Saradha fraud: A look into the sudden turn of events

The chit funds scam of Kolkata-based Saradha Group has become a political hot potato for the Trinamool Congress. Kunal Ghosh and Srinjoy Bose, MPs of Mamata Banerjee's party, have been named in a letter purportedly written to CBI by the collapsed company's chairman Sudipta Sen, now in police custody.

The group, which also sponsored ambulances, bikes and autos for distribution in Maoist-hit Jangalmahal district, is accused to have operated under political patronage and blackmail.

A look into the sudden turn of events:

APRIL 22: 50-year-old woman sets herself on fire, after losing money following news of near collapse of Kolkata-based Saradha group's chit funds.

Chief Minister Mamata Banerjee appoints retired Calcutta High Court judge Shyamal Kumar Sen to probe company, after reports that thousands of investors have lost money.

Banerjee promises an ordinance to regulate operations of chit fund companies.

APRIL 23: Group Chairman and managing director Sudipta Sen, who was on the run, arrested in J&K.

Capital market regulator Sebi decides to look into whether Saradha Group violated regulations under collective investment scheme.

Left parties allege complicity of Trinamool Congress' Rajya Sabha MP Kunal Ghosh, who is Saradha Media's executive chairman.

APRIL 24: Rs 500 crore ' Relief Fund' announced by the West Bengal chief minister to compensate people who stand to lose their money after Opposition attack gained ground.

Income-tax Department ready with showcause notices for production of documents and recording of statements of promoters, investors and prominent agents in the case.