“The scant resources of CBI would not have been able to meet the requirements of the alleged multi-crore chit fund scam in which several hundred cases have been registered in West Bengal alone.
This is a very minimal requirement projected by CBI keeping in view the enormity of the case,” CBI spokesperson Kanchan Prasad had said earlier.
The SIT, headed by Joint Director Rajeev Singh, will also probe the role of market regulators like Securities Exchange Board of India (SEBI) and RBI.
CBI Special Director Anil Kumar Sinha has been asked to monitor the progress in the probe and exercise administrative control under the overall supervision of the CBI director.
CBI will also look into the role of SEBI, authorities under the Companies Act and the Reserve Bank of India (RBI) as directed by the apex court, agency sources said.
“Investigation conducted so far puts a question mark on the role of regulatory authorities like SEBI, Registrar of Companies and officials of 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.
Saradha Group's chief Sudipta Sen was arrested by West Bengal Police in Kashmir last year. Kunal Kumar Ghosh, a Trinamool Congress MP, was also arrested on November 23 last year in connection with the scam. Ghosh was the media CEO of Saradha Group of Companies.
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