New Delhi: The Central Bureau of Investigation (CBI) on Monday is carrying out several raids at multiple locations – the residence and office premises of three senior SEBI officials – in Mumbai in connection with its ongoing probe into the 2013 major financial Saradha Ponzi scam or Saradha Group financial scandal.
According to sources, the CBI raids are being conducted at 6 locations – the residence and office premises of three high-ranking SEBI officials SEBI officials, in Mumbai.
CBI is conducting raids at 6 locations – the residence and office premises of three senior SEBI officials – in Mumbai, in connection with Saradha Ponzi scam. The officials’ role came under the scanner during their posting in Kolkata offices during 2009-2013. Details awaited.
— ANI (@ANI) March 22, 2021
The three senior SEBI officials have come under the scanner for their alleged role in the scam during their posting in the Kolkata office between 2009-2013, the CBI sources said.
The Saradha scam or Saradha chit fund scam, was a major financial scandal that surfaced in 2013 and since then the investigation into the multi-crore Ponzi scheme has been on.
The scheme, run by Saradha Group – an umbrella company with 200 private players – was launched in the early 2000s by businessman Sudipto Sen.
Aimed at small investors, the scheme became popular in a very short time as it promised high returns. The money was collected through a wide network of agents, who were paid commissions of over 25 per cent. The Saradha Group raised about Rs 2,500 crore in a few years’ time. The scheme soon expanded to Odisha, Assam, and Tripura, and the number of investors reached close to 1.7 million.
Over a dozen Trinamool Congress MLAs and MPs, including ministers, have been interrogated by CBI in connection with the scam. As per CBI findings, many of these politicians were directly involved in the group’s operations.