CBI to form SIT to probe Rs 10,000 crore Saradha chit fund scam

The CBI will be collecting documents from all the state governments pertaining to the scam which has been termed by the Supreme Court as a “sordid affair”.

“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.

Enforcement Directorate (ED) is also looking into money laundering violation by the Saradha Group.