In its latest order in connection with the Saradha Realty scam, the Securities and Exchange Board of India (SEBI) has asked for defreezing of the bank account of a former official of Saradha Realty in a matter related to an illicit money pooling case.
In July 2017,SEBI had ordered the attachment of bank accounts of Saradha Realty and 10 others for recovery of over Rs 1.09 cr along with further interest and all costs, among others.
In the latest order, the regulator said that the attachment order shall not affect the pension amounts credited or to be credited in Arvind Kumar Mishra's bank account with the State Bank of India's Uttar Para Branch. All other accounts pursuant to the July 2017 attachment order "shall continue to be attached".
Saradha Realty MD Sudipta Sen and two other directors Hemanta Pradhan and Monoj Kumar Nagel were asked by SEBI in October 2016 to pay a total fine of Rs 2 cr for their failure to comply with the regulator's earlier directions to wind up illicit money-pooling schemes and refund the investors.
Saradha Realty, as also its promoters and directors, were asked by SEBI in April 2013 to wind up all existing collective investment schemes and to refund the money collected from investors, with returns, within three months.
In January this year, the regulator had imposed a total penalty of Rs 1 cr on Saradha Realty, Sen, Pradhan, Nagel and seven former employees of the firm in the illicit money pooling case. However, recovery proceedings were initiated against Saradha Realty and 10 others after they failed to pay the penalties.