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CM's brother warned govt on Ponzi firms

At a time when the Mamata Banerjee government is being criticized for ignoring Sebi's and her ministers warning against mushrooming chit funds in the state, the latest revelation by the chief minister's brother Kartik Banerjee may only add to the controversy.If the Mamata Banerjee government had turned a deaf year to Sebi's warning against chit funds and ignored similar words of caution from its own ministers, here come the latest revelations from the chief minister's brother, no less.Kartik on Thursday told TOI that he had raised an alarm against Ponzi companies like the Saradha Group in the last one and a half years, but the government did not pay heed to his words. and the government could have contained the dubious companies - loosely called chit funds -- from flourishing in Bengal had his words been heeded to.He claimed that his efforts went in vain since he was not "influential" enough in the party that is headed by his sister."It was clear as daylight that chit funds were looting the poor. Our NGO, Vivek, has been involved in social welfare-related work for the past 16 years. We thought it would be most appropriate to start campaigning against the chit funds," he said.When asked if he had spoken about this to any of his party leaders, Kartik said he thought it better to concentrate on spreading awareness through seminars and distribution of leaflets and putting up hoarding and flexes. that Did he speak to his party leaders? "I am a small fry in the party. I spoke to no one in particular, but concentrated on spreading awareness through seminars and distribution of leaflets and putting up hoarding and flexes. I thought the people - who were the target of these fraudulent companies - would see them and stay away from such investments," the chief minister's brother said, adding, "I don't know if anyone in the party was paying any heed. If they had reacted, the government would certainly have done something to prevent these firms from spreading their tentacles with such pace."To a more direct question on whether he had spoken to his sister (Mamata) about it, he replied: "I didn't get a chance. She is such a busy person."ut he was family. Kartik shook his head: "She may be my sister but we don't share the same house. I live in another house near my sister's Harish Chatterjee Street residence."He added that the flexes against money-raising firms put up near the CM's house were destroyed by some people in December. Did he know who had done them? The CM's brother replied: "I do have some idea, but my lips are sealed. I don't know if the matter came to her (Mamata's) notice, but I didn't feel like telling her about it."Moreover, he blamed the erstwhile Left Front government for allowing companies like Saradha to run their Ponzi schemes in the state: "The companies started spreading during the CPM's tenure. The effect continued. I have no doubt that political leaders are hand-in-gloves with them.""The new government could have controlled it. We realised that several leaders got involved and they nurtured these shady companies and benefited from their operations. Such leaders didn't want people like us to come to the forefront so they pulled down posters put up by our organisation," Kartik said. He signed off, saying, "It is unfortunate that the political leadership and elected representatives now claim that they are unaware of Bengal becoming a breeding ground for chit fund companies."

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