A Division Bench of the Calcutta High Court on Thursday did not rule in favour of a CBI probe into the Saradha money collection scam. The matter will be taken up for hearing again on June 5.
The Central Bureau of Investigation (CBI), meanwhile, submitted a seven-page affidavit detailing out a status report on the investigations initiated against Saradha in Odisha and Assam.
The Saradha Group, alleged to have mobilised over Rs 20,000 crore in West Bengal through ponzi schemes, went bust in April. Chairman and Managing director of the Group, Sudipta Sen, has been apprehended by the police.
The Bench, comprising Justice A. K. Banerjee and Justice Mrinal Kanti Chaudhuri, however, did not reject the petition (public interest litigation) filed by lawyer Subrata Mukherjee demanding a probe.
“We feel that the time has not come (for a CBI probe). We are not disagreeing with your prayer. We will consider at a proper stage,” Justice Banerjee said.
Status report
The State Government has also been asked to file a status report about its progress in the investigation.
According to the Bench, all documents and petitions relating to the case needs to be filed before the court. Lawyer Prasanta Dutta, appearing on behalf of the Securities Exchange Board of India (SEBI), has been asked by the Bench to compile and file the necessary documents.
The Bench also ordered that a paper-book (relating to the Saradha case) be prepared by May 23 and directed that anyone intending to implead himself do so by May 23. At least three petitions have so far been filed at the Calcutta High Court demanding a CBI probe into the scam. Other agencies such as the Reserve Bank of India (RBI), Enforcement Directorate (ED), SEBI and CBI have all been a party to the case.
ED probe
Meanwhile, the Court also ordered the State Government to provide all necessary documents including FIRs (first incident reports) to the Enforcement Directorate. For documents that cannot be handed over physically, State Government officials will allow access of such documents to the ED.
Bhaskar Prasad Vaisya, appearing on behalf of the ED, had earlier submitted that the agency was willing to probe the Saradha scam under the Prevention of Money Laundering Act. He had, however, alleged non cooperation from the Bidhannagar police.
Vaisya later told reporters that ED is likely opt for a suo motu probe into the Saradha money collection scam.