Saradha

The CPI(M) demands that such "reconversion" based on false assurances and inducements and with State patronage be prohibited with immediate effect. Action should be taken under the relevant provisions of the law against those who are organizing such activities which are disruptive of communal harmony and creating communal tensions. The U.P. government has already registered cases and taken action against the organisers of the Agra “reconversion”. This must be done by other state governments too.

The Left Front parties are very much concerned about the repayment of the life long savings of millions of poor people who invested in these fraud `ponzi schemes’. It becomes the responsibility of the Government of India to identify the people involved in the larger conspiracy and attach their properties, movable and immovable, and ensure return of the deposits to the people so defrauded. The state government had appointed the Justice Shyamal Sen Commission to identify and compensate those defrauded.

The Polit Bureau conducted an in-depth review of the political-tactical line which the Party has been pursuing. A review report will be placed in the next Central Committee meeting. This is a preparatory step towards preparing the Draft Political Resolution for the Party Congress to be held next year.

Despite the massive fraud by this Saradha Group, with closing down of all its offices and default on repayment of at least 17 lakh depositors, no action has yet been taken on the part of the SEBI and the Government of West Bengal to attach the properties of this Saradha Group...

Since SEBI is the nodal Central agency, and the recent verdict of the Hon’ble Supreme Court (2012) clearly directs SEBI to be the agency for necessary action, SEBI should also be instructed in coordination with CBI and SFIO to move into this Saradha case immediately, for a proper and comprehensive investigation into the total list of properties....