The CBI will constitute a Special Investigation Team (SIT) to probe into Sharada Chit Fund scam that caused an estimated loss of Rs 10,000 crore to investors in states of West Bengal, Assam, and Odisha.
CBI chief Ranjit Sinha confirmed the team will be formed after completing some legal formalities, saying, “We will form the SIT as soon as the legalities in the case are finalised.”
According to the Central Bureau of Investigation sources, the Special Investigation Team will examine the role of market regulators Securities and Exchange Board of India (SEBI), Registrar of Companies, and Reserve Bank of India.
It in order on Friday last week, the Supreme Court had opined that probe in Sharada’s Ponzi scam had raised questions over the role of regulators, as the scam not only originated under their respective jurisdiction, but also flourished unhindered.
Sources said the Special Investigation Team will ask the state police of West Bengal and Odisha to forward the First Information Report’s and charge sheets filed against Sharada and 44 other companies allegedly involved in the scam.
The federal agency is already probing the companies involved in Assam.
Economic Offences Wing of Odisha Police had already registered 207 cases in connection with fraud committed by these companies, and over 400 alleged operatives of the Ponzi scam were arrested.
After the collapse of Sharada group in April last year, the political linkages in the scam had triggered massive outrage in Delhi.
Its chairman Sudipto Sen, in an 18 page letter, had conceded that huge sums were paid to politicians. The agencies had arrested a Trinmool Congress M P Kunal Ghosh for his alleged role in the Ponzi scam.
The Enforcement Directorate (ED), which had launched money laundering probe in the scam last year, alleged that over `700 crore was paid to certain politicians and individuals associated with the company. Sources said the Enforcement Directorate is likely to file a charge sheet in July.
“The evidence of suspicious money trail has already been examined by the agency. The details will be produced before the court, along with details of report received by financial intelligence unit,” sources added.