Money-pooling scam: SFIO to start probe with 57 companies
New Delhi: The SFIO probe ordered by the government into illegal money-pooling activities of various entities would initially focus on 57 companies, most of which are in West Bengal, Odisha, Bihar and Assam.
The Special Task Force under the Serious Fraud Investigation Office (SFIO) would begin its probe with a total of 57 companies, but the ambit could be expanded as the investigation process moves ahead, sources said.
Most of these companies are operating in eastern states, including West Bengal, Odisha, Bihar and Assam, although the Task Force could have mandate for a country-wide probe, they added.
Sources also said most of these companies are not actually registered as chit funds, and their activities are also more in the nature of Multi-Level Marketing, collective investments or other money-circulation schemes which are broadly known as `ponzi` schemes.
SFIO might need to rope in experts from outside, as the probe could eventually extend to a large number of companies.
The Corporate Affairs Ministry ordered the SFIO probe yesterday amid a raging controversy over alleged duping of lakhs of investors by Kolkata-based Saradha group through their money-pooling activities.
Saradha Realty India, one of the Sudipta Sen-led group`s various entities, has already been ordered by markets regulator Sebi to wind up its collective investment schemes and refund investors` money. Sebi is already probing some more Saradha group entities and other companies from West Bengal and various North-Eastern states.
Besides, Bihar`s Finance Minister Sushil Kumar Modi also met Sebi Chairman UK Sinha this week and requested him to take strict action against entities illegally running non-banking financial operations in Bihar.
More from India
More from World
More from Sports
More from Entertaiment
- Reservation issue: Police register case against Bainsla, 20 others
- Zee Media exclusive chat with 'Welcome to Karachi' cast
- Zee Media exclusive interview with Haryana CM Manohar Lal Khattar
- UP Minister allegedly threatens, abuses Gonda businessman
- Manali: Heavy corruption found in environmental taxes
- Watch: Fast N Facts @ 7:30pm
- Aapke Sitare: Astro prediction for May 24, 2015
- One year of Modi govt: How satisfied is the common man?
- Five unmanned parachutes spotted over Mumbai airport
- UP: Jammu-bound Muri Express derails in Kaushambi
- Jaipur girl Mini Rajpal wins Miss India Deaf 2015!
- Mumbai architecture creates double decker bus from scrap!
- One year of Modi govt: How satisfied is the common man? Part-2
- CBSE Board Class 12th Exam Results 2015 declared
- Dawood's intercepted phone calls prove yet again he is in Pakistan
- IPL 2015 Final: MI vs CSK - As it happened...
- CBSE.nic.in 12th XII Results 2015: CBSE Board (cbseresults.nic.in) Class 12th XII Exam Results 2015 to be announced on May 25
- Heatwave continues in North India; death toll in Andhra Pradesh, Telangana more than 400
- IPL 2015 final: Mumbai Indians thrash Chennai Super Kings by 41 runs to lift second title
- Death threat to PM Narendra Modi ahead of Mathura rally sends police into tizzy
- Kejriwal completes 100 days in office, AAP says centre 'shadow boxing' over row with LG
- Check cbseresults.nic.in for CBSE Class 12 result 2015
- LIVE - Cbse.nic.in & cbseresults.nic.in Class 12th XII Results 2015: CBSE Board Class 12th XII Exam Results 2015 to be announced shortly
- Online filing of applications for UPSC civil services exam begins
- Heatwave claims over 550 lives so far, Delhi saw hottest day
- Not just today, Muslims feeling alienated since 1947: Najma Heptulla
- Police register case against Bainsla, 20 others as Gujjar agitation continues
- CBSE Class 12 results out: Here's how you can check
- Pakistan criticizes Defence Minister Parrikar's terrorism remarks
- Mathura rally: PM Modi slams 'corrupt' UPA regime, lauds NDA govt's efforts in past one year