Saradha Chit Fund Scam: Madras HC Grants Interim Protection from Arrest to Nalini Chidambaram



Saradha Chit Fund Scam: Madras HC Grants Interim Protection from Arrest to Nalini Chidambaram

The Madras HC on Saturday granted interim protection from arrest by the CBI to Nalini Chidambaram for a period of four weeks. Later, she will need to approach the court in Kolkata for her regular anticipatory bail.

The CBI had filed a chargesheet against Nalini a day before, pertaining to the Saradha chit fund scam money laundering case.

Justice G K Illanthiraiyan while granting her four weeks interim bail, directed her to surrender before the Chief Judicial Magistrate in Egmore and to furnish sureties. She was further directed to approach the court in Kolkata in order to obtain regular anticipatory bail.

The CBI has already filed charge-sheets for the Saradha chit fund scam. Although it had never named Nalini in any of the chargesheets, though in its latest chargesheet CBI has charged Nalini under IPC, accusing her of being involved in the scam.

What Nalini calls a legal fee she received from Saradha Realty Limited on behalf of Manoranjana Sinh, the CBI  called it alleged bribe money received by the ex-fiance minister’s wife.

In its charge-sheet, CBI accused Nalini of procuring a bribe of Rs. 1.4 crores from Saradha group of companies, which was payment for managing probes by various agencies like SEBI, ROC against Sudipta Sen, MD and Chairman of Saradha group of companies.

The charge-sheet also accuses her of entering into a conspiracy with Sen and others for misrepresenting the funds in the Saradha scam.

The Saradha Scam saw the company with around 200 private employees raising a sum of Rs. 10000 crores by luring people with tempting interest rates and disappointed more than a million investors who were never given the promised returns.

 

Madras High Court
Money Laundering
Nalini Chidambaram
P Chidambaram
Saradha Chit Fund Scam

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