minister raises genuine apprehensions of the involvement of the highest level in the state government and the ruling party in the state.

"Many such names, including (that of) Chief Minister Mamata Banerjee, have been reportedly mentioned by those interrogated so far," it said.

"We are seeking your intervention to ensure that all these fraudulent schemes in various states of eastern India are thoroughly investigated by the central government and its agencies."