a day ago
Saradha group owner Sudipta Sen, associate acquitted in 3 Ponzi scheme cases
Kolkata: A Kolkata court acquitted Saradha group owner Sudipta Sen and his associate Debjani Mukherjee on Tuesday in three Ponzi scheme cases citing lack of witnesses, lawyers aware of the court proceedings said. Tuesday's acquittal order was passed by the 11th judicial magistrate's court at Bichar Bhawan. (Representational image)
'Figuring among the 300-odd cases filed against Sen in and outside Bengal, these three were started by Kolkata's Hastings police station after his arrest in 2013 on the basis of complaints lodged by three investors,' a lawyer said, requesting anonymity.
Tuesday's acquittal order was passed by the 11th judicial magistrate's court at Bichar Bhawan.
'The court observed that of the 50 witnesses named by the state, only 15 deposed during the hearings. As a result, the charges of cheating (Section 420 Indian Penal Code) and criminal breach of trust (Section 406) could not be proved by the prosecution,' the lawyer added.
Lawyer Arindam Das, who is representing a few hundred affected investors of the Saradha, Rose Valley and other companies, said Sen's acquittal exposes inefficiency of the prosecution.
'With only 15 of the 50 witnesses appearing in court, the police clearly failed to do its job,' said Das.
It is alleged that the Saradha Group raised more than ₹2,500 crore since the 1990s primarily from lower income group people by promising high returns.
The West Bengal police arrested Sen and Mukherjee from Kashmir in 2013 when he went underground after the scam was exposed. Both are in judicial custody.
The main probe against the Saradha group was started by the Central Bureau of Investigation (CBI) in 2014 following orders of the Supreme Court. The Enforcement Directorate (ED) is conducting a parallel investigation. Both agencies have filed chargesheets against several of the accused but their investigations are not yet over.
Chief minister Mamata Banerjee alleged multiple times before the 2024 Lok Sabha elections that the Bharatiya Janata Party (BJP) government at the Centre is using the federal agencies for electoral gains. The BJP, however, lost six seats in the polls and its rally came down from 18 to 12 while Trinamool Congress secured 29 of Bengal's 42 seats.
Some leaders from both parties are named as suspects by the CBI and ED. They include leader of the opposition in the Bengal assembly, Suvendu Adhikari, who left TMC and joined the BJP in December 2020. TMC state general secretary Kunal Ghosh is named by ED in a supplementary chargesheet.
