Multiple probes against chit fund scam, heat on others

NEW DELHI: The government on Thursday launched a multiagency probe into the activities of Kolkata-based Saradha group of companies, which is embroiled in a scandal involving thousands of crores of rupees that has engulfed politicians, bureaucrats and media figures in a swirl of allegations.

The Serious Frauds Investigation Office (SFIO) will probe the company’s promoters, accused of swindling thousands of gullible small depositors across eastern India of their savings.

Separately, the Enforcement Directorate (ED) — which tracks overseas transactions and deals suspected to be structured to obscure the source of funds — launched a money-laundering probe against Saradha group chairman Sudipta Sen.

The income tax (I-T) depart- ment has also begun an inquiry into the finances and investments of the group and its promoters.

Casting the net wide, the corporate affairs ministry said in a statement that a special task force has been set up under the SFIO to carry out all investigations not only pertaining to Saradha but other chit fund companies as well.

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