ASSAM DEPOSITORS DEFRAUDED BY OVER RS 2,459 CRORE

Sudipta Sen, Debjani Mukherjee ordered to appear before PMLA Special Judges’ Court on December 13

By our Staff Reporter

GUWAHATI, Nov 19: Through various ponzi schemes, Sudipta Sen’s Saradha group collected a whopping Rs 2,459.59 crore from small depositors across Assam, promising them very high interest rates to help multiply their investments. Of this, over Rs 103 crore was collected from its Guwahati division operations alone from 2008-09 to 2013-14. Till date, over Rs 41 crore is yet to be paid back (not counting interest) to depositors in Guwahati area.

The Enforcement Directorate’s plea before a designated Prevention of Money Laundering Act (PMLA) Court in Guwahati is heavily loaded with evidence that go against Saradha Group of Companies’ owner Sudipta Sen and his deputy Debjani Mukherjee. The ED wants confiscation of all their properties in Assam amassed by defrauding lakhs of small depositors.

Taking cognizance of the prosecution complaint filed by Enforcement Directorate, the Court of the Special Judge (PMLA) has already issued warrants for production of Sen and Mukherjee on December 13 this year. The ED (case no. ECIR/01/2013/GAU/PMLA, dated 25/4/2013) prayed before the court to issue summons to the two accused, try and punish them in accordance with the law. It also prayed before the court to confiscate the property involved in money laundering and permit the complainant to file additional complaint (supplementary complaint), if any, on the completion of investigation.

Saradha Grouo of Companies chairman-cum-MD Sudipta Sen and Saradha Realty India Ltd director Debjani Mukherjee, according to the prosecution complaint, defrauded huge amount of money by promising depositors of high returns. The complaint also said that the money so collected was used to purchase property in the name of Saradha Realty India Ltd/Saradha Group of Companies. In their confessional statements, both Sen and Mukherjee admitted this before the Enforcement Directorate officers.

According to the complaint, investigations revealed that funds derived out of illegal activities were laundered into various movable and immovable properties – landed property at Kamarkuchi in Kamrup Metro and Bidyapara in Dhubri in Assam and Sipahijala in Tripura.

M/s Saradha Realty India Ltd., one of the Saradha Group of Companies, started functioning in Assam from April 2011 from its rented accommodation at Lalganesh, Guwahati. The Lalganesh branch was under administrative control of Saradha’s Guwahati divisional office. The branch dealt with various investments – Monthly Income Scheme (MIS), Fixed Deposit Scheme (FDS), Recurring Deposit (RD) etc., mainly in the name of Saradha Tours and Travels Pvt Ltd, Saradha Realty India Ltd and Saradha Garden Resorts & Hotels (P) Ltd. In accordance with the Memorandum of Association — according to the complaint — the company was to function in real estate. It, however, started to raise deposits from the public under various schemes, promising predetermined returns under the garb of sale of product/services.

Saradha Group of Companies started the money marketing business in the name of M/s Saradha Tours and Travels (P) Ltd, M/s Saradha Garden Resorts & Hotels (P) Ltd., M/s Saradha Realty India Ltd and M/s Saradha Housing (P) Ltd from December 2009 onwards under Guwahati Division and from April 2011 onwards in Lalganesh branch.

In spite of legal hindrance, according to the complaint, Saradha Group under different names of companies collected funds from public illegally by projecting/promising rosy picture of high interest. Investigation has further said that ‘the Saradha Group of companies collected Rs 1,03,00,73,412 from 2008 to January 2013 under Guwahati Division. Out of that, an amount of Rs 61,54,27,441 has been refunded to the customers on maturity/on demand with interest till January 2013 and an amount of Rs 41,46,48,971 remained to be refunded without interest’.

The complaint has enough revelations that make it crystal clear that the intention of Sudipta Sen was to hide ill-gotten property. To make that happen, he was reluctant to register some properties in his or his companies’ name. The complaint says that since the property was acquired through ill-gotten money, it is liable to be attached under section 5(1) of Prevention of Money Laundering Act, 2002. It further said that Sen and his group of companies laundered tainted money amounting to Rs 5,08,96,174 and invested it in landed properties to project the proceeds of crime as untainted.

Initially four FIRs were registered against Sudipta Sen/Saradha Group of Companies in Guwahati. While two of the four FIRs were filed at Dispur police station, one each of the two FIRs was lodged in Paltanbazar police station and Geeta Nagar police station, all in April 2013. Subsequently several cases were registered by the Assam Police across the State against Sen and his associates of Saradha group of companies. Significantly, the CBI, SCB, Kolkata registered FIR No. RC. 62/S/2014 on May 6, 2014 on the basis of a notification of the Government of Assam against the manager of Saradha Group of Companies, Langanesh, Guwahati.