No need for CBI probe in Saradha scam: Amicus Curae

The Amicus Curae in the PILs seeking a Central Bureau of Investigation probe into the chit fund scam on Tuesday told the Calcutta high court that there was no need for one at this stage and the state investigation agency should be allowed to continue its investigations.

Amicus Curae Lakshmi Gupta, who had been asked by the court to give his views on some points, told the division bench comprising Justice A K Banerjee and Justice M K Chaudhuri that the state investigating agency might be allowed to continue as there was no substantive allegation that it was not doing its job properly.

Gupta, appointed by the court to assist it, said that the petitions might not be disposed off so that if anyone was aggrieved at any stage, he/she could come before the bench.

He also said that the terms of reference of the Justice (retired) Shyamal Sen Commission set up by the West Bengal government be increased to facilitate refund of money to investors of the Saradha Group, which is alleged to have swindled thousands of crores of rupees.

He said that there was no requirement for formation of a new committee for the purpose.

The bench had on Monday asked the amicus curae to give his views on three points that came up during the hearing of the PILs.

The court had asked the amicus curae to give his views that though the magnitude of the problem was huge, no one could deny that law and order was a state subject and as such whether the state would investigate the issue.

Gupta was also asked to give his opinion on the formation of a committee of experts from different fields who should go through all aspects of the case, including the return of investors' money.

Noting that the alleged crime was reported on April 16 and the PILs seeking a CBI probe were filed on April 22, the bench asked Gupta to examine the time gap .

Three PILs were filed before the high court seeking a CBI probe into the chit fund scam that came to light in mid-April.

Saradha Group chairman Sudipto Sen was arrested from Sonamarg in Kashmir on April 23 alongwith two company officials. He has been accused of swindling thousands of investors.