The Enforcement Directorate has launched a probe into West Bengal-based Surana group and the associated entities in connection with the allegations of cheating a large number of investors, mostly senior citizens, through a Ponzi scheme.
A senior agency official confirmed that investigations into the allegations under the Prevention of Money Laundering Act were under way. However, the official refused to comment on the extent of the alleged scam at this stage. The case has been registered on the basis of the FIRs lodged by the victims with the local police.
It is alleged that the accused persons collected funds from the investors, including senior citizens, from 2008 till 2018. While multiple FIRs have been filed, no significant action has allegedly been taken so far by the police.
Some investors have alleged that several financial institutions were also taken for a ride by mortgaging the properties, acquired using the collected funds, for loans that turned non-performing assets. The process of auctioning the mortgaged properties was also allegedly influenced in collusion with bidders.
One of the victims, in a complaint, alleged being cheated of ₹11 crore. In a case registered at the Topsia police station, another victim has alleged cheating of ₹1.85 crore on the pretext of selling properties in an upcoming building project. There are at least eight more FIRs involving huge amounts, ranging from ₹25 lakh to ₹3.30 crore.
According to the victims, in 2008, the group in question had floated an investment programme for senior citizens. They have identified about 20 companies associated with more than a dozen accused persons.
The fund corpus till then was stated on paper to be around ₹300 crore, of which about 55% was said to have been invested in the real estate, 25% in gold/jewellery, 15% in shares/stocks and 5% in cash or cash equivalent. In three years, the corpus as claimed in the group’s purported newsletter went up to ₹1,100 crore with 70% investment in the real estate. In 2014, it reached to ₹1,600 crore and then ₹1,900 crore in 2017.
As alleged, lured by the prospect of high returns, the victims invested huge amounts. However, they did not get their money back.
Having registered the case, the ED has sought details about the FIRs related to the suspects from the local police.
