ED attaches more properties of Saradha Group in PMLA case

The Enforcement Directorate (ED) on Tuesday said that they have attached additional movable and immovable properties worth Rs 35 crore in its ongoing investigation into the Saradha Group of Companies under the Prevention of Money Laundering Act (PMLA).

A senior ED official said that the attached assets are in the form of vehicles, buildings, flats and bungalows in Bishnupur, plot of lands in South 24 Parganas, Nadia, Cooch Behar and Jalpaiguri.

"These properties were either owned by Saradha Group or Proceeds of Crime were invested in such properties (Saradha Group having paid full advance to vendors)," the official said.

Saradha Group ran a chit fund scam with operations spread over the states of West Bengal, Assam and Odisha till 2013.

"The quantum of total money mobilised by the company is about Rs 2,459 crore, out of which nearly Rs 1,983 crore remains unpaid to the depositors till date (excluding the interest amount)," said the ED official.

The ED registered a case against Saradha Group of Companies in 2013 on the basis of the FIRs lodged by the Kolkata Police.

In the past, the ED had issued seven Provisional Attachment Orders which have been confirmed by the adjudicating authority under PMLA.

"The said Proceeds of Crime have been prayed for confiscation besides prayer of punishment of persons involved in offence of money laundering," said the ED official.

The official said in 2016 they filed the first prosecution complaint (chargesheet), and later on in 2021 a supplimentary prosecution complaint was also filed.