Another Saradha-Rose Valley? Pailan group chief’s arrest by CBI in Rs. 600 crore scam makes many jittery in Bengal politics

Apurba Saha, who heads the West Bengal-based Pailan Group, was arrested by the Central Bureau of Investigation (CBI) on Tuesday in connection with an alleged scam of Rs. 600 crore. The arrest has made many influential persons jittery in the state as many feel that this may be another scam like the Saradha and Rose Valley. There are indications that there may be a lot more funds involved that may gradually be unearthed as the investigation progresses.

Saradha and Rose Valley scams involving an estimated Rs 2,500 crore and Rs 17,520 crore have had far reaching political ramifications and several powerful and influential people have been arrested in this connection.

Saha was called by the CBI on Tuesday for interrogation and later arrested after the CBI officials found alleged discrepancies in his statements. Several political leaders – of both the ruling and opposition parties – have allegedly helped him grow his chit fund business and other businesses in West Bengal and some other states.

CBI officers are likely to interrogate leaders whose names have come up after talking to Saha, officials said.

The Pailan Group has been involved in raising a huge sum of money from depositors and like the Saradha Group, promised huge returns against small investments.

Saha had started his business in the real estate sector when West Bengal was under the Left Front rule. He is said to have been close to a Communist Party of India (Marxist) leader in state who helped him grow his real estate business. Following the death of the political leader, he developed contacts with others in the party and once the Trinamool Congress came to power in 2011, he was close to many leaders of the ruling party as well.

Saha soon entered the education sector and invested in a football team. The chit fund business and other businesses grew within a short span of time.

After the Saradha and Rose Valley group scams were unearthed in the state, alarmed depositors asked for their money back from Pailan, but they didn’t get their invested money back. The group soon wound up its chit fund business and there were several allegations that depositors hadn’t got back their money. Complaints were lodged by the disgruntled depositors with police and the charge of the case was later handed over to CBI by the Supreme Court.

Saha was produced in court on Wednesday and will be taken to Islampur in Uttar Dinajpur on transit remand as the main complaint of the Pailan case was registered there. The development has huge political implications in the state in the coming days as many influential persons may be called for interrogation in this connection, sources said.