Kolkata: The CPI-M  accused the Trinamool Congress government in West Bengal of not taking necessary actions at the "ground level" against chit funds for duping depositors.

The erstwhile Left Front government had arrested more than 50 people in connection with chit funds after getting complaints and set up a special agency to check the mushrooming of such firms, but the current dispensation might be lacking those actions, Communist Party of India-Marxist (CPI-M) leader and former finance minister Asim Dasgupta said here.

More: 10 Money Mistakes Which Can Ruin Your Financial Life

"During our rule we had arrested many people for duping depositors. We also constituted a special agency with top police officials to curb proliferation of the chit funds. But this government is not taking such actions at the ground level," Dasgupta told reporters.

Earlier, the Reserve Bank of India (RBI) said it had already warned all the state governments, including the West Bengal government, about the mushrooming of chit funds and also written to them to take appropriate actions against them.

The Calcutta Stock Exchange (CSE) a couple of days ago also expressed concern over the issue and said the impact of chit funds in Bengal would be huge as the number of such firms in the state was very high.

Also Read: How Tax Free Bonds Can Make You Rich