iconimg Friday, September 04, 2015

Sanjib Kr Baruah, Hindustan Times
New Delhi, July 17, 2013
The Enforcement Directorate (ED) is pursuing a process to conduct search operations in properties belonging to the tainted Saradha group that had been sealed by Kolkata Police. “A number of properties had been sealed by Kolkata Police after the scam broke. We are trying to obtain permission to conduct search operations in these sealed properties,” an ED source told HT.

“Most of the sealed properties are in Kolkata and include the corporate offices in the Salt Lake area of the city from which most of the dealings were conducted. We are also planning to approach the requisite authorities to attach further Saradha properties across West Bengal, Assam and Odisha,” the official added.

So far, more than 200 properties of the group have been identified across the three states.

The Saradha Group went bust this April after its flagship company Saradha Realty allegedly collected crores of rupees from over 10 lakh small investors in West Bengal, Assam and Odisha. It did not return the maturity value to the investors and closed down its offices without paying salaries to its employees.

Besides money laundering charges, ED is also looking into allegations that the group may have violated foreign exchange laws. There are allegations that a huge chunk of money found its way to Dubai through hawala with the money being suspected to have been ploughed into the real estate sector in the Gulf.