Market regulator Sebi on Tuesday ordered Kolkata-based Saradha Realty India to close all its collective schemes and refund the money collected from investors within three months, amid continuing protests against the alleged fraudulent activities of the group.
Markets regulator Sebi on Friday imposed a fine of Rs 2 crore on Saradha Realty, its chief Sudipta Sen and two directors, Hemanta Pradhan and Monoj Kumar Nagel, for failing to comply with its earlier directions to wind up illicit money-pooling schemes and refund the investors.
At least 10 companies are currently being probed for possible violation of CIS regulations of Sebi, the official said, while adding that role of Sen and other top executives associated with these entities was also being investigated.
Erroneously labelling it a chit fund may unwittingly give this questionable company legal wings to fly.
SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance (a Cipla group unit), Saradha Realty, United Bank of India and Trident India are among the prominent entities named in the list.
He is the first former central minister to be apprehended by the agency in the case
On Tuesday, the authorities sealed a Saradha office at the Lalganesh area in Assam, after protestors ransacked the office.
According to official figures, only 30 per cent of the total population in Assam has bank accounts, reports K Anurag
The CA insitute had asked the SFIO numerous times for details against the auditor, but it has not been furnished till now
Central Bureau of Investigation on Wednesday registered a record number of 46 cases in a day in connection with its probe in the Rs 10,000-crore Saradha chit fund scam naming Trinamool Congress' sitting Rajya Sabha MP Kunal Ghosh as one of the accused.
The chargesheet had been filed under sections 120b, 409 and 420 of IPC (criminal conspiracy, criminal breach of trust and cheating) and also under sections four and six of Prize, Chit and Money Circulation Schemes (Banning) Act 1978.
The ED had registered an ECIR (Enforcement Case Information Report) in the matter under the Prevention of Money Laundering Act.
Trinamool Congress Rajya Sabha MP Srinjoy Bose was on Friday arrested by the Central Bureau of Investigation after a marathon interrogation for five hours for his alleged involvement in the multi-crore Saradha chit fund scam.
The website has the address and contact numbers and email IDs of 69 branch offices of Saradha Group spread across West Bengal, Tripura, Odisha, Assam and New Delhi.
A special task force of the SFIO recently submitted an interim report to the Corporate Affairs Ministry in this regard.
Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
The central agency had prayed for 10 days custody of the accused, but the court granted a week.
Sebi had directed some of these companies to wind up their unregistered schemes and repay investors.
The rest, investigators claimed, were floated as "dummies" to act as cover for unleashing the alleged ponzi scheme.
A preliminary report on the investigations is likely to be submitted soon by SFIO, but the final report may take little longer, Corporate Affairs Minister Sachin Pilot said.
The first to arrive at the Salt Lake office of the central probe agency here was the award wining actor and director Sen whose statement was recorded by ED which is probing her role as the Editor of a magazine brought out by the now defunct group.
CBI has registered three FIRs in West Bengal against Saradha group and 44 FIRs in Odisha against chit fund companies allegedly operating on the lines of Saradha.
The agency, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
The alleged chit fund scam in West Bengal involving the Saradha Group revolves around a total sum of Rs 2,460 crore with 80 per cent of the depositors' monies still remaining unpaid, a latest investigation report has revealed.
The central probe agency has also issued a notice asking general public 'to furnish information and particulars of properties, both movable and immovable as well as bank accounts, in the state of West Bengal and other places, if any, related to Saradha group known to them, with specific details' to it.
The Bharatiya Janata Party on Saturday slammed West Bengal Chief Minister Mamata Banerjee for her "political vendetta" charge over action in Saradha scam, saying she is pressing the "panic button" and "rattled" by the possibility that her "own involvement" could come to light.
It was a multi-million rupee scam whose extent and reach are still being unravelled, so why did the chief of the scam-tainted Saradha group Sudipta Sen plead that he was unable to pay Rs 30,000 as bail fee? Where could all the money have gone? Indrani Roy finds out.
As a multi-agency probe continues in Saradha scam, findings of one official investigation suggests that the group floated at least 279 companies to channelise money collected from gullible investors as part of a vast 'ponzi' network.
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