Chit fund swindle kingpin, two associates remanded in nine-day police custody

Amid speculations that chairman and managing director of the scam-tainted Saradha Group Sudipta Sen wants to come out with names of others who were responsible for the chit fund racket in West Bengal, his counsel sought court permission on Thursday to file a complaint in this regard. The court will consider his request at the next hearing.

Mr. Sen and his associates Debjani Mukherjee and Arving Chauhan, who were arrested at Sonamarg in Jammu and Kashmir on April 23, were produced in the court of Additional Chief Judicial Magistrate of Bidhan Nagar A.H.M. Rahman during the day and he remanded them in nine-day police custody. In another case, the three were remanded in judicial custody until May 23. Their police remand was on a complaint by an investor, who claimed that he had deposited Rs. 1 lakh with one of the companies and was assured of a return of Rs. 5.5 lakh. But was denied the same.

The second case was filed by an employee for non-payment of salaries for three months before the company shut down operations overnight.

Mr. Sen’s counsel told the court that his client wanted to register a complaint against others who might be involved in the scam. There were some persons who were “not connected to the company, but were on the payroll of this company,” he said.

Names of some Trinamool Congress leaders had surfaced in the controversy.

Counsel said the police had frozen all bank accounts of the company, but sought some provision to allow receipt of payments due to the firm.

To a question by journalists on the court premises, Mr. Sen promised to “reveal all” after investigations concluded.

Ms. Mukherjee’s counsel produced documents in the court to demonstrate that she had ceased to be a director of a majority of the companies run by the Saradha Group and was only the director of five media companies.

However, the public prosecutor said investigations so far revealed that she was “the second-in-command” in the Saradha group.