Chit fund scam: transit remand for Sudipta Sen

A local court in Kashmir on Wednesday granted four-day transit remand of chitfund scam accused Sudipta Sen and two others to Kolkata police. Sen, chairman of Saradha group which is accused of defrauding000 of depositors, along with the company director Debjani Mukherjee and another official Arvind Singh Chauhan were presented before Chief Judicial Magistrate of Ganderbal, Parvez Hussain Kachroo, who granted the transit remand. The trio, who were detained from Sonamarg area of the district on Tuesday, will now be taken to Delhi on way to Kolkata. A Scorpio vehicle with a West Bengal number plate has also been seized. Earlier, Sen, Mukherjee and Chauhan were put through medical examination before being presented in the court. Doctors declared them fit to be taken out of the Valley by the Kolkata police team. Lakhs of investors of the chit fund group have hit the roads alleging they have been duped of over Rs 30,0000000000. Hundreds of agents of the company have also been rendered jobless. The West Bengal government has announced formation of a Special Investigation Team and a high-level inquiry into chit fund companies after the collapse of Saradha group. The bubble burst after capital market regulator SEBI started cracking the whip on chit fund companies for flouting rules, triggering pressure on the group’s finances.