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SEBI orders attachment of 134 properties of Saradha reality

India Blooms News Service | | 28 Sep 2015, 02:02 pm
Mumbai, Sept 28 (IBNS) The Securities and Exchange Board of India (SEBI) has ordered attachment of 134 properties of the West Bengal-based Saradha group and its chief Sudipta Sen to recover the investors' money, collected illegally, reports said.

The properties, worth more than Rs. 774 crore being attached include land parcels, buildings, flats, resorts, as also furniture, televisions, refrigerators, generators and computers along with all other "movable assets" held by the two defaulters.

The regulator has directed the two defaulters to furnish the complete details of all these properties in a prescribed format to Sebi within two
In further action, Sebi in June attached various bank and demat accounts of the two defaulters, but funds available in those accounts were not sufficient for recovery of the dues.

The recovery proceedings were initiated on June 4 against Saradha Realty India Ltd and its Managing Director Sudipta Sen for their failure to pay a sum of Rs 774.3 crore, a partial amount of the deposits.

Sebi found that the company was collecting money from public in the range of Rs 10,000 to Rs 1 lakh for 15 months to 120 months, with a promise of returns of 12-24 per cent as part of its ponzi schemes..

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