You are here: Home » PTI Stories » National » News
Business Standard

Saradha chit fund: SC notice to Centre and WB for CBI probe

Press Trust of India  |  New Delhi 

The Supreme Court today issued notice to the Centre and West Bengal government on a PIL seeking CBI probe in Saradha chit fund scam.

A bench of Chief Justice Altamas Kabir also issued notice to other state governments and the Centre on the petitioners' pleas for empowering Securities and Exchange Board of India (SEBI) to regulate chit fund schemes in the country.

The court passed the order on two PILs filed by Pratim Kumar Singha Ray and Subrata Chattoraj seeking to stop the entire chit funds business in the country and also for a restraint on further collection of funds from investors as an immediate remedial step.

The petitioners said they have no faith in the police authorities. They alleged that the proceedings initiated by state government appeared to be "biased and prejudiced" and that is why they are seeking a CBI probe into the multi-crore Saradha chit fund scam in West Bengal.

The petitioners also sought a direction to the Centre to stop the entire chit funds business in the country till a proper mechanism is put in place to regulate them.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, July 18 2013. 13:00 IST
RECOMMENDED FOR YOU