Saradha probe may end by Dec.

Investigations into the Saradha scam, which had once rocked the Trinamool Congress government, is expected to close by year end. After scrutinising over five lakh transactions, cobwebbed through 200-odd companies and 500 bank accounts and having tracked a Rs. 2,500 crore-money-trail, investigators now feel that they are in a position to file their charge sheets.

Sniffing out the fund-flow, the sleuths found that 25 per cent of the money collected through deposit-seeking schemes, went as commission to the mobilising agents.

Money-trail

A huge chunk of the cash raised through the schemes went into real estate — land and properties. This is the only asset that remains on ground. Investigators who have tracked the money-trail over the past two-and-half years, say that only about 30 per cent of the money raised from public can be recovered. A significant amount went to the beneficiaries of the crime-proceeds and this is likely to be reflected in the charge sheet to be filed by the Enforcement Directorate.

The ED has so far attached quite a few movable and immovable assets valued at around Rs. 500 crore. The number of attachment orders issued by the Adjudicating Authority stands at six. Another attachment order pertaining to a major asset is expected soon.

The scam came to light in April 2013 and after initial probe by West Bengal police, Central investigating agencies the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) moved in, probing the schedule of offences under IPC as well as under the Prevention of Money Laundering Act (PMLA), 2002 respectively.

Criminal conspiracy

The CBI has filed certain charge sheets followed by supplementary charge sheets, where Saradha Group chairman and managing director Sudipta Sen, his aides and some leaders of the ruling Trinamool Congress have been charged with cheating and criminal conspiracy.

Those accused by the CBI include Minister Madan Mitra, parliamentarians Kunal Ghosh and Srinjoy Bose, and former DG Police and Trinamool leader Rajat Mazumdar. Some are out on bail and some, including Mitra, are still under incarceration.

The two-year probe has led the investigators to hundreds of properties — resorts, farmlands, orchards, apartments, vehicles, a school, and a closed industry.