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Supreme Court of India (Photo: Mint)
Supreme Court of India (Photo: Mint)

Saradha scam: Supreme Court refuses to monitor CBI investigation

  • 'We are not inclined to set up a monitoring committee to monitor the chit fund scam probe,' SC bench said
  • Earlier, the apex court in 2013 had transferred the probe into the scam to the CBI

The Supreme Court on Monday refused court monitoring of the probe into the Saradha chit fund scam.

The matter was brought by a group of investors before a bench comprising Chief Justice Ranjan Gogoi and Justice Sanjeev Khanna.

The investors had sought the constitution of a monitoring committee for investigation by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) in the Saradha case.

The Supreme Court had handed over the probe to the CBI in May 2014 and asked the state government to extend full cooperation.

Also read: What’s behind the West Bengal govt, CBI face-off

A bench comprising Justices T.S. Thakur and C. Nagappan on 9 May, 2014, held, "The state police agencies currently investigating the cases shall provide the fullest cooperation to the CBI, including assistance in terms of men and material, to enable the latter to conduct and complete the investigation expeditiously."

Several firms in the now-defunct Saradha group had floated schemes to raise money from the public promising high returns. The scam surfaced when it defaulted on repaying investors.

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