I had earlier written in this column on May 14 and 21, 2014 regarding the Supreme Court handing over the investigation into the chit fund scam in Odisha, which has robbed the gullible poor by projecting falsely alluring returns. One of the reasons that had persuaded the Supreme Court to direct CBI investigation was availability of prima facie material regarding political/power nexus in the widespread illegal activities. The first article had the headline “Be you so high, the law is above you” and the second was headlined “CBI on litmus test”.
In about three months after the delivery of the judgment by the apex court, the investigations by the CBI have been intensified with the latest raids. This newspaper had a front-page headline on August 18, 2014 “CBI raids press panic button in BJD”. Another English daily on the same day carried the headline “CBI seizes CDs with ‘proof’ of AT Group-politician ties”. This has been the situation with the raids conducted in the course of investigation into the affairs of barely two to four chit fund entities. Morning shows the day. Further investigations into these chit fund companies and others would show their inter-State and international ramifications. Public anxiety and concern have put the CBI under continuous litmus test.
The activities of the CBI in the last few days definitely pointed a stronger needle of suspicion towards a nexus between political/official power and at one time flourishing ponzi scams. It is learnt from reliable sources that the revelations have so far touched the fringes of the rejection of an application of the Artha Tatwa Group by the SEBI and subsequent approval of the same by the SEBI when their transactions suddenly escalated by thousands of crores allegedly linked with some gold transactions. If the CBI has not yet investigated into such allegations after the raids in Mumbai, it is necessary and proper that the transactions relating to these affairs are probed into by the Central agency in right earnest and not be permitted to be glossed over by any chance.
The recent raids also indicate that the CBI is covering grounds left out by the State Crime Branch. But the diligence and the punch are not pointedly focussed so as to unearth the details in the ponzi scam relating to the major players. The Supreme Court brought in the CBI to investigate the chit fund scam of Odisha because of the demonstratively inter-Sstate and international ramifications. As the Supreme Court rightly indicated, the money trail/laundering has also to be investigated into. Though there were attempts to introduce doubts regarding the efficacy and ability of the CBI, the Supreme Court reposed its confidence on this organisation. This immensely adds to the obligations, responsibilities and duties of the CBI relating to these investigations.
The State of Odisha had opposed the petition of Alok Jena in the Supreme Court asserting that the Crime Branch of the State Government was doing an adequate job. The Supreme Court was not swayed by the submissions of the State Government regarding the performance of the Crime Branch and observed that there were indications of political/official nexus and the investigations (hitherto undertaken) relating to such a widespread scam have not inspired public confidence. The present revelations further authenticate the inadequacies of the earlier investigations, specially relating to persons with known connections with the powers that be. The actions of the CBI have now established that they are trying to reach the political patronage aspect of the ponzi scam.
Any cover-up activities will gradually be exposed by the CBI and it is only then the investigating agency would vindicate the confidence reposed on it by the Supreme Court. The days ahead are likely to indicate a heady mix of political/official power and money power, which had not been unearthed through the earlier investigations by an agency of the State Government. This, in turn, would tend to confirm the impressions and doubts of the general public regarding the earlier investigations.
Interestingly enough, two statements have been quoted by responsible newspapers. The statement of a CBI officer quoted by a newspaper read, “The hard discs would definitely elicit more information about the company. We found names of some politicians and State Government officers who received benefits from the company. Further investigation is on. … … … Khuntia told us that a number of senior Government officers and police personnel had been shielding the company. His statements are being verified.” The other statement by a police officer, obviously of the State Government, quoted by the newspaper read, “We lacked the expertise and resources to find the money trail. Sethy siphoned crores of rupees in different trades and deposited money in several banks whose details were difficult to track.”
These statements speak for themselves. The hope, trust and expectation of the looted lot are that the CBI undertakes an efficient and purposive investigation leaving no stones unturned. The lured investors were from the economically weaker sections of the community. There is, therefore, a necessity of continued diligence and extra efforts on the part of the CBI in the context of investigation of these cases. In the days ahead, the CBI is expected to unearth the hidden sordid stories of cunningly alluring and robbing the poor to feather the nests of the rich and powerful. As the money trail and related launderings get exposed, the masks on the faces of the unjustly enriched persons shall stand removed. There will be organised attempts to derail the investigations and prevent the exposure of some of the more devastating misdemeanours. The success of the CBI in this regard would be an appropriate response to the great faith and trust reposed by the Supreme Court on the organisation. The CBI should ensure that there are no compromises; otherwise, it would indicate a betrayal of the immense public “trust” expressed through the last Court of the land. Alert and vigilant public opinion has to be more assertive to make the “trustee” duly discharge such a “trust”. It looks as though the CBI, when tired of the ponzi scam, would have new pastures in the world of dirty mining. And this concerns us all.
(The writer, a Senior Advocate, is a former All India Service officer, a former diplomat, a former editor, a former President of Orissa High Court Bar Association and a former Advocate General of Odisha. jayantdas@hotmail.com)