Alchemist Group investors to get their money back

Kolkata: People from the state, who had invested through different schemes in Alchemist Group, will be getting their money back.

SP Talukdar Committee, which was constituted by the Calcutta High Court, will start returning the money from July 2.

It may be mentioned that as per the list prepared, there are around 1.35 lakh investors in the group of K D Singh. It has been decided that the committee will start to distribute the cheques from the first week of July itself.

The news has brought back smiles on the faces of lakhs of people and they are now eager to get their money back as early as possible.

It has been decided that every day, 250 investors will be getting cheques of the exact amount

that they had invested in the chit-fund schemes of the Alchemist Group.

The committee was set up in December 2015. The list of investors has been prepared and it also includes the amount of money they had invested. In the first phase, people who had invested amounts under Rs 10,000, will be getting the cheques.

It may be recalled that the state government had formed the Shyamal Sen Commission to probe into Saradha Group's chit fund scam and to recommend the process of refunding the money.

The Commission had even started refunding the money of the people who had invested in Saradha Group's chit fund schemes.

After five long years, people who had invested in the schemes of Alchemist Group, are going to get their money back.

It may be mentioned that complaints had been lodged against the Alchemist Group with three different police stations of Kolkata in April 2017 and it was alleged that the complainants had not got

back the money that they had invested.

Based on the complaints, cases under various sections of the Indian Penal Code (IPC) were filed under charges of cheating (420 IPC), criminal breach of trust (406 IPC) and criminal conspiracy (120B).

Moreover, Kolkata Police had also formed a Special Investigation Team (SIT) to probe into the allegations.

The Directorate of Economic Offence (DEO) had also initiated

a probe in connection with the

allegations against Alchemist Group.

The state government has also introduced the West Bengal Protection of Interest of Depositors in Financial Establishments Act, to avoid repetition of such chit-fund scams in future.