Sarada Scam: Failed firms kept Sudipta Sen is Ponzi funds out of the books
Admin | 14 November, 2014 | 784 | 3980
In unraveling the complex financial trail of the Sudipta Sen-orchestrated Saradha scam, the Special Fraud Investigation Office (SFIO) team has found that the books of the group show money parked in seven companies with very low or even negative net worth.
The SFIO report states that there was no economic rationale in investing in these companies and the books of accounts have been falsified.
"The common element in these acquisitions was that the companies so acquired by the group were mostly loss-making and continued to be so even after their acquisition by the Saradha Group. In brief, it could be observed that no financial benefit was derived by Saradha Group by acquiring or making investments in these companies," the report states. It has recommended filing of charges against the Saradha board members as well as directors of some of these companies.