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Saradha Group chit fund kingpin arrested in J&K

Saradha Group chit fund kingpin arrested in J&K
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Sudipta Sen, the West Bengal businessman on the run since his chit fund went bust last week, has reportedly been arrested from a hotel in Sonmarg, Kashmir, on Sunday. His associates Debjani Mukhopadhyay and Arvind Singh Chauhan are also in police custody. Sudipta Sen is the chairman-cum-managing director of the Saradha group

‘All the three persons have been detained in theSonmarg area of Jammu and Kashmir. The police there have identified them as Sudipto Sen, Debjani Mukherjee and Arvind Singh Chauhan,’ Bidhannagar Police Commissioner Rajeev Kumar told reporters here.

A Scorpio vehicle with a West Bengal number plate has also been seized, Kumar said. ‘Our team is there, after completing all necessary legal procedures they will be produced in court there and efforts will be made to bring them back,’ he said.

The Mamata Banerjee government had ordered Sen’s arrest when he went missing last week soon after Saradha group offices across West Bengal began to shut down and many of its cheques bounced. With a huge default in repayments, the group has collapsed, leaving lakhs of fund collection agents and depositors in the lurch. A number of suicides also took place in the wake of the chit fund bungle.

Banerjee has blamed the Centre and the Left Front government that preceded hers for the chit fund scam. She has argued that chit funds are controlled by the Centre, which she said had failed to ensure a law that adequately protects investors. She said her government wants to bring an Ordinance to protect investors, but she would need the Centre to first withdraw the current law

A Public Interest Litigation has been filed in the Calcutta High Court for a CBI inquiry against the Saradha Group. The petition urges the court to appoint a receiver to seize properties of chit fund companies to auction them and pay back depositors.

Meanwhile, protests erupted across Assam against the Saradha group for allegedly duping its investors, agents and employees engaged in its various companies in the state.

Demanding returns on their investments, angry investors also broke down the vehicles and scooters of the group.
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