Saradha scam: SEBI to recover Rs 774 crore as properties will be attached

New Delhi, Sept 28: In a move that could bring a smile back on the faces of those who lost money, the SEBI has ordered that 134 properties belonging to the Saradha group and its head Sudipta Sen be attached. The move to attach the properties would ensure that Rs 774 crore is recovered and the same would be paid off to the investors who lost their money.

The SEBI which has also been probing the case along with the Central Bureau of Investigation and the Enforcement Directorate took the decision after analyzing the properties. It was found that several properties of the Saradha Realty including those belonging to Sen who is also the mastermind of the scam were purchased through the scam money.

The SEBI has now ordered the attachment of 134 properties belonging to both Saradha Realty and Sen. The attachment of these properties would help the agencies recover Rs 774 crore. The money that is recovered through this attachment and subsequent sale of the properties would be returned to several 1,000s of depositors who have lost their money after investing in the Saradha group.

The Saradha Scam is one of the biggest chit fund frauds that the nation has witnessed. Several depositors were duped by the Saradha group and the scam was estimated to be around Rs 1,000 crore.

It was the Supreme Court which ordered that the probe be handed over to the Central Bureau of Investigation after complaints of the West Bengal police doing a shoddy job was made. The Supreme Court is currently monitoring the investigations personally.

The CBI had also made several high profile arrests which includes that of TMC leaders, Kunal Ghosh and Madan Mitra. The ED too is probing the financial trail involved in this scam.

OneIndia News