In one of the biggest ponzi schemes, Saradha group had duped nearly 27 lakh investors in 14 states of Rs 2,500 crore, an official investigation has found, while recommending CBI probe against top executives, a West Bengal minister and police officers, among others.
The central agency Serious Fraud investigation Office (SFIO) has held 14 companies of the Saradha group guilty of running ponzi schemes where the primary source of payment to subscribers was the collections made from newly-enrolled members rather than from income generated from investments.
Completing its probe into 'chit fund scam' of 14 Saradha group firms, SFIO on Monday said these companies have been found to be running 'ponzi schemes' and would face prosecution for violation of several laws.
The Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO) are likely to question Trinamool Congress MP KD Singh in connection with the multi-crore Saradha chit fund scam, reports said on Friday.
Former India captain Bishan Singh Bedi on Monday announced his candidature against Arun Jaitley for the post of the Delhi & Districts Cricket Association (DDCA) president in the upcoming association elections scheduled for December 30.
Suspended Trinamool Congress MP Kunal Ghosh on Friday met officials of the Serious Fraud Investigation Office (SFIO), which had grilled him yesterday in connection with the Saradha chit fund scam in West Bengal.
The government has given time till December to the Serious Fraud Investigation Office to complete its probe into the alleged fraudulent money pooling schemes run by 54 entities, including Saradha group.
A parliamentary committee has
pulled up the Corporate Affairs Ministry for not being serious
enough to give teeth to its investigative arm SFIO, which
probed the multi-crore fraud at Satyam Computer among others.
The Government today asked
investigating agency SFIO to initiate prosecution proceedings
against persons involved in Satyam accounting fraud and
partners of Price Waterhouse, the auditors of the IT company.