Overview

• A Kolkata magistrate’s court at Bichar Bhawan cleared the two on Tuesday in three 2013 fraud cases tied to the Saradha scheme.
• The judge cited insufficient evidence after only 15 of 50 listed witnesses deposed, finding charges of cheating and criminal breach of trust not proved.
• Despite the acquittals, the accused continue to face hundreds of other cases as parallel CBI and ED investigations remain active with chargesheets already filed.
• The Saradha Group is alleged to have mobilized more than ₹2,500 crore since the 1990s from largely lower‑income investors by promising high returns.
• A lawyer for affected investors criticized prosecutorial lapses, saying police failed to ensure witness attendance, which contributed to the acquittals.