Financial Fraud by certain Financial Companies/Chit Funds
Dr. Manmohan Singh
Hon’ble Prime Minister of India
New Delhi
Hon’ble Prime Minister,
Kindly
refer to our letter of May 9, 2013 regarding the alarming financial
irregularities of Saradha Group, the reply letter of June 2, 2013 of
Union Minister of State for Finance (Expenditure and Financial
Services), and our subsequent letter on July 15, 2013 pointing out
inadequacy of action on the part of Central Government against this
financial scam.
This inadequacy has now resulted
in a situation where despite the massive fraud by this Saradha Group,
with closing down of all its offices and default on repayment of at
least 17 lakh depositors, no action has yet been taken on the part of
the SEBI and the Government of West Bengal to attach the properties of
this Saradha Group and for arranging in a legally appropriate manner
disposal of these properties for repayment of dues to the depositors.
Instead, without having any Constitutional and legal basis and in
deviation from the Order of the Hon’ble Calcutta High Court (July 26,
2013 page 70), the State Government has just allotted and also released a
sum of Rs. 50 crore from the State budgetary resource as grant to the
Inquiry Commission recently, set up by the State government itself, for
starting payment to a section of depositors (Memo issued by the Home
Department, September 23, 2013). Providing such grant for compensation
instead of disposal of assets of the Saradha Group is again violation in
terms of reference (No. 8) of the Inquiry Commission itself (Gazette
Notification April 24, 2013).
Under these
circumstances, we urge upon you to intervene in this matter so that
payment to all depositors is made with adequate promptness, by attaching
the properties of Saradha Group in accordance with law and as also
directed by the SEBI (April 23, 2013) and not by giving grant through
the Commission which is not legal, as mentioned above. This process
should start immediately with focus on attachment and disposal of
properties, along with punishment for the offending Group.
For
completing the entire process, a comprehensive list of properties,
including the `banami’ properties, would be essential. Since this
Saradha Group reportedly has properties in several states as well as
abroad and since states like Tripura, Odisha and Assam affected by the
activities of this Group, have already decided to involve CBI, the
government of India should immediately move the Hon’ble Supreme Court,
by joining a litigation already being heard in the Apex Court in this
matter, in favour of intervention of CBI for investigation under the
order as well as supervision of the Hon’ble Supreme Court. It would be
appropriate to forge coordination between the efforts of CBI with those
of SFIO and ED and also the State agencies, when required.
Of
late, there have been reported allegations by one Trinamul Congress
(AITC) Member of Parliament against another AITC MP for having
irregular financial relation with this Saradha Group. These are all the
more reasons for immediate induction of CBI for inquiry with overall
supervision of the Hon’ble Supreme Court for reasons of neutrality.
Similar
action should be initiated by the Government of India regarding other
financial groups/chit funds where frauds have been detected by SEBI or
SFIO, with punishment for the offending companies and beginning the
process of attachment of properties and disposal in a lawful manner for
compensation of the depositors.
Along with the
campaign at all levels against the activities of these irregular
companies, it is also important for Government of India to bring back
the attractiveness of small saving schemes and to take more expeditious
steps for spreading banking network in West Bengal and in several other
states.
(Surjyokanta Mishra) (Sitaram Yechury)
Leader of Opposition Leader, CPI(M) Group
West Bengal Assembly Rajya Sabha
Copy to : Sachin Pilot, Minister of Corporate Affairs, Government of India, New Delhi
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