Kolkata: The West Bengal police are likely to arrest Trinamool Congress (TMC) Member of Parliament Kunal Ghosh in connection with the Saradha chit-fund scam that duped thousands of investors.

Ghosh, who was recently suspended from the TMC on disciplinary grounds, was the chief executive officer of the group’s media business, which ran a number of daily newspapers and television channels. He has admitted to have drawn a salary of Rs1.5 million (Dh8,888) per month for his professional services until the group ran aground in mid-April.

Saradha Group chairman Sudipta Sen has repeatedly blamed his media business for his the colossal losses the group suffered.

According to highly placed sources, West Bengal chief minister Mamata Banerjee has given a go-ahead to the police to detain Ghosh, who had been questioned by the police several times in the last few months for his alleged role in the scam.

“Arresting a Rajya Sabha member (upper house of parliament) need a clearance from chairman of the house. We are in the process of obtaining the same,” said a state police official on conditions of anonymity. The officer believes that the arrest could be made within the next 72 hours.

Ghosh earlier speaking to Gulf News had threatened to reveal everything to the media and has apparently made a video recording of the same and has kept it with his friend only to be circulated after his arrest. “If he is arrested for his connections with the Saradha Group, we will not leave the real culprits to go scotfree. He will reveal everything with evidence and top leadership of the TMC would be in serious trouble,” claimed one of his aides. Earlier Ghosh had claimed that TMC MP Subhendu Adikari has taken Rs40 million from Sen.

“That is just the tip of an iceberg. This is not a ponzi scheme as claimed by the media. This is a political scam conducted by the TMC,” the aide added.

However, TMC a leader aware of the developments seemed to be unperturbed by these claims. “This indicates that our leadership is aware of what it is doing. Ghosh was not arrested since the scam broke few weeks before the Panchayat elections (village council). Since the majority of the investors where from rural areas, it could have had terrible consequences. But the results proved that we were least affected. Then the recent municipal elections also proved that our urban vote bank is intact. Hence if he is arrested now, no one will believe him. Also the government has kept its promise of refunding the money. The process has just started,” said the TMC MP unwilling to be named.