Sudipta Sen, the chief architect of over Rs 2,000 crore Saradha chit fund scam, parked hard earned investor funds into loss making companies to convert huge black money into white, a probe report has revealed.
The Enforcement Directorate (ED), which is probing the chitfund scam under anti-money laundering laws, has detected it was a "common practise" deployed by Sudipta to channel the criminal proceeds of the scam into loss making companies so as to "distance the original tainted source from the money generated by the companies (Saradha firms which collected money from investors)."
"It appears that the investments in these properties (sick units) are shown only for regularising the crime proceeds as mobilised by the four companies of the Saradha group in cash, which actually is the placement of the crime proceeds," a probe report filed by the agency in a court said.
"It is seen from the investigation that it was a common practise of Sudipta Sen to acquire a number of flats in different parts of West Bengal as well as in other states (Delhi, Odisha, and Assam) in the name of Saradha Realty India Limited.
"These investments were done on behalf of the company (Saradha Realty) but were ultimately enjoyed by Sudipta personally. This clearly appears the laundering of the public money mobilised from the common masses on the false promise of lucrative returns," the report, accessed by PTI, said.
The ED probe found a "considerable part" of every purchased asset, movable or immovable, was further paid in cash to many of the sellers of the properties for "evading the stamp duties and for other reasons best known to Sudipta."
"Thus, it can be presumed that in cases where a part payment has been made initially and no further payment has been made for a long interval, payments could have been made in cash," the agency said after close to two years of its investigation in the case, indicating the method of generation of black money in the scam.