Saradha Chit Fund Scam: As the West Bengal government and the Centre are still at loggerheads over the investigation into the Saradha chit fund scam, reports suggest that the Centre Bureau of Investigation (CBI) plans to expedite the probe. The investigative agency is likely to fast track the investigation against officials of Securities and Exchange Board of India (SEBI) and Registrar of Companies (RoC) in the scam. The expedition in investigation process comes in the backdrop of CBI’s plan to file a charge-sheet in the controversial scam. Over the past week, West Bengal has witnessed a high-end political turmoil after CBI reached Kolkata Police Commissioner Rajeev Kumar's residence on Sunday to question him on the scam.

The CBI is planning to speed up its investigation process based on some reports which hit irregularities in the functioning of SEBI and RoC officials. The RoC comes under the Ministry of Corporate Affairs (MCA). According to a recent Supreme Court’s order, the Director General of Police and the Commissioner of Police, Kolkata will have to file their replies to the statements made in the contempt petition on or before 18.2.2019.

“We further make it clear that on consideration of the replies of the aforesaid three authorities, the Court may require the personal presence of the said officers on 20.2.2019, which presence, if required, would be intimated to the officers concerned by the Secretary General of this Court on 19.2.2019, the court’s order read.

The CBI is investigating Kolkata Police Commissioner, who also heads the Special Investigation Team (SIT) on the chit fund scam. However, West Bengal CM Mamata Banerjee has made it adamant that the state government will not allow CBI officials to approach Kumar, alleging it to be a political vendetta. Banerjee also sat on a two-day protesting against Prime Minister Narendra Modi-led Central government.

The Supreme Court on Tuesday asked Rajeev Kumar to appear before the CBI at a neutral place at Shillong. But it did not allow the CBI to arrest Kumar.

The ongoing stand-off between the CBI and the West Bengal government has its roots in two alleged ponzi scams associated with the Saradha Group and the Rose Valley Group, which got busted in 2013.

The fund-raising schemes, allegedly without necessary regulatory approvals and popularly known as 'chit funds' in this region, had been operating in West Bengal and its neighbouring states since 2000 and had mopped up thousands of crores of rupees from lakhs of investors.