West Bengal Industries Minister Partha Chatterjee has said that while the government is making all efforts to nab the culprits related to Saradha Group and other chit fund-funded media groups, the state could not do much about it after a point.

Speaking on the issue of chit fund-funded media groups, "We will look into such companies with respect to the laws of Sebi and RBI. If irregularities are detected we will take action but we can not go on an arrest spree in a hurry."

Meanwhile, the state police's Intelligence Branch (IB) has sent messages to all police units, stating that Sudipta Sen is "wanted".

Chief Minister Mamata Banerjee also confirmed that police is looking for Sen, who is reportedly hiding somewhere in the northern part of the country.

In 2010, Saradha Group launched a number of new media entities, including Channel 10 (now called Rice group), Azad Hind, Bengal Post, the Seven Sisters Post and Prabhat Varta. The Group raised huge amounts of money from the public as advances, but didn't repay within the stipulated period of 6-36 months.

While Saradha Group has closed all of its media outfits, a number of other Bengali channels, which have their roots in chit funds, are still operating.