Friday, May 9, 2014

CBI probe into Saradha chit fund scam - Supreme Court

In a setback for the West Bengal government, the Supreme court on Friday handed over investigation into Saradha chit fund scam to the CBI.

The court also asked the CBI to investigate ponzi scheme scams in Odisha, Assam and Tripura.

The West Bengal government, all through the hearing of the matter, had strongly resisted the plea for handing over the investigation to the CBI.

The apex court asked the West Bengal government to hand over all Saradha chit fund scam cases to CBI.

It also said that the CBI will investigate all cases against 44 chit fund companies in Odisha.

The SC said the state police have not yet been able to trace the money trails that clearly had an inter-state as well as possible international links.

The SC also asked the Enforcement Directorate to join CBI in finding the money trail. The ED is already conducting a probe into the scam.

The apex court said it wanted the chit fund scam in these states to be probed by an independent agency like CBI because of involvement of politicians and influential persons in the cases.

The court also said the CBI is the right agency to probe the cases as the roles of market regulator Sebi and also that of RBI are under scanner.

Earlier, the Calcutta high court had refused to grant the prayer for a CBI investigation into the multi-crore Saradha chit fund scam.

Saradha Group chairman Sudipta Sen was arrested from Sonmarg in Kashmir on April 23,2013 along with two close associates.

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