SFIO probe report on Saradha, others in 2-3 months: Pilot

SFIO is likely to submit its probe report on alleged fraudulent money-collection schemes being run by 54 entities in the next 2-3 months.

New Delhi: The Serious Fraud Investigation Office (SFIO) is likely to submit its probe report on alleged fraudulent money-collection schemes being run by 54 entities, including Kolkata-based Saradha group, in the next 2-3 months.

A preliminary report on the investigations is likely to be submitted soon by SFIO, but the final report may take little longer, Corporate Affairs Minister Sachin Pilot said.

In late April, the government had ordered an SFIO probe into these companies in the wake of alleged swindling of investors money worth thousands of crores by Saradha group.

The investigations are being conducted by a special task force set up by SFIO.

"They (SFIO) will soon be giving me a preliminary report on the investigations so far. They have done enough work, but sometimes they are not getting details. So, it is taking little longer," Pilot said.

"I think in the next two to three months, we will have the final report," he said.

The investigations were initiated amid raging public protest over the Saradha case, which came to be known as `chit fund scam` in West Bengal and other Eastern and North-Eastern states, despite the businesses run by those entities not actually being registered chit funds.

Besides Saradha group entities, SFIO is investigating companies from many other groups such as Rose Valley, Icore E-Services and Sunshine India Land Developers.
As per the ministry`s directive to the SFIO, 14 Saradha group entities including Saradha Realty India, Saradha Agro Development, Saradha Exports, Saradha Construction Company and Saradha Garden Resorts and Hotels are under investigation.

Besides, nine entities from the Sunshine India Land Developers group, 11 from the Icore E-Services Ltd group and 19 from Rose Valley group would be investigated by SFIO.

While announcing the probe, the Corporate Affairs Ministry had said the decision was taken in view of the larger public interest involved in such cases, "and concerns regarding misuse/laundering by such companies of the ill-gotten wealth and the possibility that the promoters of these companies may strip these companies".

Capital markets regulator Sebi has already ordered strict actions against some entities of Saradha and Rose Valley groups, among others, for running unauthorised collective investment schemes.


By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link