CBI files first chargesheet

A division bench of Justices T S Thakur and C Nagappan had directed the CBI to probe the case on May 9.

The four Saradha companies named in the chargesheet are Saradha Tours and Travels, Saradha Realty, Saradha Garden Hotels and Resorts and Saradha Housing, CBI spokesperson Kanchan Prasad said.

The chargesheet comes almost three months after the CBI was handed over the case from the SIT formed by the West Bengal government. The Supreme Court, while handing over the case to the agency, had directed it to unravel the larger conspiracy of the Saradha scam, which affected millions of small investors.

Legal experts said that the submission of the chargesheet became a compulsion for the CBI since the accused would have got bail if it was not filed within 90 days of their arrest. Sources said the CBI may now try and get court sanctions to arrest other accused in the case.

Sources added that the Enforcement Directorate, which is also investigating the Saradha case, is also expected to file its chargesheet. While the CBI has been asked to unearth the ‘larger conspiracy’ in the scam, the ED investigation is more focused on the money trail.

Meanwhile, TMC MP and lawyer Kalyan Banerjee reiterated Chief Minister Mamata Banerjee’s remarks about winding up the Shyamal Sen Commission, set up to probe into the scam and return money to depositors. He said that now that the CBI has taken over the case, the onus of returning money is on them.