"Saradha Ponzi scam: CBI raids Mumbai office and residence of three SEBI officials"
22nd Mar, 2021
The Central Bureau of Investigation (CBI) is conducting raids at multiple locations in reference to its in progress probe into the Saradha Ponzi scam or Saradha check fund scam on weekday.
According to reports, the CBI raids square measure being conducted at half-dozen locations - the residence and workplace premises of 3 senior SEBI officers - in city.The 3 high-level SEBI officers have return below the scanner for his or her alleged role within the scam throughout their posting within the city workplace between 2009-2013, the CBI sources saidThe Saradha scam, conjointly referred to as Saradha cluster monetary scandal, was a serious monetary scam that surfaced in 2013. The investigation into the multi-crore Ponzi theme has been on since thenThe theme, go past Saradha cluster (an umbrella company with two hundred non-public players), was launched within the early 2000s by man of affairs Sudipto fractional monetary unit. geared toward tiny investors, the theme became common during a} very short time because it secure high returns. the money was collected through a large network of agents, United Nations agency were paid commissions of over twenty five per centThe Saradha cluster raised regarding Rs 2,500 large integer during a few years' time. The theme presently dilated to Odisha, Assam, and Tripura, and also the range of investors reached on the point of 1.7 million.
Over a dozen TMC MLAs and MPs, as well as ministers, are questioned by CBI in reference to the scam. several of those leaders were directly concerned within the group's operations, the agency alleged.