Chit-fund scam: CBI conducts searches against Samruddha Jeevan Group

New Delhi, Dec. 29 (ANI): The Central Bureau of Investigation (CBI) is conducting searches in 58 places in Maharashtra and Odisha against the Samruddha Jeevan Group of Companies in connection with the ongoing investigation of two chit-fund cases.

The Saradha Group chit-fund scam is a major financial scam caused by the collapse of a scheme run by the group, a consortium of over 200 private companies that was believed to be running collective investment schemes referred to as chit funds.

The group collected around Rs. 200 to 300 billion from over 1.7 million depositors before it collapsed in April 2013.

In the aftermath of the scandal, the West Bengal Government, where the Saradha Group and most of its investors were based, instituted an enquiry commission to investigate the collapse. The State government also set up a fund of Rs. five billion to ensure that low-income investors were not bankrupted.

Prominent Trinamool Congress leaders and associates have also been arrested by the Central Bureau of Investigation for their alleged involvement in the scam.(ANI)

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