Ministry may order probe into Saradha group cos - Hindu Business Line

New Delhi, April 25:   The Corporate Affairs Ministry is likely to order a probe into Saradha group companies amid growing controversy over the Kolkata-based entity allegedly duping thousands of investors. Corporate Affairs Minister Sachin Pilot along with senior Ministry officials would hold a meeting today to look into the functioning of various chit funds, including issues related to Saradha group companies. According to a senior official, the Ministry is likely to order a probe into the Saradha group companies in the wake of chit fund scam. The alleged chit fund scam has defrauded thousands of investors, including poor people, in West Bengal. According to sources, the review meeting would discuss the activities of Saradha group companies and other issues. In the past, the Ministry had received complaints of alleged ponzi schemes at 73 companies of about a dozen different groups operating in West Bengal. These complaints have been referred to the agencies and departments concerned by the Ministry. The Securities and Exchange Board of India is probing the fund-raising activities of Kolkata-based Saradha group. Besides, the Income-Tax Department would the investigate investments and finances of Saradha group and the department is already probing five other similar cases in West Bengal. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNH2Np6-EQWz1pmNlFVcxHYiyT5ytA&url=http://www.thehindubusinessline.com/news/ministry-may-order-probe-into-saradha-group-cos/article4653025.ece

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