In a significant political development, the Bharatiya Janata Party (BJP) has officially announced senior leader Suvendu Adhikari as the next Chief Minister of West Bengal following the party’s historic victory in the Assembly elections. The decision was announced after the BJP Legislature Party meeting held on Friday, where Union Home Minister Amit Shah formally declared Adhikari as the leader of the legislative party. He is expected to take oath as the first BJP Chief Minister of West Bengal on Saturday.
While Suvendu Adhikari’s elevation marks a major milestone in Bengal politics, his political career has also been linked to allegations surrounding the multi-crore Saradha Group Ponzi scam, which had triggered nationwide outrage and significantly impacted the state’s political landscape.
The Saradha Group, founded by Sudipta Sen in 2000, rapidly expanded its business operations across sectors including real estate, media, tourism and aviation. The company allegedly operated a Ponzi-style deposit scheme by promising investors high returns, foreign trips and free plots. Through a wide network of agents, the group mobilised funds from lakhs of investors, particularly from rural and economically weaker sections across West Bengal and neighbouring states.
Investigators alleged that the company sustained operations by using funds collected from new investors to repay earlier depositors. However, the model eventually collapsed in 2013 after fresh investments declined, leading to the alleged loss of over Rs 10,000 crore in public money. The collapse sparked massive protests, with lakhs of investors reportedly losing their lifetime savings.
The scam later took a major political turn, with allegations surfacing against several leaders associated with the then ruling Trinamool Congress (TMC). During the course of investigations by central agencies, names of several prominent political figures reportedly emerged. Suvendu Adhikari, who was then a key TMC leader, also faced allegations from opposition parties claiming that he had politically supported the Saradha Group’s operations and benefited from them. However, no court has convicted him in the case.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) launched extensive probes into the scam, leading to the arrest of Saradha Group chairman Sudipta Sen and several political leaders, including former TMC MP Kunal Ghosh. The controversy became one of the biggest political flashpoints in West Bengal and contributed to changing political equations in the state.
Following differences with the TMC leadership, Suvendu Adhikari joined the BJP and subsequently emerged as one of the party’s most influential leaders in West Bengal. Opposition parties have repeatedly alleged that the BJP diluted its criticism of Adhikari after his induction into the party, a charge denied by BJP leaders.
Despite years of investigation, the Saradha Group Ponzi scam continues to remain a sensitive political and legal issue in West Bengal. Thousands of affected investors are still awaiting justice and compensation for the financial losses suffered in one of India’s biggest chit fund scandals.