Within days of the Serious Fraud Investigation Office (SFIO) submitting its report on the Saradha scam, the government on Friday has given the go-ahead for the prosecution of those nailed in the report, top government sources told HT.
It also asked the SFIO to share its report with the other government agencies. After rigorous investigations extending for more than a year, the SFIO had submitted a voluminous final report to the corporate affairs ministry just a few days back.
The report has found widespread mala fide violations relating to funds being siphoned off and financial bungling. “In the first place, Saradha companies were not even authorised to collect funds from the public as none of them were registered with market regulator SEBI,” the sources said.
The government sources said the SFIO report pegged the scam at upwards of Rs. 2,500 crore by the Saradha group of companies that had cast its net far and wide across West Bengal, Odisha, Assam and Tripura.
“Besides the SFIO which is looking at the Saradha scam from the angle of violations of the Companies Act, the CBI is looking into violations in the Indian Penal Code while the Enforcement Directorate (ED) is examining the money laundering aspects in India and overseas.
{{/usCountry}}“Besides the SFIO which is looking at the Saradha scam from the angle of violations of the Companies Act, the CBI is looking into violations in the Indian Penal Code while the Enforcement Directorate (ED) is examining the money laundering aspects in India and overseas.
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