Investigators to probe chit funds’ affairs with films and sports: sources

Investigators to probe chit funds’ affairs with films and sports: sources In wake of the collapse of chit fund-based Saradha Group, several film companies and sports groups patronised by chit funds have also attracted investigators' attention.

Investigating agencies scrutinizing the Saradha Group and other chit fund-based companies believe that these companies have diverted chit fund money to some film companies based in Kolkata and Guwahati.

As per sources, investigators from Serious Fraud Investigation Office (SFIO) and tax department are preparing to ask a number of film production & distribution companies and football clubs to disclose the sources of their funds.

A senior official from an investigating agency said, "If required, financial records of Kolkata's football clubs like East Bengal, Mohun Bagan and the United Sports Club can be sought."

The source added that the Rose Valley Group was under scanner for providing funds to East Bengal. In addition, the group was associated with Bollywood actor Shah Rukh Khan's IPL team Kolkata Knight Riders. It raised funds through hotel and tourism-related membership schemes and used some of that money to produce nearly 18 movies.

Meanwhile, collapsed Saradha Group's CMD Sudipto Sen is being questioned by investigators. The probe revealed that Sen misused investors' hard-earned money to accumulate huge properties. Thus far, Sen revealed that he owns 150 acres of land, at least 35 vehicles, and more than 210 bank accounts in nearly 100 branches of various banks.