NEW DELHI: The Central Bureau of Investigation (CBI) is conducting raids at a number of places in reference to its ongoing probe into the Saradha Ponzi rip-off or Saradha chit fund rip-off on Monday.
According to reviews, the CBI raids are being performed at 6 places – the residence and office premises of three senior SEBI officials – in Mumbai.
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CBI is conducting raids at 6 places – the residence and office premises of three senior SEBI officials – in Mumbai, in reference to Saradha Ponzi rip-off. The officials’ function got here underneath the scanner throughout their posting in Kolkata places of work throughout 2009-2013. Details awaited.
— ANI (@ANI) March 22, 2021
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The three high-ranking SEBI officials have come underneath the scanner for his or her alleged function within the rip-off throughout their posting within the Kolkata office between 2009-2013, the CBI sources mentioned.
The Saradha rip-off, also referred to as Saradha Group monetary scandal, was a serious monetary rip-off that surfaced in 2013. The investigation into the multi-crore Ponzi scheme has been on since then.Â
The scheme, run by Saradha Group (an umbrella firm with 200 personal gamers), was launched within the early 2000s by businessman Sudipto Sen. Aimed at small traders, the scheme turned standard in a really brief time because it promised excessive returns. The cash was collected by means of a large community of brokers, who had been paid commissions of over 25 per cent.
The Saradha Group raised about Rs 2,500 crore in a couple of years’ time. The scheme quickly expanded to Odisha, Assam, and Tripura, and the quantity of traders reached near 1.7 million.Â
Over a dozen TMC MLAs and MPs, together with ministers, have been questioned by CBI in reference to the rip-off. Many of these leaders had been instantly concerned within the group’s operations, the company alleged.
