Saradha scam: PILs in SC seek CBI probe

Written by fe Bureau | New Delhi | Updated: Jul 19 2013, 05:30am hrs
Two PILs have been filed in the Supreme Court demanding a CBI inquiry into the multi-crore Saradha Group chit fund scam. The PILs have sought stopping of the entire chit fund business in the country and also restraint on further collection of funds from investors as an immediate remedial step. A Chief Justices bench sought reply from the ministries of finance, corporate affairs, law and justice, RBI, Sebi, CBI, various state governments, including West Bengal, Orissa and Delhi, Saradha Group of Companies and Alchemist Infra Realty on two petitions filed by advoacates Pratim Kumar Singha Ray and Subrata Chattoraj. The PILs said that CBI, under the supervision of the SC, should probe the chit fund scam as the petitioners have no faith on the police authorities and the proceedings initiated by West Bengal government appear to be biased and prejudiced.