The Saradha money collection scam may just be the tip of an iceberg. Information available from just two districts, out of 19, in West Bengal, has proved that hundreds of such companies have proliferated across the State.
The list far exceeds the 72 companies against which the Ministry of Corporate Affairs has initiated a probe for running ponzi schemes or multi-lelvel marketing-initiatives.
In a directive issued last week, the West Bengal Government asked all district authorities to submit a police station-wise list of deposit-taking companies, number of agents employed, number of investors in such schemes and the estimated amount mobilised.
Probe on
A parallel survey has also been launched through the State Intelligence Bureau, to ensure quality of data on the reach of deposit-taking companies. A final report of the survey will be given to the State Director General of Police.
While both the authorities are scheduled to submit reports within May 15, early results from at least two districts in the State show existence of no less than 200 money collection companies in each district.
According to Kalyan Mukhopadhyay, SP, Malda, an on-going survey in his district have brought to light around 200 such deposit mobilising companies.
“Investigations are on. So far, we have identified 200-odd companies in the district that carry out deposit taking schemes. However, we do not know if all them are legal or not,” Mukhopadhyay told Business Line .
Details of the agents employed and money mobilised are being worked out, he added.
Report from a South Bengal district — considered to be one of the most backward in the State — has revealed the names of some 200-odd such deposit-taking companies that operate in the region. A copy of the report has already been sent to the Intelligence Bureau.
“There might be some overlapping names with the same company having branch offices in different districts,” a senior police officer said.
According to unconfirmed reports, almost 800 different firms are collecting investors fund in the State. They are said to have mobilised over Rs 70,000 crore with the Saradha group alone mobilising nearly Rs 20,000 crore.
The comprehensive list is likely to help track the mushrooming of deposit–taking companies in the State. The State Government, following public outrage over the Saradha Group going bust, has initiated a special investigation team (SIT)-headed by the Director General of Police to look into the matter. It has also proposed a new legislation to protect depositors’ interests.
Saradha investigation
Saradha Group Chairman and Managing Director Sudipta Sen was on Thursday remanded in nine-day police custody. Police custody was granted to Sen in a fresh case of fraud that was filed at city-police station by an investor of the Saradha Group.
Sen along with co-accused Debjani Mukherjee (director) and Arvind Singh Chauhan (in-charge of the Group’s Jharkhand operations) were produced before the Additional Chief Judicial Magistrate’s Court in Bidhannagar this afternoon.
The trio had earlier been remanded in police custody for 14 days based on a complaint of breach-of-trust filed by a Group employee.