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  • Saradha scam: WB govt forms SIT, commission

    Published on April 23, 2013

    MAMTA66West Bengal Chief Minister Mamata Banerjee announced a high-level inquiry and a SIT probe into the collapse of chit fund company Saradha Group that has left thousands of investors in the lurch.

    A PIL was, meanwhile, filed in the Calcutta High Court seeking a CBI probe into the chit fund scam.

    Breaking her silence over the scam which has cost at least one life after a 50-year-old woman set herself on fire, Banerjee said that a SIT under the DGP would be formed.

    She added that retired Calcutta High Court judge Justice (retd) Shyamal Kumar Sen will head the four-member Commission of Inquiry.

    The Chief Minister also said that a draft for promulgating an Ordinance to give more teeth for regulation of operations of chit fund companies was ready.

    Expressing concern over the Saradha episode, the Trinamool supremo said “for quite a few years, some chit funds were deceiving poor investors promising high returns. This has been continuing since the ’80s in this state.”

    In the High Court, Advocate Basabi Roy Chowdhury filed the PIL praying for a CBI probe to bring to book all involved in the alleged scam.