Saradha Group financial scandal - Wikipedia
"Sen sat next to a well dressed woman in a sari, Debjani Mukherjee. Sen and she appeared like joint owners, sitting together on one side and. The Saradha Group financial scandal was a major financial scam and alleged political scandal .. After evading the authorities for a week, Sudipto Sen, Debjani Mukherjee and Arvind Singh Chauhan . investigation into the Saradha affair and similar Ponzi funds masquerading as NBFCs or CISs. "Signal in Kunal quiz". Saradha Group CMD Sudipta Sen's close aide Debjani Mukherjee has denied having any intimate relationship with Sen.
Its name is a cacography of Sarada Devithe wife and spiritual counterpart of Ramakrishna Paramahamsa —a nineteenth-century mystic of Bengal. Its accounts must be audited and it must also have explicit permission to operate from the market regulator Securities and Exchange Board of India SEBI.
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Saradha Group adapted by opening up to new companies to create more cross-holdings. This created an extremely complex tiered corporate structure to confound SEBI by hampering their ability to consolidate blame. In West Bengal, Jharkhand, Assam and Chhattisgarhit began operating variations of collective investment schemes CIS involving tourism packages, forward travel and hotel booking timeshare credit transferreal estate, infrastructure finance, and motorcycle manufacturing.
Instead, many were told they would get high returns after a fixed period. This time, it acquired and sold large numbers of shares of various listed companies then embezzled the proceeds of the sale through accounts which as of September [update] have not been identified.
Global Automobiles immediately stopped most production but kept workers on its payroll who "pretended to work whenever truckloads and busloads of prospective depositors of Saradha Realty visited the plant for a first-hand check before investing". MP Srinjoy Bose was directly involved with the group's media operations.
Saradha scam: Debjani Mukherjee denies intimate relation with Sudipta Sen
N Gupta to buy shares in a television channel—allegedly at an inflated price. According to officials investigating the case, the actual amount paid could be almost double of what is being claimed. In Januarythe group's cash inflow was, for the first time, less than its cash payouts.
This outcome is inevitable in a Ponzi scheme that is allowed to run full course. Sudipto Sen tried but failed to calm uneasy depositors and agents, and could not increase inflow of funds. On 17 April, around collection agents claiming to be associated with Saradha Group assembled at the headquarters of TMC and demanded government intervention.
A Times of India interviewee said, "'The entire Dakshin Barasat today looks like it was hit by a cyclone. Every home has a bankrupt depositor or a fugitive agent. People who were once friends became enemies.
Happy households became miserable. Students stopped going to school. Traders lost interest in opening shutters. There is a sense of treachery that has replaced the warmth of a neighbourhood. Suddenly everything has become vicious. West Bengal's Chief Minister Mamata Banerjee was reported to have said, "ja gechhey ta gechhey" whatever has gone has gone.
The new law has provisions for retrospective effect, search and seizure, enhanced penalties, establishment of special courts and confiscation of property.saradha sudipto debjani drama pkg 3007
She also reportedly told investigators that some senior functionaries of Saradha Group had misappropriated funds leading to the collapse of the company.
In lieu of her cooperation, Debjani was allowed to meet her cousin in the lock-up and permitted to eat home-cooked food. While speaking to her cousin, Debjani appeared to be normal and inquired about her parents. Sen, on the other hand, was reserved. Investigators reportedly did not pay heed to his allegations of politicians extorting money from him. Police stuck to questions on his property. Though he was remanded in judicial custody, later he was accused in two other cases and remanded in police custody till April Investigators from Bidhannagar City police have focused to unearth the properties of Sardha group during their first full session interrogation of Saradha boss Sudipta Sen and his associate Debjani Mukherjee accused of multi-million ponzi scheme scam.
On Friday senior officers of Bidhannagar city police, including detective department chief Arnab Ghosh interrogated both Sen and Mukherjee more than three hours separately. Police sources confirmed that Debjani was more cooperative during the interrogation than her boss Sen.
During grilling, investigators zeroed in on the assets of Sardha group of companies, their bank accounts and other properties. Most of the time police questioned Debjani how much property have they liquidated.
They all took a detail on their real estate projects and lad deals.
From a quiet girl to Sudipta Sen's queen bee, Debjani Mukherjee and the worlds she's traversed
A senior police officer explained that their initial motto is to find out the properties to confiscate to pave way to refund to the hapless depositors. Debjani however stunned the senior officers. Her memory is brilliant and she told several complicated figures like a machine without fumbling.
Later we cross checked and found all the figures accurate," said an officer. The spontaneous cooperation of Debjani however a main weapon for the cops.