CBI forms SIT for Saradha probe

The Central Bureau of Investigation Monday formed a special investigation team (SIT) to probe the Saradha chit fund scam that left lakhs of investors across five states bankrupt, sources said.

The SIT will probe the case under the supervision of Joint Director Rajiv Kumar.

CBI officials from West Bengal, Odisha and Bihar will also be part of the SIT.

"The SIT will soon collect all relevant documents before registering the FIR (first information report) in the Saradha chit fund case," said a CBI official.

The inquiry of the case, which also kicked up a political storm in West Bengal, was handed over to CBI by the Supreme court May 9.

Lakhs of investors in West Bengal, Odisha, Tripura, Jharkhand and Assam lost crores of rupees in the scam in April 2013.

Saradha Group chairperson Sudipta Sen was sentenced to three years in jail in February this year by a court in Kolkata after he confessed to flouting provident fund guidelines.