For the first time in the multi-crore Saradha chit fund scam, the Central Bureau of Investigation has examined a whole time member of markets regulator SEBI.

Though the agency has examined many officers from SEBI and RBI, this is for the first time that a senior functionary such as whole time member has been examined. “A whole time member of SEBI Rajeev Kumar Agarwal was examined by the agency on Monday,” a senior CBI official told BusinessLine .

Agarwal, an Indian Revenue Service officer, was appointed in SEBI on November 3, 2011. He supervises key departments such as Market Regulation, Integrated Surveillance, Market Intermediaries Regulation & Supervision and Legal Affairs, besides others.

The Saradha Group involved in illegal money collection schemes went bust in April 2013, duping thousands of investigators across West Bengal and neighbouring States. This scam in West Bengal has turned into big trouble for the ruling Trinamool Congress.

While senior functionary and former Railway Minister Mukul Roy has been summoned by the agency, four party leaders, Rajya Sabha members Kunal Ghosh and Srinjoy Bose, State Transport Minister Madan Mitra and Rajat Majumdar, have been arrested in connection with the scam.

The Supreme Court had handed over the Saradha chit fund scam probe to the CBI and asked the State Governments concerned to provide all logistical help to the CBI team investigating the matter.

The CBI has formed a special investigation team headed by Joint Director Rajiv Singh to probe the roles of SEBI and RBI. After registering over 50 cases to probe the chit fund scam on the directions of the apex court, CBI has also been looking into the role of SEBI, authorities under the Companies Act and the RBI.

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