The former Left Front Government had initiated a probe against Saradha and three other collective investment scheme companies in 2009, its Finance Minister Asim Dasgupta said here on Sunday.
According to Dasgupta the State Government had apprised market regulator Securities and Exchange Board of India (SEBI) to take action against Saradha and the other companies which had flouted its guidelines.
He, however, did not name the three other companies against whom a probe had been initiated by the former Left Front Government.
“We had apprised SEBI in 2010 about the probe and our findings regarding Saradha and three other companies. However, we could not follow it up with the Trinamool Congress government coming to power,” Dasgupta told reporters here.
According to him, the former Left Front Government had acted on “specific complaints” to probe and take action against the fund collection companies. “Unless there are specific complaints, it is not possible to take action against these collective investment schemes which operate under clearances from the Ministry of Corporate Affairs, SEBI and RBI,” the former Finance Minister said.
Pointing out that the Trinamool-led Government should come clear on the action taken against these funds collection organisations, Dasgupta claimed that the Left Front had brought in a Bill to rein chit funds and collective investment schemes.
In 2003, the Protection of Depositors Interest in Financial Institutions was sent for Presidential assent after obtaining clearance from the West Bengal Legislative Assembly. However, it was returned with some suggested amendments. In 2009-10, an amended Bill was sent for Presidential assent.
“We had sought faster clearance for the Bill, but it is still awaiting Presidential assent,” Dasgupta said urging that the State Government should push forward for assent of the Bill.
The mushrooming of chit funds and collective investment schemes have also impacted the small savings scheme, he said.
Congress retaliates
Meanwhile, Congress spokesperson, Digvijay Singh, who was in the city, claimed that there was no point politicising the matter and blaming the Centre.
“Instead of blaming the Centre, we have to identify the agents and depositors who have been cheated and help them get justice,” he said.