NEW DELHI: The Supreme Court has refused to monitor the ongoing CBI investigation into various chit fund scams, including the one involving Saradha Group of Companies. A two-judge bench comprising Chief Justice Ranjan Gogoi and Justice Sanjiv Khanna did not allow the application filed by some investors saying that despite the apex court's 2014 order directing the agency to probe the chit fund scam, the investigation has not attained finality. Senior advocate Vikas Singh, appearing for some investors who lost money to a ponzi scam, the CBI probe has not led to any conclusion and the investors are still running from pillar to post for redress.
The bench said, “We are not inclined to set up a monitoring committee for the chit fund scam probe.” The SC on May 9, 2014, had ordered a CBI probe into the multi-million chit-fund scam which had also revealed involvement of politicians in West Bengal, Odisha, and Assam. Kunal Kumar Ghosh, Member of Parliament, was arrested on November 23, 2013, over the scam in which lakhs of people were cheated through several ponzi schemes. Ghosh was a top official at Saradha Group of Companies.
The SC said it would be virtually impossible for a state police to carry out investigations into the scam having inter-state ramifications and unearth larger conspiracy involved into it. The SC had on February 5 directed Kolkata Police Commissioner Rajeev Kumar to appear before the agency and “faithfully” cooperate into the investigation of cases arising out of the chit fund scam, while making it clear that he will not be arrested. The CBI has alleged that Kumar, who was leading the SIT in the Saradha chit fund scam, destroyed and tampered with material evidence in the form of call detail records (CDRs) of the prime accused and potential accused.
The SC had on February 4 taken strong note of allegations of tampering with evidence in the Saradha scam, saying, “If the police commissioner is even remotely trying to destroy evidence, we will come down so heavily on him that he will regret.” The court had also directed the West Bengal chief secretary, the director general of police (DGP) and the Kolkata police commissioner to file replies to the statements made in the contempt petition filed against them by the CBI on or before February 18.
