West Bengal sets up Rs 500 cr relief fund for Saradha investors

The West Bengal government on Wednesday said that it would set up a Rs 500 crore relief fund for the investors allegedly duped by the Saradha group and that none including Trinamool Congress MPs would be spared if found guilty.

"The government will set up a Rs.500 crore relief fund for the affected small and medium investors of Saradha Group. Their names will be recommended by the commission of inquiry which has been set up," Chief Minister Mamata Banerjee said.

The chief minister also said that none of players involved in the incident would be spared if found guilty.

Banerjee said, out of Rs.500 crore, Rs 150 crore would be raised by imposing tax on tobacco products. The balance would be garnered without burdening the people, she said.

She said that the affected investors were also urged to give the details of their investments to the commission to be headed by former CJ of Allahabad High Court Shyamal Sen.

Expressing regret over the turn of the events which unfolded since the collapse the Saradha Group, the chief minister urged the affected people to stay calm while the government made efforts to help them.