National

Saradha Chit Fund Scam: SC Refuses To Monitor Ongoing CBI Investigation

PRERNA YADAV | 0
2556
| February 11 , 2019 , 13:18 IST

The Supreme Court on Monday refused to monitor the ongoing CBI investigation into the Saradha chit fund scam in West Bengal.

A two-judge bench comprising Chief Justice Ranjan Gogoi and Justice Sanjiv Khanna rejected the plea that was filed by some investors that despite the apex court’s 2013 order directing the CBI to probe the chit fund scam, the investigation has not attained finality.

The bench said, "We are not inclined to set up a monitoring committee to monitor the chit fund scam probe."

Last week, the CBI officials were detained by Kolkata Police, when they attempted to enter the residence of Kolkata City Police Commissioner Rajeev Kumar to question him in relation to the Saradha chit fund case. This led to the CBI rushing to the SC, alleging obstruction of the investigation by West Bengal government.

Saradha Group, a consortium of over 239 private companies, is said to have mopped up Rs 4000 crore from over lakhs of depositors before it collapsed in April 2013. The group had invested heavily in sectors like tours and travels, realty, housing, resorts and hotels, entertainment and media.

ALSO READ: Centre Plans To Strip Medals Off IPS Officers Who Took Part In Mamata Banerjee’s ‘Dharna’

It built its brand through filmstar endorsements, investments in popular football clubs, ownership of multiple media outlets, and sponsorship of cultural events such as Durga Pujas. The scheme expanded to Odisha, Assam, and Tripura, and the number of investors reached close to 17 lakh.