ASANSOL, WEST BENGAL — In a state still haunted by the ghosts of Saradha and Rose Valley, whispers of another financial scandal have surfaced. Police in Asansol, Paschim Bardhaman district, have registered multiple complaints against Tahsin Ahmed, who allegedly lured thousands of small investors with promises of 14% monthly returns before disappearing on October 15.
According to investigators and local protestors, Ahmed’s company—described by critics as an unlicensed investment scheme—collected an estimated ₹350 crore from nearly 3,000 families. Victims say the returns stopped abruptly earlier this year, triggering panic across neighborhoods that had once trusted Ahmed’s word and political connections.
The Victims: Gold, Savings, and Broken Trust
Among them is Moutusi Dutta, who mortgaged her gold jewelry to deposit ₹20 lakh.
“I got interest for a few months, then it suddenly stopped,” she said. “Now when I go to ask for my money, I am being pushed around.”
Many depositors recount similar stories—pensioners, teachers, traders—who saw in Ahmed’s scheme a chance at modest but steady growth in an economy still struggling with inflation. For months, he was known locally for generosity and punctual payouts. Then, as one investor put it, “the phones went silent.”
Ahmed later surfaced briefly online, releasing a video apology in which he claimed he was “unable to return the money” but denied malice. His current whereabouts remain unknown.
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Politics and Denial
The scandal’s political dimension quickly took center stage. Suvendu Adhikari, Leader of Opposition and senior BJP figure, accused the Trinamool Congress (TMC) of shielding Ahmed.
“For three long years, Tahsin Ahmed—son of Shakil Ahmed, Co-President of TMC’s Minority Wing—has looted over 3,000 families through a fake, unlicensed company,” Adhikari posted on social media.
He alleged that “big Trinamool Congress leaders and a corrupt administration” offered cover for the fraud, demanding a probe by the SEBI and Enforcement Directorate into the money trail.
“Where did the ₹350 crore go? Benami properties? Terror funding? Political slush funds?” he asked publicly.
In response, TMC leaders have distanced themselves. V. Sivadasan (Dasu), a senior Trinamool figure from Asansol, insisted that the party has “nothing to do with the scam” and urged the police to “arrest those behind the crime.” He noted that Ahmed’s father was associated with the party “till 2023” but said the accused had since pursued independent ventures.
Echoes of the Past
The episode has drawn immediate comparisons to Bengal’s earlier financial tragedies—the Saradha and Rose Valley scams—which between 2010 and 2015 defrauded millions of investors across eastern India. The Rose Valley empire alone was estimated to have mobilized between ₹15,000 and ₹17,500 crore, dwarfing the Saradha fraud of roughly ₹2,460 crore.
Both scandals left lasting scars: bankrupt families, suicides, and years of political inquiry that entangled journalists, ministers, and police officials. The new allegations revive those memories—and expose how, despite regulatory reforms, small-town investors remain vulnerable to high-return promises wrapped in political legitimacy.
As one retired schoolteacher in Asansol put it,
“We thought the lessons from Saradha were learned. But the scam just changed faces.”
