Supreme Court of India

The Supreme Court on Monday refused court monitoring of the CBI investigation into the Saradha scam. “We are not inclined to set up a monitoring committee to monitor the chit fund scam probe,’ SC bench said in the matter.

The matter was brought to the court by a group of investors seeking constitution of a monitoring committee for investigation by the CBI(Central Bureau of Investigation) and ED(Enforcement Directorate) in the Saradha chit fund scam case.

The Supreme court had in May 2014 handed over the probe to the CBI and asked for full cooperation from the State Government.

A bench with Justices T.S. Thakur and C. Nagappan on 9th May, 2014 held, “The state police agencies currently investigating the cases shall provide the fullest cooperation to the CBI, including assistance in terms of men and material, to enable the latter to conduct and complete the investigation expeditiously.”

The defunct Saradha group had floated schemes to raise money from public promising high returns. The scam only surfaced when it defaulted on repaying the investors/