Serpentine queues before Justice Shyamal Sen’s office

The inquiry commission set up by the West Bengal government, to probe the Saradha Group and other deposit-taking companies, has received about 60,000 complaints, an official of the panel told The Hindu on Saturday.

 Serpentine queues outside the office of the four-member commission, headed by Justice Shyamal Sen (retired), have been seen ever since it began work, indicating the enormity of the scam and the massive number of people who may have been duped.

 Investors and agents from West Bengal and adjoining States have thronged the office to submit their papers since April 26, when the commission started receiving complaints. The last date for submissions is June 29.

  “Complaints are being accepted from not only investors and agents of the Saradha Group but also other companies involved in collective investment schemes,” the official said.

Report in October

With refund of deposits being one of the terms of reference, investors’ complaints had started pouring in even before the commission issued a formal notification.  

Justice Sen said the commission would submit its report by October.

  The commission is assessing the value of the property of the arrested chief of Saradha Group, Sudipta Sen, and is also preparing a list of those who will be asked to make submissions in connection to the scam.

Senior officials investigating the case said on Saturday that property worth Rs. 750 crore was traced to Mr. Sen and the government would be informed accordingly.

Since mid-April, at least 10 lives have been lost in the aftermath of the Saradha scam. While nine persons, decimated by such fraudulent schemes, committed suicide, a duped investor murdered an agent.