Saradha Scam: 'immediately return the money...', Calcutta High Court's BIG initiative give relief to depositors

The Calcutta High Court has taken a big initiative to recover the money of the depositors of S The court directed SEBI, CBI, ED and the state that the money recovered from the properties sold by Saradha should be immediately disclosed and submitted to the one member commitee headed by S.P Talukdar. The properties that have not yet been sold should also be handed over to the one-member committee immediately.aradha. A division bench of Justice Indra Prasanna Mukherjee and Justice Subhendu Samanta on Monday directed the state government and central agencies like CBI, SEBI and ED to return the money together in a series of cases brought by the depositors of chit fund company Saradha. 

The court directed SEBI, CBI, ED and the state that the money recovered from the properties sold by Saradha should be immediately disclosed and submitted to the one member commitee headed by Justice S.P Talukdar. The properties that have not yet been sold should also be handed over to the one-member committee immediately. The division bench also made it clear that as per the deposit refund scheme, the one-member committee will take the initiative to return the money of the defaulters. 

The court also ordered that the three properties in the hands of SEBI should be immediately auctioned and the money recovered from it should be handed over to the committee. After the closure of the Shyamal Sen Commission, the High Court's order has given rise to new hopes of returning the money of the duped depositors of Saradha. 

In the Saradha case, lawyer Subhashis Chakraborty's plea was that the central investigating agency CBI had started the investigation in the Saradha case on the orders of the Supreme Court, later sebi and ED entered the case. Some properties were recovered even when the state was earlier investigating. The lawyer also alleged that so far no company has taken the initiative to return the depositors' money to the depositors in the case, i.e. the loss of depositors' money. The court passed the order on Monday. 

Subhashis said around Rs 140 crore recovered by Saradha is still in the hands of the state government. Sebi, CBI, ED have around Rs 1200-1300 crore in hand. In all, about Rs 1,500 crore will have to be returned to the depositors. The depositors hope that the money will be available this time after a long period of complications.