The Great Bengal Crash - II

Subhanil Chowdhury’s article “The Political Economy of Shadow Finance in West Bengal” on the web exclusives section of the EPW website brings out the story of one of the greatest swindling episodes after Independence. The Saradha group had proximity with the ruling Trinamool Congress but the police investigations reveal that the group had interactions with the left as well. A news item (1 May) in Bartaman, a Bengali daily, reveals that many left leaders also attended functions sponsored by the Saradha group. In fact, in order to win the trust of the administration and also common people, this type of firm tries to showcase that it has close proximity to public figures.

At this juncture the main concern should be to stop this type of Ponzi firms which cheat the common people of crores of rupees. Three decades ago many investors were duped by Sanchayita, another firm which used to collect money by promising people a higher interest rate. It is also the responsibility of the government to make people aware about the rate of return on investment and the need to put their hard-earned money only in those organisations where it would remain intact.