Kolkata, Sept 29: The decision by the Securities and Exchange Board of India (SEBI) to attach 134 properties of the Saradha realty has led to the Enforcement Directorate raising several questions.
The Enforcement Directorate which is also probing the Saradha scam says that most of the properties have already been attached by them and this order of the SEBI is leading to confusion.
Yesterday the SEBI in an order stated that 134 properties of Saradha realty and its boss, Sudipta Sen be attached.
The intent of the attachment was to collect Rs 774 crore and pay it to the investors who had plaed their money in the Saradha group. SEBI stated that the action was being taken after Saradha failed to refund the money to its investors.
The ED however, has a different take on the matter and says that since it is probing the case under the Prevention of Money Laundering Act, first preference ought to be given to it.
Moreover, the ED has already attached several of these properties, the agency has also stated. The problem is that this will lead to confusion an ED official informed OneIndia.
The SEBI had asked the ED for the list of properties belonging to the Saradha group and the same had been provided.
The ED official questions how the SEBI could start attaching properties when the ED is already doing it. Moreover several of these properties have already been attached by us in different phases, the officer also stated.
The ED had in the month of July ordered that assets and bank accounts of the Saradha group be attached.
The SEBI's action comes after we initiated the action, the ED official adds while stating that first preference be given in cases registered under the Prevention of Money Laundering Act.
The SEBI on the other hand justifies its action. It states that the attachment order had been issued as there was a chance that the Saradha group may sell off the properties.
The primary intention is to ensure that the money of the investors is returned.