Saradha scam: CBI searches offices, residences of three SEBI officers

The senior officials’ role came under the scanner for the time when they were posted at SEBI’s Kolkata office between 2009 and 2013

The Central Bureau of Investigation (CBI) is searching six places, including office premises and residences of three senior SEBI officials in Mumbai, in connection with West Bengal’s Saradha ponzi scheme case. The CBI team visited the SEBI office in Bandra- Kurla- Complex at Bandra in the morning.

The CBI jointly serves as a national security agency and intelligence agency. (File photo)

“The CBI’s searches are going on at six locations in Mumbai including the residences of the three SEBI officials found allegedly involved in the scam,” a CBI source confirmed, adding that the agency will share more details once the search is over.

The Saradha Group of companies allegedly duped people to the tune of ₹2,500 crore, promising higher returns on their investments. A CBI official said on the condition of anonymity that the senior officials’ role came under the scanner in connection with the operators of the scheme. These officials were posted at SEBI’s Kolkata office between 2009 and 2013.

The Saradha Group scam began to unravel in 2013 when investors demonstrated in front of the Trinamool Congress (TMC) office, demanding government action against the group’s officials for defaulting on payments. There are multiple FIRs against the Saradha Group in West Bengal.The case finally blew up in April 2013 when the chairman of the Group, Sudipta Sen, and the company’s executive director, Debjani Mukherjee, were arrested by CBI from Jammu and Kashmir after a chase across north India during which they kept moving in an SUV.

A multi-agency probe is on, including the Income Tax Department and the Enforcement Directorate (ED) as well. Last week, the ED quizzed at least two TMC leaders, Madan Mitra, and Vivek Gupta, who have been fielded as candidates for the coming assembly elections.

The ED has also summoned another former TMC MP, Ahmed Hassan Imran, and two former IPS officers, Rajat Majumdar and Surajit Kar Purkayastha, in connection with the case on March 24 and 25. Earlier last week, TMC spokesperson Kunal Ghosh was summoned by the central agency. Both Madan Mitra and Ghosh had earlier been arrested in the case but later released on bail. (With agency inputs)