Saradha Scam: PILs hearing today

Last Updated: Fri, May 03, 2013 05:15 hrs

The Calcutta High Court on Friday is scheduled to hear two Public Interest Litigations (PILs) demanding the Central Bureau of Investigation (CBI) to probe into the Saradha chit fund collapse scam, reports said.

While, one of the petitions was filed by a lawyer last week, the court had asked the West Bengal government to file an affidavit by Thursday.

The government has filed the petition but is not keen to handover the investigation to CBI .

According to reports, West Bengal Chief Minister Mamata Banerjee is against the CBI investigation since the agency had shared the coal scam report with the government.

Meanwhile, the West Bengal Assembly on Tuesday passed a new bill framed to protect interests of investors in chit fund companies.

The West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013 was passed during a special session of the Assembly with minor amendments.

The CM earlier promised Rs 500 crore relief for the investors though it is estimated that the money at risk is Rs 20,000/- crore.

With the collapse of the Saradha Group chit fund, countless small investors who trusted the group, taking it as a company close to the ruling government, are in the lurch.

Jammu and Kashmir Police recently arrested the Saradha Group chairman and managing director Sudipta Sen along with others in Sonmarg. He is now in police custody in Kolkata undergoing interrogation.

The ruling Trinamool Congress has been warding off allegations of its proximity with the Saradha Group.

In a letter to the Central Bureau of Investigation (CBI) sent prior to his arrest, Sen had blamed blackmailing and extortion by senior politicians, especially from the TMC and Congress, for the companys collapse.

While he named Trinamool Congress (TMC) MPs Srinjoy Bose and Kunal Ghosh as key beneficiaries among other leaders, Sen had also named the wife of a senior Congress leader at the Centre who he had to pay off.

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