West Bengal chief minister Mamata Banerjee has blamed the centre for the fallout of the Saradha Group, a chit fund company. She said that the TMC was not aware that it was a chit fund organisation, nor was it aware of the scam. The group is accused of duping investors of crores. She said law and order in her state was being questioned and her integrity is being questioned.

Trinamool Congress Rajya Sabha MP Kunal Ghosh had said that Mamata Banerjee and her party had no link with the chit fund company Saradha Group, which has closed shop failing to repay hundreds of depositors' money.

"The Chief Minister and Trinamool Congress have no link with Saradha Group. All allegations are baseless," Ghosh, who was the CEO of the group's media unit, said. The owner Sudipta Sen is believed to be close to the TMC and is still on the run.

There has been a mushrooming of ponzi schemes in the State during the last ight to ten years. A number of such schemes were seen collecting thousands of crores from hapless investors by promising them elusive returns. The Saradha Group alone is estimated to have mopped up over Rs 20,000 crore under such schemes.

Meanwhile, a public interest litigation was filed in the Calcutta High Court on Monday seeking a CBI investigation into the chit fund companies operating in the State.