Left demands CBI probe into chit fund scam

The Left parties today demanded a CBI probe into the chit fund scam in West Bengal, saying the license to these firms was granted by central agencies such as the RBI and state-level inquiries would not serve the purpose.
"In the chit fund scam in West Bengal, in which lakhs of people have been ruined, we want a central investigation be done because these companies were given licenses by authorities like the RBI and the SEBI as a regulator. No state investigation will serve the purpose," CPM leader Sitaram Yechury told reporters here.
The Left leader was speaking to reporters after around 20 MPs of the front held demonstration at the main entrance of Parliament to demand a court-monitored CBI probe in the alleged scam.

Yechury said way back in December 2011, a delegation of Left MPs met the Prime Minister that such a disaster was in the making.
CPI leader Gurudas Dasgupta said the SEBI and the RBI "have not done their jobs properly" and that is why a scam of such a big magnitude could take place in the state.
The Left parties demanded that the properties of these "fraudulent" firms should be seized and should be used to return the money of investors.
Yechury said the Left government had moved a bill in 2004 for controlling the chit fund firms and it was lying with the President since 2009 after some amendments were made to it. He alleged it was not approved as the TMC and Congress were together in power at that time.