PART-18. Saradha Group financial scandal : MAMATA After taking over as CM of West Bengal, defeating Communists, she could not manage her State, now in Delhi protesting and abusing PM Along with a bunch of evil associates.
Opinion
13/12/2016.
913.
All Members,
Respected family members of this great holy Nation.
SCANDAL STORY :
Part-18. Criminal prosecution and ongoing investigations :
A-1.
Special Investigation Team (SIT), West Bengal Police :
FIR was filed against Sudipto Sen and Kunal Ghosh on 14 April 2013.
Around six officials from Saradha Group were arrested.
The investigation was headed by the detective department of Bidhannagar police.
The investigation was widened to include other Ponzi funds.
Kunal Ghosh and other Ponzi fund officials from Saradha were repeatedly questioned by police to determine the true assets of the company and other facets of the fraud.
Ghosh was arrested by SIT in November 2013 after he posted a list of 12 names on his Facebook page; these included at least four TMC MPs and West Bengal Chief Minister Mamata Banerjee.
A-2.
As per the initial SIT reports, Saradha Group had mobilised Rupees 2,459.59 crore (US$370 million) through issuance of its policies.
By April 2014, around 385 FIRs against Sardha Group, in which SIT filed 288 chargesheets, had been filed. 453 FIRs were filed against other money pooling companies and Ponzi funds, and 75 charge sheets were filed before the court.
A-3.
Since 2 May 2013, after complaints from depositors, state government ordered SIT to broaden its investigation and conduct search and seizure at offices of MPS Greenery Developers Ltd and Prayag Infotech Hi-Rise Ltd, which were running unregistered collective investment schemes similar to Saradha Group.
By 6 May 2013, police had arrested directors of Ponzi companies ATM Group and Annex Infrastructure Pvt Ltd on charges of defrauding depositors.
According to news-reports, at the time of handing the Saradha Group investigation to CBI, SIT had arrested 11 people, had traced 224 immovable properties, seized 54 vehicles and had filed charge sheet in almost 300 pending cases.
B.
Justice Shyamal Sen Commission :
By mid-August 2013, the Justice Shyamal Sen Commission finished its initial compilation of the list of claimants.
Around 1.74 million depositors filed claims with the Commission, of which 83% invested Rupees 10,000 (US$150) or less.
The Commission recommended that West Bengal state government sell the assets of Saradha Group and proportionally distribute the returns among defrauded investors.
By April 2014, the Commission had refunded 400,000 depositors who had invested less than Rupees 10,000.
The Commission received claims from 500,000 depositors who were defrauded by Ponzi funds other than Saradha; the Commission did not refund any of these depositors.
In April 2014, Calcutta High Court sought a report from the Commission on the discriminatory standards being applied to the refunding of depositors.
Next : Part- 19. Central agencies :
Thank you for reading
JAIHIND.
To be continued....
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