Sudipta parked Saradha scam money in sick units: ED
Investments were done on behalf of the company Saradha Realty but were ultimately enjoyed by Sudipta personally
Mar 16, 2015
Source : The Hindu
Sudipta Sen


Kolkata: Sudipta Sen, the chief architect of the Rs. 2,000-crore Saradha chit fund scam, parked hard earned investor funds into loss-making companies to convert huge black money into white, a probe report has revealed.


The Enforcement Directorate, which is probing the scam under anti-money laundering laws, has detected it was a “common practice” deployed by Mr. Sen to channel the criminal proceeds of the scam into loss-making companies so as to “distance the original tainted source from the money generated by the companies (Saradha firms which collected money from investors).”


“It appears that the investments in these properties (sick units) are shown only for regularising the crime proceeds as mobilised by the four companies of the Saradha group in cash, which actually is the placement of the crime proceeds,” a probe report filed by the agency in a court said.


“It is seen from the investigation that it was a common practice of Sudipta Sen to acquire a number of flats in different parts of West Bengal as well as in other States (Delhi, Odisha, and Assam) in the name of Saradha Realty India Limited.


“These investments were done on behalf of the company (Saradha Realty) but were ultimately enjoyed by Sudipta personally. This clearly appears the laundering of the public money mobilised from the common masses on the false promise of lucrative returns,” the report, accessed by PTI, said.


The ED probe found a “considerable part” of every purchased asset, movable or immovable, was further paid in cash to many of the sellers of the properties for “evading the stamp duties and for other reasons best known to Sudipta”.


“Thus, it can be presumed that in cases where a part payment has been made initially and no further payment has been made for a long interval, payments could have been made in cash,” the agency said after close to two years of its investigation in the case, indicating the method of generation of black money in the scam.


The ED, on the basis of various police FIRs filed by States such as West Bengal, Assam, and Odisha, had registered a criminal case under the provisions of Prevention of Money Laundering Act (PMLA) in 2013 and it has attached assets worth over Rs. 700 crore in this case till now.


The agency said all criminal proceeds of the scam, after cheating numerous gullible investors of their hard earned deposits, were mostly mobilised by four Saradha firms — Saradha Realty India Limited, Saradha Tours and Travel Private Limited, Saradha Garden Resort and Hotels Private Limited, and Saradha Housing Private Limited.


The firms, the agency said, were “engaged in mobilising the money from public on false promises of high interest which is not possible”.


“It has been detected, the probe report said, that “the money mobilised by Saradha Realty India Limited and Saradha Tours and Travel Pvt Ltd have been paid into the resorts, flats, companies among others... so as to distance the crime proceeds by mixing the same with the incomes of the companies.”


The agency has cited examples in its report to prove that Sudipta was purchasing sick companies to hide his black money and also to convert illicit funds into white or clean money.


“It could be seen in the case of M/s Bengal Awadhoot Agro Pvt Ltd, Land Mark Cements, Aranya View Resort, M/s Amma Dairy etc that either the companies earlier ran in losses or they were having huge bank liabilities.


“For the placement of the money, Sudipta acquired a common practise of purchasing them by meeting the bank liabilities as well as paying them an additional sum besides that to acquire total controlling stake in the company. It is as the method adopted by Sudipta that he used to wield the sway over the company/ies (sick unit),” the agency said.


The ED, which has questioned Mr. Sen and numerous other politicians and Members of Parliament in this scam probe is expected to soon file a comprehensive charge sheet soon, after the CBI recently did so.

Latest Realty News

Mar 14, 2015
NOIDA: Although the central government managed to pass the amended land acquisition bill in the Lok Sabha, farmers continued their protests in Greater Noida
Mar 14, 2015
Gurgaon: 400 investors were allegedly duped by a developer in a multi-crore housing scam in Sector 103
Mar 14, 2015
New Delhi: The commerce ministry has clarified that fresh foreign direct investment (FDI) can be brought into a construction project only if the minimum capitalisation requirement of five-million dollar has been achieved within six months of approving the building plan
Mar 14, 2015
New Delhi: Developers are taking the easiest way out to attract new customers - by offering freebies
Mar 14, 2015
New Delhi: Amendments to the Benami Act to help deal effectively with the menace of black money in Real Estate
Mar 14, 2015
MUMBAI: The Reserve Bank of India extended curbs on real-estate transactions in India by Chinese people to residents of Hong Kong and Macau as well
Mar 13, 2015
CHANDIGARH/GURGAON: The Haryana government said that Gurgaon's realty space has provisions for 31,736 flats in the economically weaker section (EWS) and affordable housing categories
Mar 13, 2015
PANAJI: Housing loan interest rates need to ease in order for the real estate market in Goa and in the country to improve
Mar 13, 2015
BENGALURU: Connaught Place in New Delhi has emerged as the 5th most expensive office space location in the world, according to Cushman & Wakefield's annual global survey
Mar 13, 2015
Mumbai: Chennai one of the booming luxury real estate market is yet another destination for The Nahar Group

Latest Realty News Of State

Realty Talk's