Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | INVESTIGATION: Chit fund scam |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Writ Petition |
Court | Supreme Court of India |
Disposal Nature | Petition Dismissed |
Headnote | INVESTIGATION: Chit fund scam - Transfer of ongoing investigation from the State Police to CBI - The scam in question affectecd lakhs of depositors across several State in the Eastern part of India - Huge amount of money (10,000 crores) collected from depositors - Such collection was neither legally permissible nor invested in any meaningful business activity - Investigation so far conducted revealed involvement of several political and other influential personalities wielding considerable clout and influence - Role of regulators like SEBI, authorities under the Companies Act and RBI also under investigation by State Police Agency - Writ Petition praying for transfer of investigation from State Police to CBI - Held: Investigation by State Police in the scam that involved thousands of crores collected from the public allegedly because of the patronage of people occupying high positions in the system would not carry conviction when even the regulators expected to prevent or check such scam appeared to have turned blind eye to what was going on - Looking to the nature of the scam and its inter-state ramifications, cases registered in the State of Tripura have since been transferred to the CBI for investigation at the request of the State Government - In the circumstances, directions passed to transfer certain cases registered in different police stations in State of West Bengal and Odisha from State Police Agency to CBI - Scam. |
Judge | Honble Mr. Justice T.S. Thakur |
Neutral Citation | 2014 INSC 392 |
Petitioner | Subrata Chattoraj |
Respondent | Union Of India & Ors. |
SCR | [2014] 6 S.C.R. 783 |
Judgement Date | 2014-05-09 |
Case Number | 401 |
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