Left team submits memorandum to Manmohan

The Left parties on Wednesday asked the Union government to take immediate action against the growing chit fund companies in West Bengal. They accused the Trinamool Congress of helping such companies.

A delegation of leaders of the CPI(M), CPI, Revolutionary Socialist Party and the Forward Bloc met Prime Minister Manmohan Singh and submitted a memorandum in this regard.

CPI(M) leader Basudeb Acharia told reporters that the Left Front government had initiated investigation and action against these firms, but the Trinamool government stopped all investigations, and was actually “aiding all these companies, which are doing illegal business.”

These firms were estimated to have accumulated more than Rs. 15,000 crore in the past 3-4 years from people belonging to the poor and lower middle-classes by making “unrealistic and unrealisable promises.”

CPI(M) leader Sitaram Yechury said these firms were investing mostly in launching TV channels and newspapers at a time “when the culture of paid news is prevalent.” “This has also become another source of business through intimidation and loot of the poor.” The Left Front government got a Bill passed in the Assembly to protect the interest of depositors. However, legislation was awaiting presidential assent.