Saradha chit fund case: SC issues notice to ED, WB Govt.

New Delhi [India], Oct. 21 : The Supreme Court on Friday issued notice to the Enforcement Directorate and West Bengal Government on the application of Manoranjana Singh, ex-wife of former union minister and Congress leader Matang Singh, in connection with the multi-crore Saradha chit-fund case.

A division bench of the apex court headed by Justice Jagdish Singh Kehar and Justice Arun Kumar Mishra issued notice to the Enforcement Directorate and the West Bengal Government.

The Calcutta High Court earlier on September 9 rejected the bail pleas of Matang Singh and Manoranjana Singh.

Singh had pleaded for bail on medical grounds, claiming that he was suffering from a life-threatening disease and that his treatment was not possible in any hospital in Kolkata.

Manoranjana's bail was also rejected as the High Court held that there were allegations of embezzlement against her and that the Central Bureau of Investigation (CBI) has not been able to properly quiz her as she has been in hospital since her arrest on medical grounds.

After hearing both the parties, the court refused to grant bail to the two accused. The Saradha Group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly referred to as chit funds.

Source: ANI