SFIO to begin probe against Tower Infotech

The SFIO,now,would investigate into the affairs of firm as per the courts order,said a counsel of the SEBI.

The Calcutta High Court Tuesday directed that all documents and papers related to the city-based chit fund company,Tower Infotech,be handed over to the central agency,Serious Fraud Investigation Office (SFIO),as soon as possible.

The capital market regulator SEBI would hand over the documents to the SFIO and the case will come up for hearing on November 25.

Delivering the order,Justice Sanjib Banerjee today said that the companys asset would not be allowed to be transferred until further order. Hearing the petition on November 8,

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Justice Banerjee had said that the court would make necessary arrangement to return the money to the depositors.

The company had,Registrar of Companies (ROC) alleged,had managed to raise Rs 170 crore from the depositors without taking necessary permission from the concerned authority in the central government.

The Sebi intervened in the matter when the firm challenged the accusations levelled against it in the court,alleging that the company did not obtain necessary permission from it (SEBI).

The SFIO,now,would investigate into the affairs of firm as per the courts order,said a counsel of the SEBI.

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