Chattopadhyay then launched Ekdin, his own Bengali newspaper, and another publication, Disha. He needed funds to implement these projects and is alleged to have taken money from chit-fund firms.



The CBI started quizzing Chattopadhyay in 2014 over allegations that he had received money from I-Core. The CBI had then found that a portion of the company’s funds was diverted to the account of Disha Productions and Media Private Limited (DPMPL) as well as Chattopadhyay’s personal account. His wife Kasturi was also interrogated in connection with the Saradha case in 2017.



A political investment?



The Saradha chit fund scam broke in 2013, two years after the TMC came to power in West Bengal. The political rivals of Chief Minister Mamata Banerjee alleged that much of the election campaigning was done with money from the chit funds, the Ponzi schemes that promised high returns to low-income groups, took their small savings and invested them in other projects.



Some of the companies that thrived in chit-fund money were Saradha, Rose Valley and I-core. The firms allegedly diverted their funds to launch media houses, which started television channels, newspapers and magazines. As a result, a large number of publications was launched in Bengal, though most of the entities downed shutters after CBI crackdown.



A former journalist said, “Many prominent journalists-turned-brokers among political parties took money. Chattopadhyay and Kunal Ghosh’s names came to the forefront, but what about others? General elections are nearing, so I won’t be surprised if many other big names find themselves behind bars.”



Incidentally, Ghosh—who was released after his three-year jail term—is the only person who spoke publicly on Chattopadhyay’s arrest.



Ghosh demanded to know why the media is silent now. He said, “The government took action against me and the media derived pleasure when I was arrested in a false case to which I had no connection. But why all are silent now? Why is the media silent now? The media, including Suman da [referring to Chattopadhyay], flashed the news of my arrest, but why all have gone silent now!”



He added, “Did the same media spare editor-in-chief of Sambad Pratidin Srinjoy Bose and me? Sick to see journalism has degraded so much.”



The arrest has rung alarm bells in the corridor of power as Chattopadhyay is known for his affinity to chief minister Mamata Banerjee. Political experts opine that his arrest is a way to “corner the TMC government in the state just before the general elections.” They believe the Centre is trying to rake up chit fund issues once again to put pressure on the TMC government. The arrest is being seen as a “warning” to those who played broker during poll times.



The incident is likely to give the opposition BJP, which is locked in a tussle with the ruling TMC government over the saffron party’s proposed Rath Yatra in West Bengal, fresh fodder just before the high-voltage polls.



(Atonu Choudhurri is a member of 101Reporters.com, a pan-India network of grassroots reporters.)