The Enforcement Directorate (ED) probe into the Rs.10,000-crore Saradha chit fund scam has thus far revealed that the group paid a whopping Rs.500 crore to agents to lure small-time investors in different States with the promise of astronomical returns.
The group hired hundreds of agents in West Bengal, Odisha, Assam and other places to reach out to prospective small-time investors. The ED has so far been able to establish that over Rs.2,400 crore was collected from investors against post-dated cheques showing multi-fold returns. Of the total amount, Rs.1,000 crore was deposited in cash and the rest through cheques.
Investigations are under way to track down the remaining amount invested with the Saradha Group of companies. The ED has received inputs that some money could have been diverted to Dubai.
The ED enquiry into over 300 bank accounts, purportedly operated by the accused persons, found that most of the money had been withdrawn. The agency, which has till now made attachments worth Rs.150 crore in the case, suspects that the remaining cash was invested in properties in West Bengal and other States.
The accused had floated 225 private companies and 30 limited liability partnership firms. According to the ED records, they operated through mainly four companies: Saradha Realty, Saradha Garden, Saradha Housing and Saradha Tours.
While the ED initially faced challenge in even obtaining copies of the FIRs registered by the West Bengal police into the scam, for which it had to resort to legal recourse, it is now encountering another “hurdle.” The main accused and Saradha Group head Sudipta Sen, who is currently in jail, has got a case registered against an ED official under Section 166 of the Indian Penal Code (disobeying law), accusing him of having forced him to sign back-dated provisional attachment orders.
The ED is defending the official quoting jail records on his meeting with Mr. Sen in March, whereas he has alleged that the official visited him in April. The West Bengal police soon converted it into an FIR.
In defence of its official, the ED is now taking up the issue with the higher authorities. It has also engaged a lawyer on his behalf, after the West Bengal government refused to provide him any assistance stating he has been made an accused in his individual capacity.
