The trade licences of 47 companies formed by Saradha chit fund group were cancelled today by Kolkata Municipal Corporation for illegal business transactions.
Mayor of KMC Sovan Chatterjee said, "The trade licences of the companies run from a building on Diamond Harbour Road in Behala have been cancelled for their illegal business transactions."
The chief of Saradha group Sudipta Sen has been arrested and he is currently in judicial custody.
