The Securities and Exchange Board of India has ordered attachment of 134 properties of the now defunct Saradha Group and its Chairman, Sudipta Sen, to recover investors’ dues to the tune of over ₹774 crore.
Movable, immovable assets According to the SEBI order, the properties that are to be attached include land parcels, buildings, flats, resorts and other movable assets held by the defaulters that include Saradha Realty India and its MD, Sudipta Sen.
SEBI has attached 120 land parcels in West Bengal, while another 14 assets include properties of Saradha Landmark Cement, properties of Lincoln High School, flats and resorts.
“It is learnt that the defaulters are in possession of the properties and it is also felt that they may dispose or transfer or alienate the assets with a view to obstruct or delay the recovery proceedings, which need to be prevented immediately by attaching the said assets,” SEBI said in an order dated September 24.
The assets, attachments orders for which have been issued, are located across Malda, South 24 Parganas, North 24 Parganas, Purba Mednipur, Cooch Behar, and Murshidabad, among others.
Restraint notice Giving a list of all such properties, SEBI said, “All persons are hereby prohibited from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties mentioned above, which stand attached in execution of the Recovery Certificate.”
In an earlier order in June this year, the market regulator had ordered that bank and demat accounts of Saradha Realty and Sudipta Sen be attached. However, funds available from these accounts were not sufficient to recover the dues.
The Saradha Group, which went bust in April 2013, was involved in various money collection and deposit taking schemes — in the range of ₹10,000-1,00,000 for 15-120 months, with a promise of 12-24 per cent returns — in West Bengal and neighbouring States of Bihar, Tripura and Assam.