Mamta Banerjee VS CBI: What was Ponzi Scheme Scam?

Parul Srivastava

Mamta Banerjee VS CBI: 10 Important Highlights

Mamta Banerjee VS CBI, the tussle has created a lot of havoc in the center. Both the houses were adjourned today due to the tension between Mamta Banerjee and the center. West Bengal Chief Minister Mamta Banerjee launched an all-out attack against the Modi –led NDA government after CBI conducted a raid at Kolkata Police Commissioner Rajeev Kumar’s residence.

The CM is currently sitting at a dharna at Metro channel.  The CBI was looking for Rajeev Kumar, whom Mamta Banerjee called the best police officer in the world, in connection with a probe into Ponzi Scheme scam case.  The high voltage drama in West Bengal led to an urgent hearing in Supreme Court. Amid all this, the war of statements has already begun. Politicians are giving their views on the issue. Mehbooba Mufti supported Mamta Banerjee’s move.

Notably, Rajeev Kumar is considered very close to Banerjee. He had headed a SIT probe connected to Saradha and Rose Valley Pozni before it was transferred to CBI in the year 2014 on Supreme Court’s order.

Saradha Financial Scam:  Important facts

It was a major scam and poor people were adversely affected by it. They were promised huge returns in lieu of their investment.  The group managed to raise 200 to 300 billion from million of depositors but they collapsed in April 2013 leaving so many people shattered.

Saradha Group was a consortium of over 200 private companies had so many eminent personalities associated with it. The primary reason was to bring more and more investment.  In 2014, the Supreme Court transferred the case to CBI after serious allegations of international money laundering, severe regulatory failures, and political nexus surfaced.

According to reports, several political leaders from TMC were given financial support from the Saradha Group.  Apart from West Bengal, states like Odisha, Assam, Jharkhand, and Tripura were also affected by Ponzi scam.

Rose Valley Scam: Important Facts

The rose valley scam was even bigger than the Saradha Financial Scam and according to Enforcement Directorate estimates more than 1500 crore was reportedly was collected from depositors all across the nation mainly from West Bengal.  Millions of people invested their hard earned money in it but in return, they got stuck in the web of scam.

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