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Regular-article-logo Wednesday, 16 July 2025

SUICIDE OVER CHIT FUND SCAM 

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Staff Reporter Published 06.12.01, 12:00 AM
Calcutta, Dec. 6 :    Calcutta, Dec. 6:  Parimal Chatterjee returned home in the afternoon last Monday and hanged himself. The burden of Rs 25 lakh was too heavy for this 47-year-old man to carry around in life. He is survived by his wife, a 17-year-old son and a 7-year-old daughter. Parimal Chatterjee was one of Citi Securities' agents who had collected that amount in a year and a half for the chit fund that went bust after a default brought police at its owner Sanjib Kapur's door. Kapur is now in custody. Chatterjee had invested about Rs 2 lakh of his own money - some of it possibly coming from the compensation he received on voluntary retirement from a public sector company - but what made him anxious was the ignominy of failing to return the money he had raised from others. 'Some of our family members had put in their money. I had tried to dissuade him as the memory of Sanchayita haunted us,' recounted Pronab Chatterjee, his elder brother. Until October, Citi was meeting its commitments, high though they were at a monthly rate of return of 10-12 per cent. As Kapur's cheques started bouncing, which led to him being arrested following a complaint by an investor, Chatterjee's clients turned on the heat. He lost hope of recovering the money when a Citi Securities cheque was dishonoured on November 22. The principal of Rs 63,000 he had invested out of his own funds was gone. 'It was a major embarrassment for him and he frequently regretted that he could not write off his moral obligation to those from whom he had collected funds,' his brother said. On Monday, by when the chit fund scam had burst out in the open, he went to a meeting attended by around 500 investors who had gathered to discuss ways of recovering their money. The meeting ended without an agreement. Before it wound up, Chatterjee had realised the discussions were getting nowhere and left. Once in his Golf Green home, he saved himself from the 'disgrace of default'. Hundreds of investors assembled again today at Bankshall Court where Kapur was produced and remanded in police custody till December 9. P.D. Chomal, a stockbroker arrested last night for links with Kapur, was remanded till December 11. The police are looking for three other brokers who are suspected to have assisted the chit fund in running its operations. But the scam has already claimed its first victim. Chit funds had targeted employees of public sector units looking for high rates of return from their VRS package. Chatterjee was one such. He took voluntary retirement from what is now Bharat Processing five years ago. He found a job after over six months of hunting in a private security agency. But in two years that company folded up.    
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