Saradha’s money used to fund 2011 Assembly polls

Shiba Nanda Basu, SNS, KOLKATA, 21 APRIL 2013: Funds collected from the public by the Saradha Group were used in the 2011 Assembly election to garner political support to run its chit fund business in the state, preliminary investigation suggests.  

Saradha Group started its real estate business in 2006 and got its licence in 2008 during the Left Front regime. However, it gained huge patronage and support from the Trinamul Congress to survive after the 2011 Assembly election. Investigating into the matter police found that a huge amount of money collected through agents were being used all over the state for Trinamul Congress candidates before and during Assembly election. Saradha Group CMD Sudipto Sen even opened media houses to support the Trinamul Congress during and after Assembly election. 

A senior officer said so far they have managed to gather information only on bank accounts that are directly handled by Mr Sen. "The number of bank transactions and the volume of money transferred before and during Assembly election could give a hint on the flow of funds of the chit fund during election. We are trying to obtain the details of all bank transactions, which can give a vital clue the way funds were being used in the election," the officer said. 

However, since a huge fund was used in election campaigning directly from the money collected through agents, it will be hard to ascertain the flow of money, the officer said.  

Some police officers, however, believe the matter would never be considered as this may reveal names of politicians who were involved in using money from the chit fund during Assembly election and took several advantages from the group. 

"Most of the chit funds flourish in the state with political support. During investigation we found how Mr Sen utilised his media organisations and supported the Trinamul Congress to continue his chit fund business. Even Chief Minister Mamata Banerjee inaugurated one of the group's newspapers," the officer said. 

Involvement of politicians and use of funds during election are gaining momentum after it was came to light that Mr Sen had sent a letter to the CBI naming politicians who allegedly took money from him.  

"Now the Trinamul Congress leadership is washing its hands off from the entire episode, but the chief minister had inaugurated one of the group's newspapers few months ago," said the officer. 

Another officer of the city police who was previously involved in investigating cases related to chit funds said involvement of politicians in such groups are nothing new.  "Recently we see how goons like Sambhunath Kao and Muhammad Iqbal are politically shielded and maintained contacts with some state ministers. However, political pressure would not allow investigators to get into the truth behind such crimes," the officer said.