Ponzi scheme investors in lurch as Sen Commission winds up

  |   27 October, 2014   |   804   |   3980

With the tenure of the Justice Shyamal Sen Commission, set up in 2013, to investigate the Saradha scam, coming to an end today, duped investors of hundreds of money-pooling companies find themselves in a predicament.



The All India Small Depositors and Agent Protection Committee has already placed an appeal with the Calcutta High Court for extension of the Commission.



As there has been no financial allocation to the commission, the panel recently wrote to state government whether in the wake investigation by central agencies like CBI (Central Bureau of Investigation) and ED (Enforcement Directorate), it could play any role in the probe. "The state government has decided to seek suitable direction from High Court, Calcutta or Supreme Court of India, on the issue. In view of this, it may be appropriate for the Commission no to take up any proccedings," the state government has said in a written communication to the panel dated October 15, 2014.