Thursday, April 25, 2013

Saradha Group crisis: Corporate Affairs Ministry may order probe

The ministry is likely to order a probe into Saradha group companies amid growing controversy over the Kolkata-based entity allegedly duping thousands of investors.

The alleged chit fund scam has defrauded thousands of investors, including poor people, in West Bengal.

Sources said the review meeting would discuss the activities of Saradha group companies and other issues.

In the past, the ministry had received complaints of alleged ponzi schemes at 73 companies of about a dozen different groups operating in West Bengal. These complaints have been referred to concerned agencies and departments by the Ministry.

Market regulator Sebi is probing the fund-raising activities of Kolkata-based Saradha group. Besides, the Income Tax department would investigate investments and finances of Saradha group and the department is already probing five other similar cases in West Bengal.
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