Saradha chit fund scam sees bank seize Global Automobiles

Saradha Global Automobiles manufacturing Expression, Expression Plus+ and Rock 100 bikes seized by bank

0

GLOBAL AUTOMOBILES PVT. LTD (2)Saradha, running ponzi schemes or chit funds had interests in realty, construction, education, media, tours and travels and had purchased Global Automobiles from Shantanu Ghosh. The unit was set up in February 2007 but the venture did not turn out profitable. The two wheelers under brand name Rock 100 made their way into rural India besides to Bangladesh and Nepal. The unit was capable of producing 30,000 units per annum and had 200 employees besides managers. Public sector banks have taken possession of a two wheeler manufacturing unit. They now have physical possession of the unit and will either find a new buyer or put up assets under e-auction to help recover money.

Sudipta Sen, the West Bengal businessman on the run after duping scores of investors in a fraudulent chit fund, is finally arrested from a hotel in Sonmarg, Kashmir. Sen, Chairman cum Managing Director of Saradha Group duped lakhs of depositors who now want their money back. They say they put their money into the Saradha Group because Trinamool leaders were seen to be supporting it.

A Public Interest Litigation has been filed in the Calcutta High Court for a CBI inquiry against the Saradha Group which also urges the court to appoint a receiver to seize all properties affiliated to the Saradha Group. These they say should be auctioned and the money paid to investors. Public sector banks have taken possession of a two wheeler manufacturing unit. These banks now have physical possession of the unit and will either find a new buyer or put up assets under e-auction to help recover their money.

The Chinsurah plant has another story to tell too. It was all game play  or an elaborate film set, only this ain’t a film. Depositors were given plant tours to boost there faith in the chit fund, and everytime a busload of to be duped investors stepped in, employees would go about play acting. The scene being bike manufacturing. So since early 2011, all employees did was await a vehicle filled with potential catch so they could put on a show. The gullible crowd was even offered lunch at the premises. Each time depositors approached, it was time for a costume change  Workers would wear their dress blues, take their place in the assembly shed, and make fake bikes, that were never really made or sold.

Continue Reading