SC directs CBI to probe Saradha chit fund

Supreme Court today directed CBI to investigate Saradha chit fund scam while the Left parties criticised TMC to oppose investigation in the case.

New Delhi, May 9 (PTI) The Supreme Court today directed a CBI probe in multi-crore chit fund scams in West Bengal, Odisha and Assam in which various companies, including Saradha, are allegedly involved.

A bench headed by Justice T S Thakur said that the scams have inter-state ramification and directed the investigation be handed over to the central agency from the state authorities.

It also asked the Enforcement Directorate to conduct the probe expeditiously against the accused companies. It however, refused to constitute a committee for the time being to monitor the CBI probe in the scams.

The bench directed the state authorities to cooperate with the CBI in the probe and provide all details to the agency.
The court passed the order on PILs seeking a stop to the entire chit funds business in the country and also a restraint on further collection of funds from investors as an immediate remedial step.

Attacking Trinamool Congress for opposing CBI investigation into Saradha scam, Left parties today welcomed the Supreme Court directions for such a probe and demanded that the agency should uncover the “political nexus” behind the swindling of funds and associated money laundering.

Maintaining that the ponzy scam had affected thousands of depositors in four states, CPI (M) Politburo said, “The Mamata Banerjee government in West Bengal has been doggedly opposing investigation by the CBI in the matter.”
The CPI (M) also demanded immediate confiscation of all assets of the Saradha group of companies and the owners and payment of interim compensation to all depositors.