Media reports said the bail pleas of the three swindlers had been rejected and that they were charged for fraud and criminal breach of trust under Sections 406 and 420 of the Indian Penal Code (IPC).
It was also revealed that SEBI had warned West Bengal Chief Minister Mamata Banerjee of a chit fund crisis taking place in her state in advance.
Earlier, Sen and two of his associates were produced before the court in Salt Lake City this afternoon.
The trio were brought back to Kolkata last night on transist remand after police arrested them from Kashmir last Monday.
A large number of depositers and agents of the Saradha Group who have lost everything assembled near the court premises at Salt Lake and staged protests.
Strong security measures were in place in and around the Sub-Divisional Judicial Magistrates's court to avoid any untoward incident.
Opposition Congress supprters staged a demonstration in front of the court building accusing the ruling Trinamool Congress party of allowing the chit fund to flourish in the state.
According to official sources police have started primary interrogation of the accused and they had undergone a medical check up this morning.
In Assam, protest continues in several parts of the state against the Saradha Group for duping thousands of investors.
Hundreds of people today staged protest in front of the Deputy Commissioner of Kamrup Metro in Guwahati under the banner of Krishak Mukti Sangram Samiti demanding a return of the money to the depositors and resignation of a minister of the state.
Several field agents of the company have also joined in the protest.
A team of Assam Police is likely to go to Kolkata on Friday to interrogate Sen. The Assam Government is seriously contemplating a probe by the Central Bureau of Investigation (CBI) against some companies for swindling public money.