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LATEST NEWS UPDATES | Corporate affairs ministry may order probe into functioning of Saradha group companies

Corporate affairs ministry may order probe into functioning of Saradha group companies

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published Published on Apr 25, 2013   modified Modified on Apr 25, 2013
-PTI


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

Corporate affairs minister Sachin Pilot along with senior ministry officials would hold a meeting on Thursday to look into the functioning of various chit funds including issues related to Saradha group companies.

A senior official said the ministry is likely to order a probe into the Saradha group companies in the wake of chit funds scam. The alleged chit fund scam has defrauded thousands of investors, including poor people, in West Bengal.

Sources said the review meeting today 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.


The Times of India, 25 April, 2013, http://timesofindia.indiatimes.com/india/Corporate-affairs-ministry-may-order-probe-into-functioning-of-Saradha-group-companies/articleshow/19721183.cms


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