WB passes bill to protect investors

Last Updated: Tue, Apr 30, 2013 15:56 hrs

Kolkata, Apr 30 (IBNS) Amid walk out by the Congress members, the West Bengal Assembly on Tuesday passed a new bill framed to protect interests of investors in chit fund companies.

The West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013 was passed during a special session of the Assembly with minor amendments, reports said.

With her own party leaders getting embroiled in the unfolding Saradha Group chit fund collapse scam, West Bengal Chief Minister and Trinamool Congress (TMC) supremo Mamata Banerjee on Friday had assured that she would look into the provisions for refunding poor investors´ hard earned money and crack down on such companies with a tough law.

After meeting West Bengal Governor M K Narayanan on the issue and to get his nod for a bill regarding regulation of chit funds, Banerjee earlier told media that she would stand by the common people in thick and thin and will implement the law which the previous government failed.

The CM earlier promised Rs 500 crore relief for the investors though it is estimated that the money at risk is Rs 20,000/- crore.

With the collapse of the Saradha Group chit fund, countless small investors who trusted the group, taking it as a company close to the ruling government, are in the lurch.

Jammu and Kashmir Police last week arrested the Saradha Group chairman and managing director Sudipta Sen along with others in Sonmarg. He is now in police custody in Kolkata undergoing interrogation.

The ruling Trinamool Congress has been warding off allegations of its proximity with the Saradha Group.

In a letter to the Central Bureau of Investigation (CBI) sent prior to his arrest, Sen had blamed blackmailing and extortion by senior politicians, especially from the TMC and Congress, for the companys collapse.

While he named Trinamool Congress (TMC) MPs Srinjoy Bose and Kunal Ghosh as key beneficiaries among other leaders, Sen had also named the wife of a senior Congress leader at the Centre who he had to pay off.

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