Yet to recover Rs 2,394 crore of investor money from Saradha: Govt
Government on Tuesday said as much as Rs 2,394 crore of investors' money that was collected through ponzi schemes by the West Bengal-based Saradha Group is yet to be recovered.
New Delhi: Government on Tuesday said as much as Rs 2,394 crore of investors' money that was collected through ponzi schemes by the West Bengal-based Saradha Group is yet to be recovered.
As per the investigation report submitted by the Serious Fraud Investigation Office (SFIO), the Saradha Group of companies had mobilised Rs 2,459 crore through various schemes during the period financial year 2008-09 to April 2013.
"...Out of this amount, Rs 2,394 crore is outstanding (including accrued interest)" Minister of State for Finance Jayant Sinha said in Rajya Sabha in a written reply.
He further said that as per the investigation report submitted by the SFIO, 26,95,286 policies were issued under various schemes by the Saradha Group of companies to almost an equal number of investors.
"96 per cent of the outstanding policies are from small investors who deposited less than Rs 50,000," Sinha added.
The Corporate Affairs Ministry had ordered investigation into the affairs of Saradha Realty India Ltd and 13 group companies on the basis of reports the Registrar of Companies, West Bengal.
The Registrar of Companies had pointed out a number of irregularities, including cheating by these companies by way of raising deposits/funds from the public.
The CBI has taken policy custody of the six accused arrested earlier by the West Bengal police, Sinha said.
The investigating agency has also arrested 5 more accused in connection with Saradha Chit Fund scam case, he added.
Besides, the Enforcement Directorate has arrested three persons in the matter.
Sinha also said that no comparative data is available to "arrive at a conclusion as to whether the Saradha Chit Fund scam is the biggest ever ponzi scheme" in the country.