New Delhi, April 25
The Corporate Affairs Ministry today ordered a probe into the working of various chit fund companies, while the Enforcement Directorate under the Finance Ministry filed a money-laundering case against the Kolkata-based Saradha group that allegedly duped thousands of investors of their hard-earned money.

A special task force has been set up under the Serious Fraud Investigation Office to carry out investigations into chit fund companies, according to a statement issued by the Corporate Affairs Ministry.

The decision was taken in view of the “larger public interest involved in these cases, and concerns regarding misuse/ laundering by such companies of the ill-gotten wealth and the possibility that the promoters of these companies may strip these companies”, it said. The ministry, however, added that state governments were the appropriate authorities for regulating such companies under the Chit Funds Act, 1982.

The ED has, meanwhile, registered a money-laundering case against Saradha group to probe allegations of financial irregularities against it. The case has been registered under the Prevention of Money Laundering Act at the ED’s Guwahati office. The Assam Police has registered an FIR against the group.

“The agency is looking for proceeds of the crime and the illegal funds that could have been laundered by agents and promoters,” a source said.