Media hype:chit funds versus money marketing companies of west bengal

After the exposing of sharadha money marketing firm,currently bring generalized as chit funds by most of the political parties and profit oriented local press and media houses in West Bengal. I am literally forced to take this medium up to make my fellow citizens aware. We bengalees as a community and as a race are going backwards because of our internal weakness of resolve and our overwhelming tendency of back biting each other,which is pushing us backwards into oblivion.

Chit funds have been part of the Indian society and especially part of the south Indian communities in Tamil Nadu,Kerala and else where.these chit funds comes under the chit fund act and such firms have been operational since 1947. I came to know of this through an article of the telegraph.

The association head of all India chit funds have called a press conference and tried to clarify this generalization and their association with sharadha money marketing firm. I had the opportunity of seeing the only investor awareness program carried out by a local Bengali channel called CTVN plus through their program called chit fund. The channel also appeared to be pretty much logical as it gave logic from all possible aspects,not like 99% regional channels and press media on air in Bengal, about all news.

After the sharadha scam was exposed all the profit oriented private media houses have created  such a hype that might appear that the whole west Bengal is going down. These media houses have created a situation of panic among the money marketing firms and among the investors. I ask them is this what the fourth pillar of democracy should act like?

I also do not understand why every step in the progress of the interrogation is being leaked / shared with this media? Is this not hampering the progress of police? Is this not alerting other scam stars? If the other money marking firms like sharadha stays little longer,then the poor will have  the opportunity to withdraw their deposits. Bit if these money marketing firms' owners' panic and flee these poor people will not get back their deposits.

What if goons are staging  rampage of these money marketing firm offices and creating a safe passage for the firms' owners by taking a ransom.who is going to expose such nexus? If every sneeze of Sudipto Sen is aired on TV with so much hype I strongly believe that other people who are involved will get necessary time to cover up things or at the most flee.

I also recently saw that one of the top brass of Rose Valley is being called on a live TV program and 3-4 people tried to reason out to him and prove that the company is a "chit fund". I ask the citizens of Bengal. Is this the job of a TV channel or Police administration????? Who gave you the responsibility of labeling different companies?????? Don;t try to act as a whistle blower and mop up a good amount of TRP and advertisement slots for your evening tea table chit-chat.

Where were these channels this long??? I have never noticed any program on chit funds leave alone investor awareness programs. These media houses thrive on the fear,panic and confusion among common people of West Bengal. The government should enlighten poor and illiterate masses about safeguarding their financial sources. Media should take up the social responsibility and spread investor awareness through programs like their national counterparts like - cnbc awaaz,zee business,etc.

I strongly disapprove the current government stand of creating a fund of INR 500 crore to help the poor investors of Sharadha scam. Why should the government take responsibility of investors related to a private limited company??? How are you going to manage when 70 other money marketing firms closes its doors and investors from these funds come running to CM for aid????

Talking of responsibility,every political party should look within and not try to take political mileage out of this situation and throwing dirt on one another. If TMC is responsible, then CPM can't be given a clean chit either. who gave trade licenses to these money marketing companies during the CPM reign???? How come these money marketing firms successfully fooled local administration in every block, panchayat, corporation,municipality of West Bengal into believing that they were genuine firms and procured trade licenses under each administrative block(NB-trade license is State responsibility)????? Can CPM top brass clarify us on this??? Can Congress clarify why and how 70 such money marketing firms from West Bengal fooled the Registrar of Companies (jurisdiction of central government run by BJP and now by Congress) 70 times into registering them and running unnoticed for so long???? Can Congress clarify why your Malda MP wrote a letter warning PM office about Sharadha group later gave a clean chit to the same company in the second letter send to PM office?????

I believe that our local media is no longer transparent and neutral. We must look into every possible local news channel to get a correct picture about a given news, especially those news making headlines. I want to tell these profit seeking media houses to show national news,economic news,international news in a balanced manner. We can read your tricks.

I also believe that the government should take steps to bridge the gap between micro-investors (with ability to save INR 20- 50 per month) and investment sources available in the regulated sector of the economy like- banks, post offices,etc.these people simply keep the money at home or in these type of scam funds because the cut off limit for government savings scheme is higher and lot of paperwork is involved which is too much for these illiterate and poor people.

All the opposition parties are claiming that since TMC leaders are also involved so CID which falls under state government can't be trusted. The very thing can be said about CBI too,don't you think??? Since, Chidambaram's wife's name also came up in the case, would it be too illogical to claim that CBI would be equally vulnerable to hushing up campaign too???? Yesterday only the CBI chief on being rebuked by the coal scam investigation progress said that "I am part of the government" and rightly so, he is answerable to the law minister as his immediate boss.