Daijiworld Media Network - Kolkata
Kolkata, Aug 19: In a significant development in the infamous Saradha chit fund scam, a Kolkata court on Tuesday acquitted Sudipta Sen, the owner of the Saradha Group, and Debjani Mukherjee, a key director in the company, in three cases linked to fraud. Despite the acquittal, both remain in custody, with over 200 cases still pending against them across various jurisdictions.
The Bankshall Court cleared Sen and Mukherjee of charges in three FIRs filed in 2013 at the Hare Street police station, which alleged fraud involving Rs 10–15 lakh. These cases were among the earliest registered against the duo after the scam came to light.
Legal Defence and Grounds for Acquittal
Representing Debjani Mukherjee, lawyers Shuvojit Bal and Abhijit Bal argued that key witnesses failed to substantiate the allegations. Of the 50 witnesses listed, testimonies were not recorded from at least 15, and alleged victims could not establish fraud or breach of trust.
“The court found no conclusive evidence of fraud in these three cases, leading to their acquittal,” said lawyer Shuvojit Bal.
Reaction from Family
Speaking after the verdict, Sharvari Mukherjee, Debjani’s mother, expressed cautious optimism:
“The truth has triumphed to some extent. It has taken time. But this is the first acquittal, and we hope more will follow.”
Why They’re Still in Jail
Despite the acquittal, Sudipta Sen and Debjani Mukherjee will remain in judicial custody. The two face:
• Over 200 criminal cases filed by individuals across West Bengal
• Investigations by two central agencies — the CBI and the Enforcement Directorate (ED)
• Financial scrutiny by SEBI, the country’s capital markets regulator
In 2013, after the scam broke out, Sen and Mukherjee fled to Sonmarg in Kashmir, where they were arrested and brought back to Kolkata. Since then, they have been lodged in jail, with Debjani briefly released on parole in 2023 for a few hours.
Background: One of India's Largest Ponzi Scams
The Saradha scam, which came to light in 2013, is one of India’s largest Ponzi schemes. Thousands of investors, mainly from West Bengal, Odisha, and Assam, lost their savings after the collapse of the chit fund company. The fallout led to widespread protests, political controversy, and a multi-agency investigation that continues to this day.
While Tuesday’s court verdict marks a small legal victory for the accused, the road ahead remains long and fraught, with multiple high-stakes cases still in motion.