The Telegraph
Monday , May 12 , 2014
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CBI sets up SIT to probe Saradha scam

New Delhi, May 12 (PTI): The Central Bureau of Investigation on Monday set up a Special Investigation Team (SIT) to probe the Saradha chit fund case in which investors in four states were allegedly duped of over Rs 10,000 crore.

The SIT, to be headed by Joint Director Rajeev Singh, will also probe the role of market regulators such as Securities & Exchange Board of India (SEBI), authorities under the Companies Act and Reserve Bank of India.

CBI spokesperson Kanchan Prasad said that the SIT constituted under Joint Director (Northeast) will have agency officers from West Bengal, Odisha, the Northeast and Bihar.

“The SIT will soon collect all relevant documents before registering the FIR in the matter. The CBI will also look into the larger conspiracy angle,” Prasad said.

On Friday, the Supreme Court, acting on a public interest litigation, had asked the CBI to probe the matter and directing the state police forces to cooperate with the central agency in the investigation.

”Investigation conducted so far puts a question mark on the role of regulatory authorities like 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 had said in its order.

The SIT will take a legal opinion to decide whether one case has to be registered or separate cases required to be filed, the sources said.

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