Sen was in total control of the deposits made by the branches and (he) distributed the money among various loss-making companies of Saradha Group and also invested in property across the country.
“The group had within its ambit a number of newspapers and media channels throughout India and huge sums of money were transferred to run those,” the report said.
The scam, which saw lakhs of investors getting duped, came to light in April after which Sen was arrested along with two others from Sonmarg in Jammu and Kashmir.
A host of agencies like the Corporate Affairs Ministry's Serious Fraud Investigation Office (SFIO), Finance Ministry's ED and Income Tax department, Securities and Exchange Board of India (SEBI) and special police units in WB, Assam and Odisha are probing Saradha Group's collective investment fund schemes and other depository businesses for fraud and cheating.
