Sudipta bought sick units to turn black money into white: ED
Sudipta Sen, the chief architect of over Rs 2,000 crore Saradha chit fund scam, parked hard earned investor funds into loss making companies to convert huge black money into white, a probe report has revealed.
The Enforcement Directorate (ED), which is probing the chitfund scam under anti-money laundering laws, has detected it was a "common practise" deployed by Sudipta to channel the criminal proceeds of the scam into loss making companies so as to "distance the original tainted source from the money generated by the companies (Saradha firms which collected money from investors)."
"It appears that the investments in these properties (sick units) are shown only for regularising the crime proceeds as mobilised by the four companies of the Saradha group in cash, which actually is the placement of the crime proceeds," a probe report filed by the agency in a court said.
"It is seen from the investigation that it was a common practise of Sudipta Sen to acquire a number of flats in different parts of West Bengal as well as in other states (Delhi, Odisha, and Assam) in the name of Saradha Realty India Limited. "These investments were done on behalf of the company (Saradha Realty) but were ultimately enjoyed by Sudipta personally. This clearly appears the laundering of the public money mobilised from the common masses on the false promise of lucrative returns," the report, accessed by a news agency, said.