GOOD READS

Police unearth Rs.750 crore assets of Saradha chief

Kolkata, May 11 (IANS) Police have unearthed property worth Rs.750 crore so far by quizzing chit fund-aided Saradha Group's arrested promoter Sudipa Sen and his top aides, an official said Saturday. Six motorcycles with red beacons and hooters allegedly used by company's officials to carry cash was also seized.

The bikes were found in a garage of Saradha Group office, police sources said.

Meanwhile, the Justice (retd) Shyamal Sen inquiry commission constituted by the state government to probe the Saradha Group scam and recommend ways of returning money to the depositors, was being flooded with complaints.

An official said around 60,000 complaints have been received from investors and agents, who have been pouring in not only from across West Bengal, but from adjoining states as well. It will receive complaints until June 29.

A commission official said it was taking complaints not only from investors and agents of Saradha group, but also from other such companies. "This is as per the terms of reference."

With Sen being grilled in police custody, the sleuths continued to find more assets.

"We have so far unearthed assets valued at Rs.750 crores by grilling Sen," said Deputy Commissioner of Police Arnab Ghosh of Bidhannagar Commissionerate, which is probing what is being regarded as the biggest financial scam to rock West Bengal.

During the day, police personnel from Joynagar in South 24 Parganas district interrogated Sen and his confidant Debjani Mukherjee in connection with a cheating case filed against them by some depositors.

A couple of days back the sleuths had summoned for questioning a former official of the Reserve Bank of India who during his days with the apex bank is said to have given some undue facilities to Sen.

A police source said names of some officers of Securities and Exchange Board of India, Income Tax department, banks, and other central and state government agencies have cropped up following Sen's interrogation. "Some of them have already been questioned. We are tallying their replies with the information given by Sen."

Sleuths have also stumbled on 40 acres of land owned by Sen in Shimla.

Sen, Mukherjeee and another senior official of the Group were arrested April 23 from Sonmarg in Jammu and Kashmir, days after the Group collapsed, unable to repay lakhs of depositors - most of them poor people from villages and small towns - who had parked their hard earned money with its companies, lured by promise of huge returns.

Already, a number of and depositors of Saradha and similar chit fund companies have committed suicide, while offices of a large number of such dubious concerns operating in the state have been attacked.

Even on Saturday, an office of a chit fund company was ransacked by depositors at Pandabeshwar of Hooghly district for allegedly cheating and siphoning of funds.

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
1
2
3
4
5
6
7
8
9
10

Latest News

  • Landslides close Jammu-Srinagar highway

    Jammu, April 19 (IANS) Heavy downpour triggered landslides in the Ramban sector of Jammu-Srinagar highway Saturday, leading to the closure of the road for vehicular traffic. Traffic officials said nightlong rain triggered landslides in Ramban sector, 150 km from winter capital Jammu, on Saturday. "Traffic on the highway has been suspended because of landslides at some places in Ramban sector of Jammu-Srinagar highway today. "Intending passengers are advised to contact the traffic control …

  • China Resources chairman sacked amid corruption investigation
    China Resources chairman sacked amid corruption investigation

    A Chinese executive under investigation for suspected corruption has been sacked as chairman of powerful state-owned conglomerate China Resources Holdings Co. Ltd., the official Xinhua news agency said on Saturday. Citing an official with the Organization Department of the ruling Communist Party's Central Committee, Xinhua said Song Lin was fired because he was suspected of "serious discipline and law violations" - party shorthand for corruption. Song appears to be the latest official to fall …

  • Health Care Spending’s Recent Surge Stirs Unease

    Policy experts wonder whether the government and private businesses can control spending as the economy gets stronger and millions more Americans gain coverage. …

  • Exchanges, brokerages hit with high-speed trading class action

    Dozens of the largest U.S. stock exchanges, brokerages and high-frequency trading firms were hit with a class action lawsuit by the capital of the state of Rhode Island, accusing them of manipulating the U.S. securities markets. The lawsuit was filed on Friday in Manhattan federal district court, as the high-speed trading industry came under greater scrutiny following the publication last month of author Michael Lewis' book "Flash Boys: A Wall Street Revolt." A number of regulators have said …

  • Tour Miami Beach's Burdines Department Store in 1953

    Click here to view the full photogallery.Photos via "Library of Congress Today we take take a break from the regularly scheduled residential fare to have a look at the interiors of a department store in the 1950s. Burdines, the... …

IN-DEPTH ANALYSIS & INTERVIEWS

  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Economy vs Democracy

    As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

  • Bracing for Challenges

    Raghuram Rajan is preparing to deal with concerns that may arise when a new government takes charge. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    16.52+0.88+5.63%
    UNITECH.BO
    73.85+3.05+4.31%
    HDIL.BO
    13.36+0.25+1.91%
    SUZLON.BO
    718.55-6.70-0.92%
    HDFCBANKSL.BO
    57.40+2.75+5.03%
    JAIPRA.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    12.60+2.10+20.00%
    AGRIMONY.BO
    242.50+40.40+19.99%
    ACRYSIL.BO
    83.50+13.90+19.97%
    SICAL.BO
    46.00+7.65+19.95%
    SHRGLTR.BO
    65.25+10.85+19.94%
    AHLUCONT.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    11.60-2.70-18.88%
    ANISHAIMPEX.BO
    51.10-8.85-14.76%
    WINSOMTX.BO
    11.70-1.30-10.00%
    BLCISER.BO
    425.00-40.00-8.60%
    GCMSECU.BO
    59.40-5.55-8.55%
    JBML.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.