'Lack of Evidence': Sudipta Sen and Debjani Acquitted tn three cases in the chit fund scam

IANS, Kolkata, Aug 19, 2025 : Saradha chit fund company owner Sudipta Sen and a director in the Saradha Group, Debjani Mukherjee, were on Tuesday acquitted in three cases in the chit fund scam.

In 2013, three FIRs were registered against them at the Hare Street police station in central Kolkata. There were allegations of fraud of about Rs 10-15 lakh against them in the three cases. Later, the West Bengal government filed a case against them. On Tuesday, the Bankshall court acquitted Sudipta and Debjani in the three cases.

However, despite their acquittal, they will not be released from jail as there are many pending cases against them related to fraud. There are more than 200 cases of fraud against the Saradha chit fund company.

Apart from this, there are also cases against them by two Central investigation agencies — the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). Lawyers Shuvojit Bal and Abhijit Bal argued in the court on behalf of Debjani.

Lawyer Shuvojit claimed that although 50 people were named as witnesses in these three cases, no testimony was received from about 15. The lawyer claimed that those who had alleged that they were cheated could not prove fraud and breach of trust.

“That is why the court acquitted Sudipta and Debjani in the three cases of Hare Street Police Station. These three cases are the first cases against Sudipta and Debjani,” said the lawyer. After the Bankshal court acquitted Debjani in three cases, Sharvari Mukherjee, mother of Debjani, said, “The truth has triumphed to some extent. It takes time. I have accepted it. Today is the first time that they have been acquitted in any case. In view of this, they may be acquitted in other cases as well.”

In 2013, after the Saradha chit fund scam came to light, managing director and owner Sudipta Sen took Debjani to Sonmarg in Kashmir. That same year, they were arrested in Kashmir. Since then, both of them have been in jail. However, in 2023, Debjani was released on parole for a few hours. A large number of people had filed complaints against Saradha Group in different police stations in various districts of the state.

Later, the CBI took over the investigation and registered a case. Along with this, the ED and the Securities and Exchange Board of India (SEBI) have also registered cases against Sudipta.

Bankshall Court clears the duo of charges linked to early FIRs in the Saradha chit fund scam; both remain in custody amid ongoing investigations and multiple trials.

Agencies, Kolkata, Aug 19, 2025: In a significant turn in the high-profile Saradha chit fund scam, a Kolkata court on Tuesday acquitted Sudipta Sen, owner of the Saradha Group, and Debjani Mukherjee, a director of the company, in three cases related to allegations of fraud. The verdict was delivered by the Bankshall Court, which cleared the two of charges stemming from three First Information Reports (FIRs) lodged at the Hare Street police station in 2013.

The cases, among the earliest registered after the collapse of the Saradha Group in 2013, alleged fraudulent practices involving sums of around ₹10–15 lakh. The West Bengal government had also initiated proceedings against the duo in connection with these matters. However, the court found that the prosecution had failed to substantiate the charges. Lawyers for Debjani Mukherjee, Shuvojit Bal and Abhijit Bal, argued that key witnesses either did not testify or could not establish claims of fraud or breach of trust. Out of 50 witnesses listed, testimonies from at least 15 were never recorded. On these grounds, the court determined that the evidence was insufficient, leading to their acquittal.

Reacting to the development, Debjani’s mother, Sharvari Mukherjee, cautiously welcomed the decision, remarking that “the truth has triumphed to some extent” and expressing hope that more acquittals may follow in the numerous other cases her daughter still faces.

Despite this partial legal reprieve, both Sudipta Sen and Debjani Mukherjee will continue to remain behind bars. Authorities have confirmed that the duo are implicated in over 200 separate criminal cases filed across West Bengal, in addition to ongoing investigations by central agencies such as the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). They are also under the financial scrutiny of the Securities and Exchange Board of India (SEBI), which is examining violations related to capital market regulations.

The pair were arrested in April 2013 from Sonmarg in Jammu and Kashmir, where they had fled after the scandal erupted. Since then, they have been lodged in judicial custody, with only a brief parole granted to Debjani Mukherjee in 2023.

The Saradha Group scam, exposed in 2013, remains one of India’s largest financial scandals. The collapse of the chit fund company left lakhs of depositors, many from West Bengal, Odisha, and Assam, in deep distress as their life savings vanished. The fallout triggered widespread protests, political controversy, and a prolonged multi-agency probe that continues more than a decade later.

While Tuesday’s acquittal in the three cases represents a modest legal victory for Sen and Mukherjee, the broader legal battle is far from over. With hundreds of pending cases and large-scale financial investigations still underway, their future remains uncertain as the long shadow of the Saradha scam continues to loom over the region.