Monday, October 21, 2013

Saradha chit fund scam worth ` 2,460 crore

THE alleged chit fund scam in West Bengal involving the Saradha Group revolves around a total sum of ` 2,460 crore with 80 per cent of the depositors’ monies still remaining unpaid, a latest investigation report has revealed.

The report also states that the arrested Saradha chairman Sudipta Sen was in total control of all deposits made by his Group companies, which are under the scanner for having perpetrated the alleged fraud. Four companies of the Saradha Group, the report said, used to mobilise money through three schemes fixed deposit, recurring deposit and monthly income deposit which lured innocent depositors with promises of either landed property or a foreign tour as incentive returns.

A joint investigation report of West Bengal police and Enforcement Directorate ( ED), in possession of PTI, stated that, the summary report ( of the Group) for the years 2008- 12 revealed that the four companies of Saradha Group had mobilised an amount of `2,459.59 crore through issuance of their policies.

The investors were paid an amount of `476.57 crore. As of April 16, 2013, the principal amount to be paid to the investors stood at ` 1,983.02 crore, the report added.

The statistics, prepared by the probe agencies after analysing the companies’ business sheets and recording the statements of investors, show that 80 per cent of the depositors’ money was still held up. Sleuths found that the four Saradha Group companies namely Saradha Realty India Ltd, Saradha Tours and Travels Pvt Ltd, Saradha Housing Pvt Ltd and Saradha Garden Resort and Hotels Pvt Ltd were in the business of mobilising money from gullible investors.

Investors were also given the option of encashing their investment after the specified period along with very high returns, the report said.

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