Saradha panel asked to probe complaints against other chit funds too

The Calcutta High Court Monday said that the inquiry commission set up by the West Bengal government to probe the multi-crore Saradha chit fund scam should also hear the complaints against other Ponzi firms that have duped investors.

Justice Dipankar Dutta directed the state government to communicate the order of the court to the Justice (retd.) Shayamal Sen commission - looking into the complaints of lakhs of investors duped in the Saradha scam - as soon as possible and said the commission should act on the orders in seven days.

The order came in a petition moved by Mehmoob Alam, an investor of the Premier Group of Companies who did not get back his money even after investment.

He filed the petition after the Sen commission refused entertain his complaint.

During the proceedings, the state government pleaded that the Sen commission was set up to receive the complaint only in connection with the Sarada Group of Companies.

Appearing for the petitioner, advocate Arindam Das argued that the notification issued by the state government had made it clear, the Sen Commission was set up to receive and deal with complaints against Saradha Group and other companies as well.

The court ruled in Alam's favour.

"The commission should receive and entertain the complaint of the similar companies like the Saradha Group," the court said in the order.

The Sen Commission has indemnified about 3.95 lakh investors so far.