The CBI will form a Special Investigation Team (SIT) soon to probe the Saradha chit fund scam in which investors in West Bengal, Odisha and Assam were allegedly duped of 10,000 crore rupees. CBI Director Ranjit Sinha said in New Delhi today, SIT will be set up as soon as the legalities in the case are finalised.

The Supreme Court ordered a CBI probe on Friday on a PIL and asked the three state police forces to cooperate with the CBI investigation. The CBI will also look into the role of regulators like SEBI, authorities under the Companies Act and the Reserve Bank of India as directed by the apex court. Enforcement Directorate (ED) is also looking into money laundering violation by the Saradha Group.

Saradha Group’s chief Sudipta Sen was arrested by West Bengal Police in Kashmir.