ED summons Jorasanko TMC candidate in Saradha scam

Kolkata, March 18: The Enforcement Directorate (ED), probing the money laundering aspect of the multi-crore Saradha scam, on Thursday summoned Vivek Gupta, the Trinamool Congress candidate from Jorasanko assembly constituency. Gupta has been asked to depose before ED officials on Monday.

 

 

Meanwhile, businessman Swapan Sadhan Bose who was asked to appear on Thursday in connection with the Saradha scam, is yet to turn up at the CGO complex here. Former Trinamool Congress minister Madan Mitra has been asked to appear before the directorate in connection with the same scam on Friday.

 

 

Gupta had earlier been summoned by the economic offences wing of CBI in relation to financial transactions which had allegedly taken place between him and the Saradha group. Saradha began by issuing secured debentures and redeemable preferential bonds to the public in violation of SEBI rules that bar companies from raising capital from more than 50 people without issuing a proper prospectus and balance sheet. Companies must also have SEBI permission to operate, and must get their accounts audited.

 

 

 

 

After SEBI raised a flag in 2009, the Group diversified, opening 239 companies, and building a complex corporate structure. Through schemes involving tourism packages, forward travel and hotel booking, timeshare credit transfer, real estate, infrastructure finance, and motorcycle manufacturing, the Saradha Group continued to raise capital from ordinary people. The bulk of the investors put in around Rs 50,000 each.

 

 

Many others invested through chit funds under the Chit Fund Act, 1982. Chit funds are regulated by the state government.

.

.