Enforcement Directorate Attached Immovable And Movable Properties in ongoing Investigation of Saradha Group of Companies under PMLA Act 2002

In its ongoing investigation into the Saradha Group of Companies under the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement has attached movable and immovable properties having a book value of Rs.35 Crore. Vehicles, buildings/flats, and bungalows in Bishnupur, as well as plots of land in South 24 Parganas, Nadia, Cooch Behar, and Jalpaiguri, are among the attached assets. These properties were either owned by the Saradha Group or had proceeds of crime invested in them (Saradha Group having paid full advance to vendors).

Saradha Group operated a chit fund scam in the states of West Bengal, Assam, and Orissa till 2013. The total amount of money mobilised by this group company is approximately Rs.2459 crore, of which nearly Rs.1983 crore remains payable to depositors to date (excluding the interest amount).

In 2013, the ED filed a case against the Saradha Group of Companies based on FIRs filed by the Kolkata Police. Previously, the Enforcement Directorate issued seven Provisional Attachment Orders, which were affirmed by the Ld. Adjudicating Authority under the PMLA in New Delhi. The aforementioned Proceeds of Crime have been prayed for confiscation, as well as the punishment of those involved in the money laundering offence. The Hon’ble Special Court has taken cognizance of the Prosecution Complaint dated 31.03.2016 and Supplementary Prosecution Complaint dated 27.08.2021 filed by the Enforcement Directorate, Kolkata.

Further investigation is in progress.