How will depositors get chit fund money back? Calcutta HC
7 Jun 2013 5:37 AM IST
The Calcutta High Court expressed concern on how depositors who invested in the Saradha Group’s chit fund schemes will get their money back.
‘There are two aspects of the case; one, there are only criminal cases against the company, and two….how can the money be returned to the investors,’ a division Bench of Justices A K Banerjee and M K Choudhury observed. Six lakh depositors have filed complaints to the Inquiry Commission appointed by state government seeking refund of their money.
The state government submitted a sealed status report on the investigation carried by it so far into the scam. Despite so many complaints, the state government has not filed a single complaint while the Jharkhand government has registered suo motu complaints against the company.
Economic offences of the Saradha Group were not only limited to West Bengal but to Odisha, Jharkhand, Assam, Tripura and other north-eastern states. Assam and Tripura have already asked the CBI to probe into the matter.
Citing a letter written to the CBI by the Saradha group CMD Sudipta Sen on 6 April, the court was told that the letter alleged that two Trinamool MPs were involved in the financial irregularities. Mukherjee questioned the change in stand of Sen when in an affidavit filed before the court on 23 May he said a CBI probe was not needed and the SIT appointed by the state government could probe the matter.
‘There are two aspects of the case; one, there are only criminal cases against the company, and two….how can the money be returned to the investors,’ a division Bench of Justices A K Banerjee and M K Choudhury observed. Six lakh depositors have filed complaints to the Inquiry Commission appointed by state government seeking refund of their money.
The state government submitted a sealed status report on the investigation carried by it so far into the scam. Despite so many complaints, the state government has not filed a single complaint while the Jharkhand government has registered suo motu complaints against the company.
Economic offences of the Saradha Group were not only limited to West Bengal but to Odisha, Jharkhand, Assam, Tripura and other north-eastern states. Assam and Tripura have already asked the CBI to probe into the matter.
Citing a letter written to the CBI by the Saradha group CMD Sudipta Sen on 6 April, the court was told that the letter alleged that two Trinamool MPs were involved in the financial irregularities. Mukherjee questioned the change in stand of Sen when in an affidavit filed before the court on 23 May he said a CBI probe was not needed and the SIT appointed by the state government could probe the matter.
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