The Central Bureau of Investigation (CBI) will form a Special Investigation Team (SIT) soon to probe the Saradha chit fund scam in which investors in West Bengal, Odisha and Assam were allegedly duped of Rs 10,000 crore, besides examining the role of regulators, including the Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI).
“We will form the SIT as soon as the legalities in the case are finalised,” CBI Director Ranjit Sinha said on Sunday.
The Supreme Court had ordered a CBI probe on Friday on a PIL and asked the three state police forces to cooperate with the investigation. The CBI will also look into the role of regulators such as Sebi, authorities under the Companies Act and RBI, as directed by the apex court.
The court, in its order, had pointed out that there was yet another aspect that related to the role of the regulatory authorities.
“Investigation conducted so far puts a question mark on the role of Sebi, Registrar of Companies and officials of the RBI within whose respective jurisdictions and areas of operation the scam not only took birth but flourished unhindered,” a Bench headed by Justice T S Thakur said in its order.
The CBI will be collecting related documents from the state governments concerned.
The court said the CBI will probe against Saradha and 44 companies in Odisha that were allegedly involved in the scam.
Saradha Group’s chief Sudipta Sen was arrested by the West Bengal Police in Kashmir on April 23, 2013.