Saradha scam worth Rs 2,460 cr; owner in control of deposits: Report

A total of 560 complaints have so far been filed with West Bengal police by duped investors,the report stated.

Written by Press Trust Of India | New Delhi | Published: October 21, 2013 1:07:08 am

The alleged chit fund scam in West Bengal involving the Saradha Group revolves around a total sum of Rs 2,460 crore with 80 per cent of the depositors’ money still remaining unpaid,a latest investigation report has revealed.

The report also states that the arrested Saradha chairman Sudipta Sen was in “total control” of all deposits made by his group companies,which are under the scanner for having perpetrated the alleged fraud.

Four companies of the Saradha Group,the report said,used to mobilise money through three schemes —- fixed deposit,recurring deposit and monthly income deposit —- which lured innocent depositors with promises of either “landed property or a foreign tour” as incentive returns.

A joint investigation report of West Bengal police and Enforcement Directorate (ED),in possession of PTI,stated that,“the summary report (of the group) for the years 2008-12revealed that the four companies of Saradha Group had mobilised an amount of Rs 2,459.59 crore through issuance of their policies.

“The investors were paid an amount of Rs 476.57 crore. As of April 16,2013,the principal amount to be paid to the investors stood at Rs 1,983.02 crore,” the report added.

The statistics,prepared by the probe agencies after analysing the companies’ business sheets and recording the statements of investors,show that 80 per cent of the depositors’ money was still held up. Sleuths found that the four Saradha Group companies,namely,Saradha Realty India Ltd,Saradha Tours and Travels Pvt Ltd,Saradha Housing Pvt Ltd and Saradha Garden Resort and Hotels Pvt Ltd were in the business of mobilising money from gullible investors.

“Investors were also given the option of encashing their investment after the specified period along with very high returns,” the report said.

A total of 560 complaints have so far been filed with West Bengal police by duped investors,the report stated.

Describing the working of the scam,which broke early this year,the classified report stated that “Sen had floated various companies,through numerous branch offices in West Bengal as also in Orissa,Assam,Jharkhand and other states to mobilise deposits from the public”.

Kunal Ghosh meets Mukul Roy

A day after he expressed his annoyance over repeated interrogation by the police,suspended Trinamool Congress MP Kunal Ghosh Sunday met party general secretary Mukul Roy.

“It was courtesy visit to Mukulda. He is a senior leader of my party,” Ghosh,who was suspended from the TMC on September 28 for anti-party statement,said.

The meeting between Ghosh and Roy,Ghosh,the first after he was suspended,comes a day before Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate affairs summoned Ghosh for the second time in one week.

“The SFIO has summoned me for interrogation (on Monday). I will fully cooperate with them,” Ghosh said.

The TMC MP was summoned for the eighth time Saturday by Bidhan nagar police commissionarate in connection with the Saradha Group chit fund scam.

Ghosh,who was the CEO of the Saradha media group,had earlier threatened to disclose names if he was arrested in the scam and demanded an inquiry by his party saying he had much to tell the leadership.

A few days ago,Somnath Dutta,a senior executive of Saradha media and a close aide of Ghosh was remanded to police custody for seven days in connection with the case.

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