Depositors allege BJP MLA’s role in Bijni finance firm collapse, seek probe

Bijni, Feb 24: Serious allegations have surfaced against BJP’s Bijni MLA Ajay Kumar Ray, with claims that lakhs of rupees collected from the public were siphoned off through a purportedly fraudulent financial entity, Jeevan Sathi Grameen Bikash Nidhi Limited.

According to reports, the directors of the company included local MLA Ray, Nripen Barman, Sanjay Kirtaniya and another individual identified as Roshan.

While the institution reportedly functioned smoothly in its initial months, it later suffered heavy financial losses after some members allegedly misappropriated deposited funds.

One depositor alleged that an agent approached him at his shop, assuring him that the institution was safe as it was owned or directed by the local BJP legislator.

“The agent came to my shop and told me that the owner is our MLA. He opened an account in my name and assured me there was no risk. I deposited money daily. The maturity was supposed to be after one year, but the bank closed within months,” he said.

The depositor further claimed that when he and other victims visited the legislator Ray's residence, they were told that the manager had absconded and that the money would be returned once he was caught.

“The manager was later arrested, but we heard he got bail. Till today, we have not received our money. My brother and I had two separate accounts amounting to Rs 5.70 lakh. We urge the Assam government to recover our money, even if force is required,” he added.

Another depositor, who invested nearly Rs 1 lakh in January 2025, said suspicion had arisen days before the closure.

“We heard that among the owners were our local MLA, Sanjay Kirtaniya and another person. When we approached the MLA, he said he would bring back the absconding manager and discuss what could be done. Later, we saw the manager arrested. But now he is out on bail and we have not received anything,” he said.

He added that the lure of higher returns compared to government banks had drawn many people into the scheme.

“Government banks do not offer lump sum returns on small deposits like that, so we get trapped in such private schemes. Maybe it is also our mistake, but the government should look into this. Many people have lost huge amounts,” he said.

Depositors have now appealed to the state government to intervene and ensure that their savings are returned, stating that it is “deeply unfortunate” if an elected representative is found involved in siphoning off funds from economically vulnerable sections.

The institution, allegedly set up in 2020 by the Bijni MLA along with seven associates, began operations with two branch offices in Bongaigaon and Bijni and commenced financial transactions from December 31, 2021.

Farmers, labourers, small traders and economically weaker sections reportedly deposited their savings in the hope of earning higher returns on small investments.

Nearly a decade after multiple chit fund scams rocked the state, the fresh allegations linking a sitting MLA to a similar entity have sparked widespread reactions across the region.

The legislator had not issued a statement at the time of filing this report.