The case of Saradha chit fund fraud is back in the haunted market regulator SEBI. Nearly five years after the main fraudulent defendants discovered in their statement that large bribes had been paid to senior SEBI officials to look the other way, the Central Bureau of Investigation (CBI) conducted searches at the residences and office premises of three officials. of SEBI.
Thousands of crops were collected through Saradha ponzi schemes in violation of SEBI, Company Act and other anti-money laundering rules. Only fund managers registered with SEBI can raise investor money.
SEBI officials are in the rank of chiefs general and also include those who were posted to West Bengal, sources said. After the scam came to light around 2013, SEBI moved at a snail pace and no special action was taken for years. The CBI case is based on the premise that SEBI’s action was deliberately delayed.
According to an internal note of SEBI, which is in possession of Business line, at a meeting in 2010, the Central Vigilance Commission (CVC) had with the then chairman of SEBI, noted the slow progress in matters pending SEBI. The internal note to SEBI officials says the CVC had advised SEBI to track down final orders quickly after passing the interim order.
The note states that the CVC specifically wanted SEBI to prioritize cases involving large numbers of investors, VIPs, cases referred to by agencies such as the CBI, those that are the subject of frequent RTIs, where instructions, observations are issued by courts and tribunals and those highlighted by the media.
Sarah’s fund fraud marked all these boxes, however SEBI actions were slow.
In February 2015, hearing the Saradha case, the Supreme Court dismissed SEBI and RBI and said regulators were largely responsible for scams of such magnitude not only arising but flourishing unhindered. The court had also said that all guilty officials who came to mind should be investigated. There should be nothing outside the scope of the investigation.
Reading a summary of the investigations, the rooftop court said they suggest that regular bribe payments were paid through intermediaries to some of those allegedly keeping such Ponzi companies under surveillance.
Many prominent personalities, including politicians, MLAs and MPs, have been accused of involvement in fraud.
The matter had gone to the CBI and ED cold storage, too, but resurfaced after Interior Minister Amit Shah last week said all links to Saradha’s fraud would be fully investigated. Shah has campaigned for BJP in Bengal for the upcoming Assembly elections.
The fraud from Saradha is a hot political potato as it is claimed that it can be linked to the TMC government.
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