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Saradha chit fund scam accused produced in court

Last Updated: Thursday, May 9, 2013 - 14:19

New Delhi: Police produced the three accused in the Saradha chit-fund case in a court in New Delhi.

Police had detained three persons - Sudipto Sen, Debjani Mukherjee and Arvind Singh Chouhan from Jammu and Kashmir last month in April.
Reportedly, Sen is the chairman of Saradha group, a non-banking financial company that was allegedly defaulting on repayment of depositors`` dues. Sen was on the run to evade the arm of law.

The company had lured investors with promises of rich dividends in its chit fund scheme. Chit funds are saving schemes practiced in India by private financial firms. Earlier in the day, a delegation of India`s Communist Party of India (Marxist) also met Finance Minister Palaniappan Chidambaram to discuss the issue of investment scam.
Meanwhile, depositors, who were allegedly duped of money, have been holding daily protests in various places of West Bengal to claim their money They ransacked the properties and school buildings, owned by it in the region.

The Saradha Group has shutdown several of its media organisations including newspapers and television channels that it had launched or acquired since 2010, and in the process left scores of journalists and hundreds of others in the lurch.


First Published: Thursday, May 9, 2013 - 14:19
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