Initiating a probe into the alleged cheating by the Alchemist Group, the Directorate of Economic Offences (DEO) initiated the process to assess property of the group in Bengal.
DEO had initiated the probe against seven such financial firms including Rajya Sabha MP K D Singh's Alchemist Group.
A senior DEO officer said they are probing the case and the process to assess the property has already begun. But it is at a very nascent stage and many more aspects of the investigation are yet to unfold.
As per the West Bengal Protection of Interest of Depositors in Financial Establishments Act after auctioning of the property, DEO will be distributing the money among the affected ones following the set conditions.
It may be mentioned that a Special Investigation Team (SIT) of the Kolkata Police has also initiated a probe into the alleged scam of the chit fund company on the basis of a complaint lodged with Garfa and Bowbazar police station by the investors.
The Kolkata Police may summon Singh soon to question him in this connection. The investigating officers of the city police are also probing the case and the police will also take statement of the investors.