Assam: Assets Worth Rs 6.28 Crore of Saradha Group of Companies Attached

Guwahati: The Enforcement Directorate (ED) on Friday attached assets worth Rs 6.28 crore of Saradha Group of Companies in Assam for running illegal Ponzi schemes by befooling common people.

The properties were attached under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a case, the agency said.

Following a complaint filed by different law enforcement agencies under Section 120B (criminal conspiracy) and Section 420 (cheating) of the Indian Penal Code (IPC), ED initiated a money-laundering investigation against various companies of Saradha Group.

During an investigation, it was revealed that the different companies of Saradha Group have invested in various movable and immovable properties to launder the proceeds of crime.

As per ED, the total Proceeds of Crime (POC) identified in the case till now is Rs 41.46 crore, and one provisional attachment order attaching five immovable properties worth Rs 4.35 crore was issued earlier, and the same was confirmed by the adjudicating authority.

Founded in 2006, the Saradha Group chief, Sudipta Sen's chit fund, through various collective investment schemes, mopped up Rs 3,500 crore from 17 lakh investors in investors in West Bengal, Assam, Jharkhand, Tripura, and Odisha before it collapsed in April 2013.

The group, which had close links with politicians, successfully built up its brand by investing in media and corporate social responsibility (CSR) projects.

The Income Tax and Enforcement Directorate initiated probes against the scam and other Ponzi schemes. In 2013, after the scam came to light, West Bengal Chief Minister Mamata Banerjee formed a Special Investigation Team.

In 2014, the Supreme Court (SC) transferred the investigation into the Saradha and other Ponzi schemes to the Central Bureau of Investigation (CBI) citing inter-state implications and possible international money laundering.

According to ED, the total money mobilized by this group is about Rs 2,459 crore of which about Rs 1,938 crore remains unpaid to the depositors to date.

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