The capital market regulator is looking into whether its Collective Investment Scheme regulations were violated while raising funds from the public, a senior official said.
The alleged chit fund scam in West Bengal involving the Saradha Group revolves around a total sum of Rs 2,460 crore with 80 per cent of the depositors' monies still remaining unpaid, a latest investigation report has revealed.
The Enforcement Directorate questioned Trinamool Congress MP and actor Mithun Chakraborty in connection with the multi-crore Saradha chit fund scam.
Markets regulator Sebi on Friday imposed a fine of Rs 2 crore on Saradha Realty, its chief Sudipta Sen and two directors, Hemanta Pradhan and Monoj Kumar Nagel, for failing to comply with its earlier directions to wind up illicit money-pooling schemes and refund the investors.
In the sixth case of suicide in connection with the collapsed chit fund company Saradha, a depositor, who had invested his money in the scam-ridden company on Friday committed suicide in South 24 Parganas district.
Even as the crackdown on Saradha Group involved in the chit fund scam continues, Krishak Mukti Sangram Samity, a leading NGO in Assam, on Thursday staged a mass demonstration in front of the deputy commissioner's office in Guwahati.
Breaking her silence over the collapse of chitfund company, Saradha Group, which has hit thousands of depositors across the state in the last few days, West Bengal Chief Minister Mamata Banerjee today instituted a high-level inquiry and deputed a special investigation team into it.
Banerjee told reporters after a high-level meeting that a SIT under the DGP would go into the fiasco and a high-level inquiry under the Commission of Inquiry Act was being instituted.
Trinamool Congress General Secretary Mukul Roy on Friday presented himself before the CBI team to face interrogation in connection with the Saradha scam. Roy, former Railway Minister, arrived at the main gate of the CGO Complex and walked down to the CBI office.
Suspended Trinamool Congress MP Kunal Ghosh on Monday alleged that West Bengal Chief Minister Mamata Banerjee was the "biggest beneficiary" in the Saradha ponzi scheme scam and termed her a "coward".
About 85% of complaints received were related to investments of less than Rs 10,000 each.
Journalists were lathicharged on Saturday at the SSKM hospital while they were trying to take pictures of suspended Trinamool Congress leader and Saradha scam accused Kunal Ghosh.
Apart from them, Chidambaram's wife -- Nalini -- has been chargesheeted by the CBI in the Saradha chit-fund scam for allegedly accepting a bribe of Rs 1.4 crore.
The agency, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
Congress on Wednesday made known its unhappiness over its senior leader Kapil Sibal representing West Bengal government in the multi-crore rupees Saradha scam in the Supreme Court, two days after its state unit expressed objection to it.
Former Assam Director General of Police Shankar Barua, quizzed recently by the Central Bureau of Investigation in connection with Saradha scam, allegedly shot himself dead at his residence on Tuesday.
The agency was probing aspects like criminal conspiracy, misappropriation of funds and criminal breach of trust in the Saradha episode.
Sudipta Sen threatens to disclose involvement of politicians in the chit-fund scam
In further trouble for the chit fund scam-hit Saradha group of Kolkata, the Enforcement Directorate has registered a money laundering case to probe the allegations of financial irregularities by numerous depositors against it.
It is difficult to re-enact the turnaround of Peerless.
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Two banks accounts were placed under attachment by Enforcement Directorate sometime back.
A second police complaint has been filed against Trinamool Congress MP Kunal Ghosh by employees of Sakalbela, a closed Bengali daily owned by the Saradha Group, with Ghosh offering to resign if his complicity was proved and his party saying that none of the guilty would be spared.
On the back foot over the chit fund scam in West Bengal, Trinamool Congress on Thursday raised questions over the role of a senior Chennai-based lawyer who is married to a Congress union minister.
ED had attached properties in the states of West Bengal, Assam and Odhisha.
The 60-year-old father of a chit fund company agent on Monday committed suicide in West Bengal's North 24-Parganas district. He was reportedly distressed over his son's inability to repay money to investors, taking the number of suicides after the Saradha Group bust to eight.
Firms meet huge redemption pressure after deducting money from principal amount.
Appearing before Justice A K Banerjee and Justice D Basak, Sen's counsel claimed the government was yet to form a special court, as suggested by the High Court in its earlier order, for hearing all cases with regard to the Saradha scam, which runs into thousands of crores of rupees.
CBI sources told PTI that the investigating team went to Presidency Correctional Home and questioned Ghosh under Section 161 of CrPC (examination of witnesses by police).
Breaking her silence over the Saradha scam, West Bengal Chief Minister Mamata Banerjee on Tuesday said she would quit if allegations of her closeness to the ponzi company was proved.
Moving ahead in the multi-crore Saradha chit funds scam case, the Enforcement Directorate (ED) on Wednesday attached assets, including a school, a cement factory and few resorts, worth Rs 60 crore (Rs 600 million) in West Bengal in connection with its money laundering probe.
The Howrah Lok Sabha by-election to be held in the shadow of Saradha chitfund scam will be a test case for the Mamata Banerjee government's popularity and for the Congress and the Communist Party of India-Marxist to gauge their standing in West Bengal prior to the 2014 general election.
The Calcutta high court on Wednesday did not allow a Central Bureau of investigation probe into the multi-crore Saradha scam at the present stage and directed that the Special Investigation Team of the state police would continue with its inquiry which would be monitored by the court.
A CBI team from New Delhi will arrive in Assam on Tuesday to initiate investigations into duping cases reported against chit fund companies in Assam, reports K Anurag
The apex court had last month handed over the case to CBI and asked the state governments to provide all logistical help to the CBI team probing the matter.
Announcing the decision, Chief Minister Mamata Banerjee told reporters at Writers' Buildings that the decision was taken following appeal by employees of Tara News and Tara Muzic channels for government intervention.
The West Bengal government on Thursday decided to take over two television channels of scam-tainted Saradha Group, which are facing closure.
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A bench of Chief Justice Altamas Kabir also issued notice to other state governments and the Centre on the petitioners' pleas for empowering Securities and Exchange Board of India to regulate chit fund schemes in the country.
Suspended Trinamool Congress MP and Saradha scam accused Kunal Ghosh on Friday allegedly tried to commit suicide by taking sleeping pills inside the Alipore Central Jail, West Bengal Correctional Home Services Minister H A Swafi said.
Official sources said a team of sleuths from the agency searched the flat located in Greater Kailash area yesterday in connection with their money laundering probe in the multi-crore chitfund scam.
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
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