Supreme Court questions CBI, ED over delay in probe into financial scams

Satya Prakash

New Delhi, January 5

The Supreme Court on Thursday questioned the Central Bureau of Investigation and the Enforcement Directorate for delay in concluding probes into various financial scams, saying they needed to change the system

“In my experience, whenever there is a financial scam and CBI or ED comes into picture, there is a delay. It takes years together. Then, default bail and all other things… How many financial scams has it come to a logical end?,” a Bench led by Justice MR Shah asked.

Noting that in most of the cases, the money went to tax havens, the Bench said the scamsters would be enjoying the money in the UK or the US.

“You need to change the system so far as public money is concerned. These are all poor people. We want result, counsel. Not that we are doing this, we are doing that,” it said.

The remarks from the Bench came after the CBI counsel sought time to the agency’s reply to a PIL filed by Pinak Pani Mohanty seeking a probe into the chit fund scam spread over West Bengal, Tripura, Assam and Odisha involving collection of nearly Rs 10,000 crore from poor people many of whom have committed suicide. The top court had issued notice on the petition in October last year.

The Bench — – which also included Justice CT Ravikumar – sought to know by Monday how many financial scams under their investigation came to logical conclusions.

“Only those persons who have lost their hard-earned money know! We will have it on Monday,” it said, cautioning the agencies that there shall be no further adjournments.

“Some matters need to be given priority. This is an important matter of a chit fund…Be serious. Tell your officers to be more vigilant,” it said, directing them to hand over copies of their replies to amicus curiae Gaurav Agrawal by Saturday.

“Hundreds of crores of investors’ money is involved. The CBI and the state should put in efforts and get back as much money as they can…They have no time to consider the cases of poor persons… After this investigation has been taken over by the CBI, what amount has been repaid? Show us?”

As the CBI counsel said he will put on record how the scheme was working, the Bench said, “We want money. It’s their (investors’) money. We can’t wait for 10 years, 20 years, 30 years. They (the accused) might be in jail but they are enjoying the money! They are fighting the litigation with this money,” it said.

“You might have been overburdened… you might have a shortage of staff… you don’t have a formulated establishment… All CBI officers are on deputation from other departments and they are here either from the excise department or from the customs department who know nothing about investigation. I also represented the CBI. So I know everything! I was there for five- and-a-half-year. Every time some reply has to be filed, it has to go through the director. Small things also take time. You have to change the system,” said Justice Shah.