Assets worth ₹6.28 cr of chit-fund Saradha Group in Assam attached by Enforcement Directorate

April 22: The Enforcement Directorate (ED) on Friday attached assets worth Rs 6.28 crore of chit-fund Saradha Group of Companies in Assam. The properties of the Saradha Group was attached by ED under the Prevention of Money Laundering Act (PMLA), 2002 for running illegal Ponzi schemes. Sarada The allegedly cheated thousands of depositors, promising abnormally high returns on investments in its illegal schemes.

The Enforcement Directorate, in its charge-sheet, said the chit-fund company raised money from the public between July 2008 and April 2013 through four of its companies. The four companies are Saradha Realty India Ltd, Saradha Tours & Travels Pvt Ltd, Saradha Housing Pvt Ltd and Saradha Garden Resorts and Hotels Pvt Ltd.

ED informed that the quantum of total money mobilised by this group company is about Rs 2,459 crore out of which about Rs 1,983 crore remains unpaid to the depositors to date. The Saradha group allegedly run a chit fund scam with operations spread in West Bengal, Assam and Odisha till 2013.