CBI sets up SIT to probe Saradha chit fund scam

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.

The apex court said that the CBI would conduct the probe against Saradha and 44 other companies in Odisha which are allegedly involved in the scam.

The Enforcement Directorate (ED) is also looking into money laundering charge against the Saradha Group and has registered five cases so far.

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.  “Investigation by the State Police in a scam that involves thousands of crores collected from the public allegedly because of the patronage of people occupying high positions in the system will hardly carry conviction especially when even the regulators who were expected to prevent or check such a scam appear to have turned a blind eye to what was going on,” the apex court had said.