300 bank accounts, 200 firms used to commit Saradha scam: ED

New Delhi: A complicated maze of 338 bank accounts and 224 companies was used by the perpetrators of the  Saradha chit-fund scam which is alleged to have duped numerous   investors of their hard earned monies in various states   including West Bengal, Odisha and Assam. The Enforcement Directorate (ED), which has been probing   the Saradha scam under money laundering laws, has put together the jigsaw puzzle through which the Saradha group and its sister companies conducted the alleged dubious business   transactions which came to light early last year after investors raised their voice and said they were cheated. 

In one of the most voluminous investigations being  carried out by the agency involving lakhs of multi-layered   transactions, it was allegedly found that "more than 90 per   cent of such companies existed only on paper and only 17 companies out of the 224 companies actually had carried out   some business."   

The rest, investigators claimed, were floated as ‘dummies’ to act as cover for unleashing the alleged ponzi scheme. The latest ED probe report has ascertained that the   laundering amount in this case amounts close to Rs 1983.02crore and it has identified it as "proceeds of crime" as   stipulated under the criminal provisions of the Prevention of   Money Laundering Act (PMLA).  

Investigations by the central enforcement agency found that a part of this huge amount was allegedly "channeled into   various investments through a maze of 338 bank accounts in  various branches of different banks and a total of 224 private   limited companies were floated with definite equity basis so as to conceal the irregular collection defrauding the common   mass.  

"Except a handful of these companies, the probe report lleged that "all the others were registering loss in their  annual profit and loss accounts." Investigative agencies probing the case including ED, state police departments of West Bengal, Odisha and Assam, have brought under their scanner four companies of the Saradha   group which are Saradha Realty Private India Limited, Saradha  

Tours and Travels Pvt Ltd, Saradha Garden Resort and Hotel Pvt   Ltd and Saradha Housing Pvt Ltd as they have been alleged to   have mobilised money from the public, the returns of which   were later duped leading to the scam.