Sharda chit fund scam: SC grants bail to fomer Cong minister’s ex-wife Manoranjana Singh

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New Delhi: The Supreme Court (SC) on Monday granted bail to Saradha chit fund scam accused Manoranjana Singh – ex-wife of former Congress minister Matang Singh.

Singh was the managing director of NE Tv that was involved in a financial transaction with Saradha group.

Sharda chit fund Manoranjana Singh
Manoranjana Singh/Twitter photo

Saradha CMD Sudipta Sen in his ‘tell-all’ letter to CBI mentioned Manoranjana’s name and claimed that she has siphoned a huge amount of money while settling a deal between Saradha and her company ‘Positive Group’.

Singh – as reported by ET – allegedly took Sen to Nalini Chidambaram’s chamber in Chennai for ‘settling’ the deal, stated Sen in his letter. CBI in September, 2014 examined Nalini Chidambaram, wife of former finance minister P Chidambaram. In the letter Sen further added, Nalini ‘requested’ him to support Manoranjana Singh to set up a TV channel in Guwahati’.

The Saradha Group financial scandal was a major financial 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 but incorrectly referred to as chit funds in Eastern India.

The group collected around ₹200 to 300 billion from over 1.7 million depositors before it collapsed in April 2013.

In the aftermath of the scandal, the State Government of West Bengal where the Saradha Group and most of its investors were based instituted an inquiry commission to investigate the collapse. The state government also set up a fund of ₹5 billion to ensure that low-income investors were not bankrupted.

The central government through the Income Tax Department and Enforcement Directorate (ED) launched a multi-agency probe to investigate the Saradha scam and similar Ponzi schemes. In May 2014, the SC transferred all investigations into the Saradha scam and other Ponzi schemes to the Central Bureau of Investigation (CBI).

Many prominent personalities were arrested for their involvement in the scam, including two MPs – Kunal Ghosh and Srinjoy Bose, former West Bengal Director General of Police Rajat Majumdar, a top football club official Debabrata Sarkar, Sports and Transport Minister Madan Mitra.

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