Saradha case: SC refuses to monitor CBI investigation

The Supreme Court on Monday declined a plea by investors to set up a monitoring committee on the investigation into multi-thousand crore Saradha and Rose Valley chit fund scams being carried out by the CBI and the Enforcement Directorate.

“We are not inclined to pass any orders for constituting a monitoring committee at this stage,” a bench of Chief Justice Ranjan Gogoi and Justice Sanjiv Khanna said, rejecting a plea advanced by senior advocate Vikas Singh on behalf of the investors.

Singh submitted that though the top court had on May 9, 2014, transferred the probe to the CBI, nothing seemed to have happened and the investigation has not attained finality.

The court, however, dismissed the application.

Notably, the top court's division bench had in 2014 said we do not for the present consider it necessary to constitute a monitoring team to monitor the progress of the investigation into the scam. But, we leave the exercise of that option open for the future.

The Enforcement Directorate shall, in the meantime, expedite the investigation initiated by it into the scam and institute appropriate proceedings based on the same in accordance with law, the court had said.

On February 3, the CBI officers, who tried to question Kolkata police commissioner Rajeev Kumar, faced strong resistance, forcing the agency to approach the top court.

On February 5, the court directed Kumar, who headed the SIT and allegedly did not hand over entire case records and evidence, to make himself available before the CBI and “faithfully” cooperate in the investigation into the Saradha and Rose Valley chit funds scam. It also directed no coercive action or arrest of Kumar should be made by the CBI.