Supreme Court: CBI will investigate the Saradha scam
Rajni Verma | 09 May 2014

Supreme Court today asked CBI to take the whole investigation of Saradha scam and similar cases in their hands. The chit fund-related scam cases in Orissa and other states including Tripura and Assam aslo investigate by the same team.

The court has also alleged that the state government has failed to check over the whol scam and directed the state agencies to assist the CBI in its probe. The Justice T S Thakur who led a bench said that the aspects of inter-state ramifications and the larger conspiracy angle required an in- depth probe by the premier investigative agency. The bench also stated that CBI is the right agence to carry out further investigation 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.

The scale of the scam was much larger in Orissa.163 chit fund firms have collected around Rs 4,600 crore by defrauding the people in Orissa whereas the chit fund scam in West Bengal is estimated at Rs 2,460 crore. Moreover, at least 10 lakh families, mostly belonging to the low-income group, have been affected by the scam in Orissa.Mamata Banerjee’s party has been under immense pressure as some of the TMC leaders have come under the scanner of Enforcement Directorate (ED) recently for their alleged links with Saradha. ED, which is probing the matter, has arrested Saradha promoter Sudipta Sen’s second wife and son for alleged money laundering . Sen and suspended Trinamool MP Kunal Ghosh are already behind the bars in connection with the scam as reported by Indian Express.


Mohammad Saleem, spokesperson of CPM party, whole heartedly welcomed the such initiative of court and stated, “Court monitored CBI inquiry its a whole gamut of this chit fund and Ponzi scheme in West Bengal, particularly in companies which have developed its network in eastern or non eastern India have received a good amount of money. They have received political patronage. Its a huge scam involving lacs of peoples' hard earn money and crores of money has been looted. TMC and chit fund racket is synonymous in Bengal. So, that is why state government and Sardha chit fund owner are opposing this move. We are fighting in the court and have raised voice in parliament. And on the streets of West Bengal it has become a big political issue. Mamta banerjee has took it as a political thing because her stake was so high and inquiry in to this scam by CBI that is why they are opposing. But we welcome this move.”