India, Aug. 19 -- A Kolkata court acquitted Saradha group owner Sudipta Sen and his associate Debjani Mukherjee on Tuesday in three Ponzi scheme cases citing lack of witnesses, lawyers aware of the court proceedings said.

"Figuring among the 300-odd cases filed against Sen in and outside Bengal, these three were started by Kolkata's Hastings police station after his arrest in 2013 on the basis of complaints lodged by three investors," a lawyer said, requesting anonymity.

Tuesday's acquittal order was passed by the 11th judicial magistrate's court at Bichar Bhawan.

"The court observed that of the 50 witnesses named by the state, only 15 deposed during the hearings. As a result, the charges of cheating (Section 420 Indian Penal Code) and...