April 27, 2013 9:00 AM

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Corporate Affairs Ministry directs SFIO to probe 3 more WB-based business groups

The Corporate Affairs Ministry has directed the Serious Fraud Investigation Office, SFIO to probe three more West Bengal-based business groups suspected of defrauding investors through money-pooling schemes.

According to a communication sent by the Corporate Affairs Ministry to the SFIO, these groups include Rose Valley, Icore E-Services and Sunshine India Land Developers.

In all, more than 50 companies will be investigated by the SFIO. Out of these, 19 companies belong to Rose Valley group, 11 from Icore E-Services group and 9 from Sunshine India Land Developers group. The SFIO has already been asked to probe 14 firms belonging to Saradha group after the chit fund scam came to light.

Meanwhile, West Bengal government will introduce a new bill in the state assembly on Tuesday to protect investors following Saradha Group scam.

A special session of the state assembly will begin on Monday to discuss the situation arising out of the scam. Chief Minister Mamata Banerjee said, the proposed bill will have provisions to attach properties of the chit fund companies to pay back the investors.

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