The Finance Ministry has red-flagged over 250 suspicious banking transactions, most of them related to Multi Level Marketing or ponzi schemes, this year and has alerted agencies concerned and state governments on them.

As many as 272 such transactions were sent to the Central Economic Intelligence Bureau by Financial Intelligence Unit India, an agency tasked with analysing and disseminating information relating to dubious financial transactions to enforcement agencies.

Government’s major investigating arms Sebi, RBI, IT Department and Enforcement Directorate have already initiated action against scam-ridden Saradha Group under various laws including the Prevention of Money Laundering Act.

The Kolkata-based group is facing multi-agency probe for illegal raising of deposits from investors across West Bengal and some parts of North East India.

Prime Minister Manmohan Singh had on Saturday stressed on curbing unauthorised chit fund activities in the country.

The Supreme Court has also asked SEBI to deal sternly with companies indulging in manipulative and deceptive practises to check market abuse.