Saradha Construction now under CBI lens
Money siphoned from Saradha Construction to buy shares and luxury cars
Feb 21, 2015
Source : The Times of India

 

KOLKATA: After filing the supplementary chargesheet in the Saradha Realty case this week, CBI is focusing on the fourth FIR filed against Saradha Construction.

The agency is likely to use this FIR as its master case and the entire Saradha network built by Saradha boss Sudipta Sen and Shib Narayan Das is likely to be laid bare. The name of union leader Matang Sinh is likely to be mentioned in this chargesheet.

CBI will question Sen's son Subhajit for allegedly using money siphoned from Saradha Construction to buy shares and luxury cars when he fled to Bangalore, say sources.

Enforcement Directorate, which is probing the Saradha money trail, has already unearthed 70 new Saradha accounts through Subhajit after arresting him.

While looking into high-value transactions of the group, investigators found that when the Saradha ship was sinking, money flowed mostly into two-three group company accounts. CBI believes Sen used Saradha Realty, Saradha Housing and Saradha Tours & Travels accounts to receive money. Similarly Subhajit used Saradha Construction for this purpose.

CBI will be also going through the report of the Registrar of Companies (RoC) in this respect, said sources. RoC had unearthed a pattern of circular transactions — essentially group companies lending money to each other — between Saradha Realty, Saradha Construction, Devkripa Vyapaar Pvt Ltd, Bengal Media Pvt Ltd and Bengal Awadhoot Agro in 2011-12.

"All these were done to create a maze of transactions to cover up the financial mess," a CBI officer said.

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