Some 3,000 agents of the Saradha Group laid siege to chief minister Mamata Banerjee’s residence even as the chit-fund meltdown claimed its first life, triggering fears of a rerun of the Sanchayita chit fund collapse of 1980 that ruined tens of thousands of families and drove many to suicide.
A 33-year-old Saradha agent hanged himself in Durgapur, unable to repay his depositors. Some of the agent leaders from rural areas have liabilities over Rs 20 crore. They are already selling off family jewellery and land to avoid being lynched. Agents and depositors — who number in the lakhs — have been pushed beyond the edge of desperation.
The siege of Mamata’s house is only the beginning. Depositors ransacked Saradha offices in Baruipur, Tarakeswar, Goghat, Murshidabad, Birbhum and East Midnapore, indicating that the flames are spreading statewide. It’s only a matter of time before the angry millions start marching from the villages to Kolkata to demand an answer from Trinamool Congress leaders who were the flag-bearers of the Saradha Group. It would be a disaster for the ruling party with panchayat polls round the corner.
Trinamool leaders are desperately trying to distance themselves from the raging fire but the ruling party cannot wash its hands of the muddle so easily. Mamata is fighting the biggest challenge of her political career.
The question that haunted the corridors of power throughout the day was where is Saradha Group CMD Sudipta Sen. If the CM was so sure of his location that she announced on Thursday that police were making efforts to arrest him, why don’t her officials have any clue to his whereabouts? The silence has triggered speculation that the ruling party knows where Sen is.
Mamata cannot ignore the ticking time bomb that can devastate her rural support base. She also has to keep her flock together at a time when daggers are out for the two Trinamool MPs who were associated with the Saradha Group till very recently.
On Friday, trouble literally came knocking on Mamata’s doors when 3,000 Saradha agents pushed through police barricades to stage a five-hour dharna in front of her house, sparking concerns of intelligence failure. The police were caught unawares until 250 agents walked to the Harish Chatterjee Street address in small groups around 1 pm. The cops barricaded the entrance to the street but it was futile as agents continued to “infiltrate”.
SMALL MONEY SPELLS BIG WORRIES
Jan 6: Cheques issued by Saradha Realty start to bounce. Chit fund pays back in cash to quell tension
Apr 3: Crisis looms. Media group CEO and Trinamool MP Kunal Ghosh resigns
Apr 4: Saradha Group CMD Sudipto Sen meets leaders of chit fund agents,
promises to meet 122 crore liability by selling off his properties. Seeks time till Apr 16
Apr 14: All 4 cellphones of Sen known to agents/ leaders switched off
Apr 16: Agents gherao Saradha management at its Sector V headquarters. Saradha Realty official calls Sen on his personal number. Sen says he had to flee because he was being ‘politically threatened’. Vows to return in two days. Gherao lifted but Sen is unreachable
Apr 17: Agents meet TMC leader Mukul Roy, who assures them Sen will be arrested and dues settled
by selling his properties
Apr 19: Agents, depositors head for CM’s house
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