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Saradha chit fund scam: CBI raids 28 locations across India

Thursday, 14 August 2014 - 3:20pm IST Updated: Thursday, 14 August 2014 - 3:35pm IST | Place: Kolkata | Agency: dna webdesk

The Central Bureau of Investigation (CBI) carried out searches at 28 locations in Delhi, Kolkata and Odisha in connection with Saradha chit fund scam. This included the premises of ex-union minister Matang Singh, his wife Manorajana, former IPS official Rajat Majumdar and several East Bengal Club officials.

It also searched houses of Sudipto Sen and Piyali Sen's (Sudipto's wife) house in the morning as well. 

A total of 10 sites were searched in the city of Kolkata with five officials in each team.

The Shyamal Sen commission that was given the charge of protecting people who have been victims of such chit fund scams also registered its displeasure with the role of the police officials earlier this week. The police has not been able to present those accused in other scams in front of the commission, a local Bengali Chanel reported.

There are four FIRs against Saradha Group in which it is alleged that thousands of investors were allegedly duped by the company officials and their associates who swindled their deposits.    Besides there are 44 FIRs in Odisha against ponzi companies.

The Supreme court had handed over the Saradha chit fund scam to CBI and asked the state governments to provide all logistical help to the CBI team probing the matter. CBI has formed a Special Investigating Team (SIT) headed by Joint Director Rajeev Singh to also probe the role of Securities Exchange Board of India (SEBI) and RBI.

"Investigation conducted so far puts a question mark on the role of regulatory authorities like SEBI, Registrar of Companies and officials of RBI within whose respective jurisdictions and areas of operation the scam not only took birth but flourished unhindered," an apex court bench headed by Justice T S Thakur had said in its order.

With inputs from PTI

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