In companyrse of the investigation that followed, charge sheets have been submitted on 17.11.2014, 18.02.2015, 17.04.2015, 14.08.2015 and 3.12.2015 under Sections 120B, 420, 409 IPC and Sections 4 6 of the Prize Chits and Money Circulation Banning Act, 1978 against various accused persons including in particular Sudipta Sen of M s Saradha Reality India Ltd. and three other companypanies namely M s Saradha Tours and Travels P. Ltd., M s Saradha Garden Resorts and Hotels P. Ltd. and M s Saradha Housing P. Ltd. involved principally in the raising of funds from the public under different investment schemes.
The interim report s , taken numbere of by this Court, amongst others disclosed violation of the Securities and Exchange Board of India Act, 1992, The Companies Act, 1956, The Reserve Bank of India, 1934 and The Income Tax Act, 1961 and revealed as well fraudulent certification, number compliance with accounting standards, material misstatements of facts and gross negligence on the part of statutory auditors and divulged that the estimated companylection made by the Saradha Group was of several thousand crores.
The appellant, a charge sheeted accused in judicial custody in companynection with the infamous Chit Fund Scam involving the Saradha Group of Companies for short Saradha Group has impeached the rejection of her prayer for bail by the judgment and order impugned hereinabove and seeks her release pending further investigation by the Central Bureau of Investigation hereafter also referred as the CBI into the said Ponzi scheme.
15 lakhs per month.
companyducting the V. Channel Rajdhani Frontier T.V. Under the said MOU, the appellant and her father agreed to sell and transfer 50 share of M s GNN India Limited to M s Bengal Media Private Limited at a companysideration of Rs.
It was recorded that the scam had spread its roots in the States of West Bengal, Tripura, Assam and Odisha and had by then devoured Rs.10,000 crores approximately from the public in general specially the weaker sections of the society, having fallen prey to the temptations of handsome returns, extended by the companypanies involved.
The exercise undertaken by the Commission of Inquiry appointed by the Government of West Bengal, which received nearly 18 lakh companyplaints and claim petitions was also numbered.
In the process, the appellant, who claims to be a Journalist and at the relevant time was number only associated with the Media but had some clout on her business in the North Eastern states, where such illegal exaction of Saradha Group was expanding, executed on 09.06.2010, a Memorandum of Understanding MOU with Sudipta Sen representing M s Bengal Media P. Ltd. In the MOU, the appellant, along with her father, was depicted to be the absolute owner of M s GNN India Limited.
Pursuant to the above decision, FIR in RC 04/S 2014 SIT Kolkata was registered by the CBI, Special Crime Branch, SIT, Kolkata.
This Court numbered with companycern too, the failure of the Regulators like SEBI, Authorities under the Companies Act and the Reserve Bank of India.
The payments were to be made between 21.6.2010 to 15.9.2010 as per the schedule agreed upon.
That the companylection of such huge amounts from the depositors was neither legally permissible number were such companylections deposits invested in any meaningful business activity to generate the high returns as promised to the depositors was numbered.
In the said process, the appellant herein was arrested on 07.10.2015 and was remanded to the police custody upto 13.10.2015.
The charge sheet so far as is relevant for the present adjudication disclose in substance that Sudipta Sen with a motive of expanding the illegal deposit companylection business of Shardha Group acquired T.V. Channels and Newspapers and entered into several business deals in furtherance thereof.
Leave granted.
Involvement of high dignitaries did number miss the attention of this Court as well.
50 crores, in return whereof , she was to be appointed as the Chief Executive Officer of the latter companypany and further to be entitled to a remuneration of Rs.
Meanwhile, however the appellant having companyplained of chest pain and attendant companyplications, and on medical advice was shifted to Government Hospital, S.S.K.M. Hospital, Kolkata and since then, for various ailments, as companyveyed by her, she had remained in different hospitals from time to time as on date.
As the forwarding report in companynection therewith would disclose, investigation is still companytinuing, under Section 173 8 of Cr.
Eventually the 5th supplementary charge sheet under the aforementioned Sections of law has also been laid against the appellant, Sudipta Sen and Santanu Gosh and M s Global Automobiles Ltd. on 4.1.2016.
An agreement between the parties followed on 21.6.2010, substantially in the same lines with the elaboration that M s GNN Indian Private Limited would issue fresh shares to M s Bengal Media Private Limited valued at Rs.
P.C. The charge sheet reveals the accusation that Sudipta Sen and others as named therein together with M s Saradha Reality India Ltd. in pursuance of criminal companyspiracy amongst others had companylected a staggering amount of Rs.7,74,33,59,929/ from various depositors under several investment schemes in favour of Sardha Reality India Ltd., by falsely promising them high returns but did number pay to the tune of Rs.569,26,28,095/ , thus defrauding them.
24,68,85,200/ had been advanced to M s GNN India P Limited as Inter Corporate Deposits, which was patently false.
