Launched campaign against chitfunds 18 months ago: WB minister

West Bengal Consumer Affairs Minister Sadhan Pandey today said the department had launched campaign against ponzi schemes 18 months ago and had cautioned all, including state government departments, union ministers, SEBI and RBI, about it.
West Bengal Chief Minister Mamata Banerjee had earlier said that she had came to know about ponzi schemes, only about a month ago.
Pandey, a senior Trinamool Congress leader, who was speaking to reporters at a function here said, "Sensing the possibility of a major financial scam, I had launched a campaign against chit funds nearly 18 months ago to caution people.
"I had also urged concerned authorities like state government departments, SEBI, RBI and a couple of union ministers for preventive steps."

Ponzi scheme companies had many irregularities in their functioning and were flouting norms laid down by both the SEBI and RBI, he said.
"I had contacted RBI and SEBI officials and appealed them to ask these companies to be listed and to bring them under strict rules, thereby preventing any major financial scam. I also asked them to inform this to the ministers concerned at the Centre," he said.
Pandey said, he had even asked the then Corporate Affairs Minister Veerappa Moily to take preventive steps.
"After Sachin Pilot took over as Corporate Affairs Minister, I apprised him too of the situation during his recent visit to Kolkata and urged for immediate drive against such organisations (ponzi scheme companies)", he said.