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Saradha chit fund scam: Sebi employees group condemns CBI’s raids on three officials

Mumbai: A day after the Central Bureau of Investigation (CBI) searched the residential premises of three Sebi officers in reference to the Saradha chit fund rip-off, the securities market regulator’s worker affiliation has condemned the investigation company’s transfer.

The Sebi Staff Affiliation (SEA) mentioned that the Saradha matter, which dates again to 2010-2013, was extensively examined by the CBI. It had not solely scrutinised all related information however had additionally recorded statements of all involved Sebi officers. A few of the officers are not with the establishment.

Subsequently, an impartial functionary reporting to the Central Vigilance Fee (CVC) had additionally examined the matter and closed it. The SEA, in its letter to Sebi chairman Ajay Tyagi, mentioned that whereas each enforcement company is inside its rights to hold out searches, it appears just like the regulator’s officers have been being “selectively focused a lot after the matter has reached closure from the vigilance perspective”.

The SEA additional mentioned that part

17A(1) of the Prevention of Corruption Act states that earlier than conducting an enquiry into an offence by a public servant referring to selections made through the discharge of his official duties, the company ought to take approval of a reliable authority (inside Sebi).

The staff affiliation criticised CBI’s motion of leaking the officers’ names to the media, saying that such strikes “not solely harm the repute of the officers involved but in addition forged a shadow on all the organisation”.

The SEA added that it “extends assist to bona fide selections taken by officers through the course of their duties according to laid down procedures” and to point out its solidarity its members gathered on the establishment’s lawns on Tuesday.

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