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Legal, Banking Experts to Assist CBI Probe into Saradha Scam

The CBI has assigned two experts from legal and banking fields to assist a seven-member Special Investigation Team (SIT) probing the Saradha chit fund scam. 

Published: 15th May 2014 08:32 AM  |   Last Updated: 15th May 2014 08:32 AM   |  A+A-

Saradha-Scam

The CBI has assigned two experts from legal and banking fields to assist a seven-member Special Investigation Team (SIT) probing the Saradha chit fund scam. 

Sources said deputy legal adviser to anti-corruption branch V S Shukla and a bank officer attached with the CBI’s Patna branch will work with the SIT which will directly report to CBI chief Ranjit Sinha.

It is learnt that the CBI chief also held a meeting with the team to work out the action plan as it also needs to examine the role of market regulators Securities and Exchange Board of India (SEBI), Registrar of Companies and the Reserve Bank of India.

“The CBI asked the SIT members to expedite the probe and examine all the documents collected from West Bengal and Odisha as soon as possible. The team will also look into the chargesheet filed against companies and individuals involved in the case,” sources said.

Economic offences wing of the Odisha Police has already registered 207 cases in connection with the fraud committed by these companies and over 400 alleged operative of ponzi scam were arrested.

The CBI will closely examine the role of politicians and officials. Saradha chairman Sudipto Sen in a letter had conceded that huge sums were paid to high level politicians. The Supreme Court in its order on Friday had opined that probe in Saradha’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.

“Expert opinion will be taken to probe the role of authorities in the case,” sources said.



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