The Enforcement Directorate (ED) has registered a money laundering case against Saradha Chit Fund. The case was registered at the ED’s Guwahati office, after allegations of financial irregularities against the company. Assam Police has also registered an FIR against Saradha Group after investors complained that they were duped of their hard earned money.

The Calcutta High Court yesterday directed the company not to make any financial transactions till further orders. Hearing a PIL seeking a CBI investigation into the scam, the court also directed the West Bengal government to file an affidavit by May 2 on the steps it has taken against the Saradha Group.

The Corporate Affairs Ministry has also decided to set up a Special Task Force under its Serious Fraud Investigation Office to probe complaints of irregularities by Chit Fund Companies. The decision was taken at a meeting held yesterday by the Corporate Affairs Minister Sachin Pilot with senior officials. The Saradha Chit Fund scam has robbed thousands of investors of their savings in West Bengal and Assam.

A Kolkata court yesterday remanded Saradha group Chief Sudipta Sen and two others to 14 day police custody.

The Congress and the CPI-M have demanded a CBI enquiry into the scam. The Assam government has also favoured a CBI probe into the matter. In the aftermath of the Saradha scam, Bihar government has ordered compilation of a data bank about non-banking financial companies.