Saradha group chairman Sudipta Sen arrested from Kashmir

In a major breakthrough in the ongoing Chit fund scam probe in West Bengal, Sudipta Sen, the Chairman & MD of Saradha group was arrested on Tuesday by Jammu and Kashmir Police.

Sudipta Sen was hiding since chit fund racket went bust last week. West Bengal police requested their counterpart in Jammu and Kashmir to arrest him. He was detained from a hotel in Sonmarg, Kashmir along with Saradha group employees Debjani Mukhopadhyay and Arvind Singh Chauhan.

The Mamata Banerjee government is under tremendous pressure after the Chit fund scam broke out as many of its leaders were seen supporting the group in the past. TMC as usual blames the CPM government and the Central government that preceded hers for the chit fund scam.

Mamata Banerjee said as the chit funds are controlled by the Centre her government could not able to bring  Ordinance to protect ordinary investors. She appealed to the Centre to change the current law.

Last week Saradha group closed all its offices across West Bengal as investors’ cheques started bouncing and Sudipta Sen went missing, leaving lakhs of angry agents and depositors in the lurch.

Crisis in the group started in January and it shut down 10 media houses including newspapers and television channels. Over 1,000 journalists and non-journalists lost their jobs.

A PIL has been filed in the Calcutta High Court for a CBI inquiry against the Saradha Group.

Meanwhile SEBI has ordered Saradha Group and its Chairman Sudipta Sen to refund money to the investors within three months.

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