West Bengal: Saradha scam worth Rs 2,460 cr, reveals probe

New Delhi: The alleged chit fund scam in WestBengal involving the Saradha Group revolves around a total sumof Rs 2,460 crore with 80 per cent of the depositors’ money still remaining unpaid, a latest investigation report hasrevealed.The report also states that the arrested Saradha chairmanSudipta Sen was in “total control” of all deposits made by hisgroup companies, which are under the scanner for havingperpetrated the alleged fraud.

Four companies of the Saradha Group, the report said, usedto mobilise money through three schemes - ‘fixed deposit’,‘recurring deposit’ and ‘monthly income deposit’ - which luredinnocent depositors with promises of either “landed propertyor a foreign tour” as incentive returns. A joint investigation report of West Bengal police andEnforcement Directorate (ED), in possession of PTI, statedthat, “the summary report (of the group) for the years 2008-12revealed that the four companies of Saradha Group hadmobilised an amount of Rs 2,459.59 crore through issuance oftheir policies.

“The investors were paid an amount of Rs 476.57 crore.As of April 16, 2013, the principal amount to be paid tothe investors stood at Rs 1,983.02 crore,” the report added.The statistics, prepared by the probe agencies afteranalysing the companies’ business sheets and recording the statements of investors, show that 80 per cent of thedepositors’ money was still held up.

Sleuths found that the four Saradha Group companies,namely, Saradha Realty India Ltd, Saradha Tours and TravelsPvt Ltd, Saradha Housing Pvt Ltd and Saradha Garden Resort andHotels Pvt Ltd were in the business of mobilising money fromgullible investors.“Investors were also given the option of encashing theirinvestment after the specified period along with very highreturns,” the report said.

A total of 560 complaints have so far been filed with WestBengal police by duped investors, the report stated.Describing the working of the scam, which broke early thisyear, the classified report stated that the “investigation sofar carried out revealed that Sen had floated variouscompanies, through numerous branch offices in West Bengal asalso in Odisha, Assam, Jharkhand and other states to mobilisedeposits from the public”.

The money thus collected was deposited either throughcheques in the bank account of the company concerned or by wayof cash deposits in accounts with banks located at differentplaces, including at Balasore of Odisha.Sen was in total control of the deposits made by thebranches and (he) distributed the money among various loss-making companies of Saradha Group and also invested inproperty across the country.

“The group had within its ambit a number of newspapers andmedia channels throughout India and huge sums of money weretransferred to run those,” the report said.The scam, which saw lakhs of investors getting duped, cameto light in April after which Sen was arrested along with two others from Sonmarg in Jammu and Kashmir.

A host of agencies like the Corporate Affairs Ministry’sSerious Fraud Investigation Office (SFIO), Finance Ministry’sED and Income Tax department, Securities and Exchange Board ofIndia (SEBI) and special police units in WB, Assam and Odishaare probing Saradha Group’s collective investment fund schemesand other depository businesses for fraud and cheating.

PTI