Only job I could get was with a money firm

What makes educated youths in Bengal join companies like Saradha? An employee of a prominent deposit-mobilising company, which is under the scanner of regulatory agencies, spoke to Devadeep Purohit of The Telegraph over the phone. The identity of the BCom graduate with an MBA (finance) degree is not being disclosed on his request. I get a feeling these days that I made the biggest mistake of my life by joining a company that has a deposit-mobilising wing besides several other businesses. The last month or so — since the Saradha defaults surfaced — has been really difficult for me as I am worried about my future. The company I have been working with for over four years has been mentioned in the list of 73 entities being probed by the Centre. I never wanted to be part of a sham company and so I immediately started looking for other employment opportunities. Two weeks ago, I got an interview call from a company with interests in education. "You have been working with a chit fund for four years…. Sorry, we cannot take you," the interviewer said after I told him the name of my present employer. As I didn't make the cut, I know that I shall have to carry on with this company, at least for the time being. I am a veteran of interviews. I have appeared in at least 20 to 25 of them in the past six to seven years. But the experience at the last interview made me feel as if I was doing something terribly illegal. Then I started to wonder whether I had really made any mistake. I got this job with the internal audit wing of my present employer four years ago without anyone saying a word in my favour. I had sent in my job application in good faith after going through a newspaper advertisement put out by a company with diversified business interests. On selection, I was never told that I was joining a so-called chit fund. It was only after six months or so that I realised that one of the main businesses of the company was deposit mobilisation. I was told by my superiors that the company had the necessary statutory clearances to engage in "money market operations". The term was not unknown to me. Before this job, I had appeared in several job interviews where the employers were looking for commerce graduates, preferably with an MBA degree. Although I got selected by some, I did not accept those jobs as I was not comfortable working with the money-marketing wing of any company. Finally, when I landed this job and realised that this company was also in the money-marketing business, I had very few options. I had by then realised the difficulty of getting a proper job. I had got this job after two years of wait. I had realised during my days as an unemployed youth that getting a decent job in Bengal was easier said than done. I would not have continued in the company had I had opportunities to work with the IT firms in Sector V in Salt Lake, where the pay package is much more attractive and the reputation of employer or employee is not sullied. Despite my attempts, I did not get any openings there. I used to scan the employment columns of Bengali and English newspapers and send my resume. The majority of companies that responded to my application turned out to be either running or planning money-marketing operations. My experience suggests that more than 60 per cent companies in Bengal have some exposure to the money-marketing business. Now I hear that there will be a crackdown on companies like ours though I know that my employers are preparing for a legal battle with the regulatory agencies. I don't know what the outcome will be but I am worried about my future and that of my colleagues — at least 1,000-plus people — if our company is shut like the Saradha Group. As I have knowledge about the extent to which our company has spread its operations in Bengal, I am equally worried about the impact on depositors who have invested money in schemes floated by our company. There are thousands of agents who too depend on the company for their well-being. From my limited understanding of economics, I can foresee massive social problems if companies like ours are shut. That doesn't mean I am rooting for these companies. I know very well that the promises made by companies like ours are difficult to deliver. All I am suggesting is a balanced approach so that people whose livelihoods depend on these companies don't get a raw deal and, at the same time, the depositors also get a decent return on their investments. I don't know how this can be achieved. That's the job of the government and the regulators. http://www.telegraphindia.com/1130520/jsp/frontpage/story_16917531.jsp