The Serious Fraud Investigation Office (SFIO) has submitted to government an interim report on alleged fraudulent money pooling schemes being run by 54 entities,including Kolkata-based Saradha group. The probe,ordered in April,came in the wake of alleged defrauding of investors money worth thousands of crores by Saradha group.
We have received one interim report (from the SFIO) on the 54 companies, Corporate Affairs Minister Sachin Pilot said.
Pilot,however,said there are difficulties in getting data about these companies since they have not been very forthcoming in sharing information. A special task force of the SFIO,which comes under the ministry of corporate affairs,is conducting the investigations.
Apart from Saradha group firms,SFIO is probing entities from various other groups including Rose Valley,Icore E-Services and Sunshine India Land Developers. Fourteen Saradha group entities including Saradha Realty India,Saradha Agro Development,Saradha Exports,Saradha Construction Company and Saradha Garden Resorts and Hotels are under the scanner.
The ministry,while announcing the probe in April,had said the decision was taken in view of the larger public interest involved in such cases,and concerns regarding misuse/ laundering by such companies of the ill-gotten wealth and the possibility that the promoters may strip these companies.