CBI registers fresh cases in Saradha chit fund scam

CBI on Friday registered five new cases against as many non-Saradha companies based in West Bengal in connection with its probe into the multi-crore chit fund scam in which thousands of gullible investors allegedly lost their deposits.

PTI| Updated: Nov 14, 2014, 23:19 PM IST

New Delhi: CBI on Friday registered five new cases against as many non-Saradha companies based in West Bengal in connection with its probe into the multi-crore chit fund scam in which thousands of gullible investors allegedly lost their deposits.

The agency registered cases against Angel Group of Companies, PAFL Industries Ltd, Royal International Trading, Win Realcon Ltd and ASSDA Agro Projects Ltd in pursuance of the Supreme Court order this year in May, CBI sources said.

They said cases have been registered against Managing Directors and Directors of these companies on allegations of criminal breach of trust, cheating, criminal conspiracy and violation of Prize Chits and Money Circulation Scheme (Banning) Act.

"These are the second set of FIRs against companies other than Saradha Group in West Bengal," a CBI spokesperson said here today.

Earlier, in the first set of FIRs against non-Saradha firms, CBI registered two cases against MPS Greenery and Akashdeep Projects Ltd. Saradha Group has four FIRs against it.

Meanwhile in Odisha, the agency today arrested one Sagar Kumar Ray, a Director in Orison group of companies, for his alleged links with Artha Tatwa group of companies.

It is alleged he received a huge amount of money in his personal account as well as in the accounts of his companies which he was not able to "satisfactorily account" for.

Supreme Court had handed over the Saradha chit fund scam probe to CBI and asked the state governments to provide all logistical help to the agency's team investigating the matter.

CBI has formed a Special Investigating Team (SIT) headed by Joint Director Rajiv Singh and also probed the role of some officials of Securities Exchange Board of India (SEBI) and RBI in the matter.