SC orders CBI probe into multi-crore Saradha chit fund scam

The Supreme Court on Friday ordered a CBI probe into the Saradha chit fund scam, which has its roots in three states West Bengal, Odisha and Assam.

By Ritesh K Srivastava | Updated: May 09, 2014, 11:41 AM IST

Zee Media Bureau/Ritesh K Srivastava

Kolkata: In a big setback to the West Bengal government led by Chief Minister Mamata Banerjee, the Supreme court on Friday handed over investigation into the multi-crore Saradha chit fund scam to the Central Bureau of Investigation (CBI).

The Saradha chit fund scam has its roots in three states West Bengal, Odisha and Assam, and outside India.

The apex court also directed the CBI to investigate ponzi scheme scams in Odisha.
The order was passed by the apex court bench headed by Justice TS Thakur, which said that the investigating agency will also look into any other ponzi scheme involved in chit fund scam in West Bengal, besides Saradha.

Handing over the investigation to the CBI, the apex court said that the investigation by the West Bengal Police did not make any headway in inter-state ramification of the scam.

The court also asked the central probe agency to look into the money laundering dimension in the chit fund scam.
The court said that the state police has not been able to make any headway in the conspiracy angle, money trail and the seizure of the properties related to the scam.

The West Bengal government, all through the hearing of the matter, had strongly resisted the plea for handing over the investigation to the CBI.