iconimg Sunday, August 30, 2015

Sanjib Kr Baruah, Hindustan Times
New Delhi, May 20, 2013
The Enforcement Directorate will “look with interest” at instances, if any, of tainted money being sent abroad through the illegal hawala channel in the Saradha Realty case, of which, there is significant possibility, ED sources told HT. Reports said that a substantial chunk of money had found its way to Dubai through hawala with the money being suspected to have been ploughed into the real estate sector. ED’s investigations into the Saradha case are also being stonewalled by lack of cooperation from Kolkata Police.

“For whatever reasons, the Kolkata Police are not cooperating with us in the Saradha case investigations and is trying to stall the proceedings because of which now we are seeking the court’s intervention. We have also registered a money laundering case on the basis of an FIR filed by Assam Police,” the ED sources said.

The Assam Police FIR names Sudipta Sen, Debajani Mukherjee among a host of others.

Saradha Realty allegedly collected crores of rupees from small investors in West Bengal, Assam and Odisha and did not return the maturity value to the investors. Later, the company refused to pay salaries to its employees and instead closed down its offices.

Media reports have speculated on how Sudipta Sen’s Saradha Realty may have been a front for powerful and influential people to launder money and make investments in foreign countries.

Besides the state police and the Enforcement Directorate, a slew of agencies such as the income tax department and the Directorate of Revenue Investigation are also probing the case.