Her name was not in any newspaper. She was a schoolteacher in a village outside Dakshin Barasat in South 24 Parganas. Forty-three years old, with a husband who worked in a small shop and two children in secondary school. She had invested nearly everything she had — ₹2.2 lakh saved over eleven years — in a scheme that a man in her village had told her about. He was an agent of the Saradha Group. He was her neighbour. He was also her brother-in-law.

The agent himself had no idea. He had invested his own savings too. He had told fifty other families in their village to do the same, because he was earning a commission of 30 rupees for every hundred he brought in, and the company he was selling for had offices in Kolkata, owned television channels, sponsored the local Durga Puja, and had their photograph taken with the transport minister of West Bengal.

In April 2013, the Saradha Group stopped paying. The money was gone. The teacher lost ₹2.2 lakh. The agent lost ₹80,000 of his own savings plus his livelihood. In Dakshin Barasat, reporters would later describe the neighbourhood as looking like it had been hit by a cyclone. Every house had a bankrupt depositor or a fugitive agent. Students stopped going to school. Shops closed. A sense of betrayal had replaced whatever trust had existed before.

Their story is one of 1.7 million. Across West Bengal, Odisha, Assam, Jharkhand, and Tripura, the Saradha Group and similar companies had raised what investigators estimate at over ₹20,000 crore from ordinary people — and spent it. On media companies, on loss-making businesses, on land that was never developed, on paintings, on politicians, on a lifestyle that looked like wealth and functioned like a siphon.

What this investigation documents is the full picture: how Sudipta Sen built the scheme, who in government and regulation failed to stop it, which politicians took money from it, what the courts found, and where justice still stands — twelve years on — unfinished.

01
Part One

The Promise

Who Was Sudipta Sen, How the Saradha Group Grew, and Why Millions of People Believed It

The Man Behind the Name

Sudipta Sen's early life is genuinely obscure — which is itself a documented fact, not a gap. What is known is that he was reportedly involved in the Naxalite movement in West Bengal as a young man. He may have operated under a different name, Shankaraditya Sen, before reinventing himself. By the early 2000s he had emerged as a businessman in Kolkata, dealing in land. It was this land business that became the seed of the Saradha Group.

He founded the Saradha Group — named after Sarada Devi, the spiritual consort of Ramakrishna Paramahamsa — around 2006. The name was deliberate. In Bengal, Sarada Devi is a figure of reverence. The name carried trust by association. It also carried a certain protection: who would scrutinise a company with a name rooted in devotion?

Sen was a good performer. People who dealt with him in his early years describe a man who was charming, convincing, and careful about who he was seen with. He understood that visibility equals credibility, and he spent lavishly on both. He hired film stars. He bought football clubs. He launched newspapers and television channels. He sponsored Durga Puja celebrations. He had himself photographed with ministers.

By the time his investors in rural South 24 Parganas were handing him their life savings, Sudipta Sen had constructed an image so complete that questioning it felt almost impolite.

The Architecture of Deception — 200 Companies

The Saradha Group was not one company. This was the central fact that allowed it to evade regulation for so long, and it is documented thoroughly in the Supreme Court judgment and forensic audit.

The group eventually comprised over 200 private companies. The Supreme Court's forensic audit identified 160, with four frontrunner companies doing the heaviest collection work. The structures changed regularly — new companies were incorporated, old ones were modified, schemes were renamed. When one regulatory framework began to apply, a new business model was adopted to fall outside it.

The four main schemes offered to investors were: land allotment, flat allotment, tours and travel packages, and direct fixed deposits. Each was designed to look like a legitimate business. The land schemes claimed to be real estate; the travel schemes claimed to be hospitality; the fixed deposits claimed to be chit funds regulated at the state level rather than collective investment schemes regulated by SEBI.

The forensic audit by Sarath & Associates, submitted to SEBI on February 27, 2014, cut through all of it with a single documented conclusion:

Documented — Forensic Audit, Sarath & Associates, February 27, 2014 (submitted to SEBI)
"The Company has never utilised money so collected from investors for carrying out any legitimate business to earn returns to payback the investors. It has utilized the monies so collected in these takeovers, and venturing into new company for running the loss making businesses like media Channels, newspapers, Magazines, manufacturing automobiles... Since the deposits collected are not utilized for generating income, the monies are spent off and the Company soon has failed to return back the monies to depositors on their maturity."
SOURCE: Interim Forensic Audit Report, Sarath & Associates CA, February 27, 2014 — cited in full in Supreme Court Judgment, Subrata Chattoraj vs Union of India, May 9, 2014

The Agent Network — The Human Chain

Saradha's genius was not financial. It was sociological. The group built its reach not through bank branches or formal institutions but through a massive human chain of agents — ordinary people who sold the scheme to their own communities. For Saradha Realty India Ltd. alone, the forensic audit documented 2,21,000 agents.

These agents were paid a commission of 30% of whatever they collected. This was wildly above market rate — legitimate financial products typically pay 1–3% in commission. The extraordinary commission served two purposes: it made agents wealthy enough to become enthusiastic promoters, and it consumed a third of every rupee collected, making any legitimate investment return mathematically impossible from the start.

The agents were the reason the scheme spread into every village corner shop, every teachers' staffroom, every mosque and temple gathering. They were not criminals. They were neighbours who had themselves received returns in the early months — returns that were, as the forensic audit showed, simply their own principal being returned to them — and who then persuaded fifty other people to trust what they themselves trusted.

When the scheme collapsed, the agents lost everything too. They were simultaneously victims and — unknowingly — the engine of the fraud.

What Was Promised

Returns ranged from 10% to 24% per annum in the SEBI order's documented figures, with some schemes promising more. Investors could start with as little as ₹100. The low entry point was calculated: it brought in the poorest investors, who had no other savings vehicle, and it created the impression of a scheme for everyone. The ceiling was high enough that middle-class families could invest lakhs.

In practice, what the scheme did in its early months — before the collapse — was return investors' own principal and call it profit. The forensic audit is explicit: "The Rs.100 return came from the Rs.100 principal initially invested or from a newly-recruited investor, rather than from any profits." Early investors received what appeared to be returns. They reinvested. They told their families. The chain grew.

200+
Companies in the Saradha Group
2,21,000
Agents for Saradha Realty alone
30%
Commission rate paid to agents
347
Bank accounts across 15 banks
₹100
Minimum investment accepted
7 States
Operations across Eastern India

02
Part Two

The Money

How the Funds Were Collected, Where They Went, and the Extraordinary Gap Between What Was Raised and What Was Found

The Collection Machine

The money came in from every direction and through every mechanism Saradha could devise. The group ran fixed deposit schemes, monthly investment schemes, recurring deposits, land booking advances, flat booking advances, tours and travel packages, and resort timeshares. Each scheme carried a different regulatory identity. The chit fund label put it under state regulation rather than SEBI. The real estate label put it under a different framework entirely. The travel packages were almost entirely fictional.

The Supreme Court's forensic audit documented that Saradha Realty India Ltd. alone collected approximately ₹2,459 crore over five years. But this figure covers only the four frontrunner companies subject to that audit. When the full group is considered — all 200 companies, across all states — the total collection figure runs to at least ₹20,000 crore and by some estimates significantly more.

The bank account structure tells the story of how the money was moved. 347 accounts in 15 different banks. Cash deposited at branch level, transferred to central accounts, then redistributed according to what the Supreme Court judgment describes as "CMD's instructions." Round-tripping transactions moved money between group companies to simulate business activity. The cash trail was deliberately obfuscated.

Where the Money Actually Went

This is the most documented financial failure in the Saradha investigation. The forensic audit compared what was collected against what could be found in real assets. The result was stark:

  • Total collected (Saradha Realty alone): ₹2,459 crore (forensic audit)
  • Real estate investment found: ₹40 crore (state affidavit to Supreme Court); potentially up to ₹110 crore from seized software
  • Gap unexplained: ₹2,349–2,419 crore for the four companies alone
  • Total unpaid to investors: ₹1,900 crore (CBI figure, 2019)

The Supreme Court was direct about this in its judgment: "A huge gap between the amount collected and the investments made in real estate itself calls for effective investigation as to the trail of money collected by the group of companies. Investigation by the State Police has not unfortunately made any significant headway in this regard."

Where did the rest go? The documented answers include: media companies (Saradha ran multiple television channels and newspapers); manufacturing ventures (including an automobile company); football clubs; celebrity endorsements and public events; commissions (30% off the top, every rupee); and international money transfers — investigators found evidence of funds sent to Dubai, South Africa, and Singapore. Some portion went to politicians directly, as Sudipta Sen himself would later admit in writing.

Sudipta Sen's Own Admission

On April 6, 2013 — four days before he fled — Sudipta Sen wrote an 18-page confessional letter and sent it to the CBI. In it, he admitted that he had paid large sums of money to several politicians. He named them. He described specific transactions.

This letter, and a subsequent letter Sen wrote in December 2020 from Presidency Jail, are among the most significant documents in the entire investigation — not because everything in them is verified, but because they represent the confession of the scheme's architect about where the money went.

Documented — Sudipta Sen, Letter to CBI, April 6, 2013
Sen admitted that he had paid large sums of money to several politicians. He also stated that TMC leader Kunal Ghosh had forced him to enter into loss-making media ventures and blackmailed him into selling one of his television channels at below market price.
SOURCE: Wikipedia — Saradha Group financial scandal (citing contemporary reporting, April 2013)
⚠ Disputed — Self-Serving Admission

Sen's letter was written by a man about to flee arrest. Letters of this kind can mix genuine disclosure with self-serving accusations against others. This investigation treats the letter as a significant document pointing to areas requiring further investigation — not as standalone proof of guilt for those named in it. Court proceedings have begun to examine specific claims within it, with mixed results.


03
Part Three

The Collapse

From January 2013 to April 23, 2013 — How the Scheme Unravelled, and the Letter That Started Everything

Ponzi schemes have a mathematical certainty to them. They do not fail because of external disruption. They fail because the number of new investors required to pay the previous investors keeps growing — and eventually, no population is large enough to sustain it. By January 2013, for the first time in Saradha's history, the cash coming in was less than the cash going out. The scheme had reached its end.

Sudipta Sen knew what was coming. He had known it was coming for months. Rather than attempting to extend the scheme further, he made a different calculation: he wrote his letter to the CBI, naming politicians who had taken his money, posted it on April 6, 2013, and then disappeared.

In his absence, the chain broke. Agents who had been collecting new deposits suddenly could not pass money upward. Investors who were due returns suddenly received nothing. Word spread — across villages, across districts, across state lines. It spread faster than any official announcement because it spread through the same human network that had built the scheme.

On April 17, 2013, approximately 600 Saradha collection agents assembled at the headquarters of the Trinamool Congress in Kolkata. They demanded government intervention. They were agents — not investors — and they were furious: at the scheme, at the party that had publicly endorsed it, at a government that had watched it grow for years without acting.

Collapse Timeline — January to May 2013
Jan 2013
Cash inflow falls below cash outflows for the first time. The scheme's mathematical end begins.
Apr 6, 2013
Sudipta Sen writes 18-page confessional letter to CBI, admitting paying politicians. Posts it and begins to flee.
Apr 10, 2013
Sen, Debjani Mukherjee, and Arvind Singh Chauhan leave West Bengal. Saradha scheme collapses in their absence.
Apr 14, 2013
First FIR filed against Sudipta Sen and Kunal Ghosh at Barasat Police Station. State SIT formed under Rajeev Kumar.
Apr 17, 2013
~600 Saradha agents assemble at TMC headquarters demanding government intervention. Public outrage begins.
Apr 18, 2013
Arrest warrant issued for Sudipta Sen.
Apr 23, 2013
Sudipta Sen, Debjani Mukherjee, and Arvind Singh Chauhan arrested in Sonmarg, Kashmir. Same day: SEBI issues its winding up order — three years after first being alerted.
Apr 24, 2013
West Bengal government establishes Commission of Inquiry, headed by Justice Shyamal Kumar Sen (retired Chief Justice, Allahabad High Court).
Apr 30, 2013
CBI begins investigating in Assam at that state government's request. ED begins parallel money-laundering investigation in West Bengal.
Nov 23, 2013
Kunal Kumar Ghosh, MP (Rajya Sabha) and Saradha media CEO, arrested by SIT.
May 9, 2014
Supreme Court orders all investigations transferred to CBI. SIT hands over Sudipta Sen, Debjani Mukherjee, and Kunal Ghosh to CBI.
Dec 12, 2014
CBI arrests Madan Mitra, West Bengal Transport Minister, on charges of criminal conspiracy, cheating, and misappropriation from Saradha Group.
Oct 2016
SEBI Adjudicating Officer imposes ₹2 crore penalty on Saradha Realty, Sudipta Sen, and two directors.
Jan 11, 2017
SEBI Review Order extends liability to all former directors and secretary. Penalty now joint and several across 10 individuals.
Jan 11, 2019
CBI files chargesheet against unnamed advocate who received ₹1.4 crore to help Saradha "manage regulatory enquiries."
Feb 2019
CBI interrogates Kolkata Police Commissioner Rajeev Kumar for 39 hours in Shillong — accused of tampering with Saradha investigation records.
Dec 2020
From Presidency Jail, Sen writes second letter to PM Modi and CM Mamata Banerjee naming politicians from TMC, BJP, Congress, and CPI(M) as beneficiaries.
2025–2026
389 cases against Sudipta Sen still pending. ThePrint (April 2026): trials described as "stalemate." Sen released from custody in some cases due to state failure to produce him in court for over a decade.

04
Part Four

The Victims

1.7 Million People. 25 Lakh Claims Filed. The Human Scale of What Was Done.

The numbers in a fraud investigation can become numbing when they get large enough. This section refuses to let them.

Who Invested

The Saradha scheme was designed for people who had no other savings options. Banking penetration in rural Bengal and Odisha was poor. Interest rates in nationalised banks were low. Financial literacy was limited. Into this gap came the Saradha agent — a known face, a neighbour, someone who was already showing people the returns he was receiving. The minimum investment of ₹100 meant the scheme was accessible to daily wage workers, rickshaw pullers, and small farmers. Many invested their entire savings. Some invested money they had borrowed.

Estimates of the total number of investors vary, but 1.7 million (17 lakh) people is the figure most widely cited across court documents and investigative reporting. Across all the commission proceedings in West Bengal and Odisha alone, over 25 lakh claims were filed with the official inquiry commissions.

What the Victims Lost

The Bengal Commission (Justice Shyamal Kumar Sen) received 18 lakh complaints. The Odisha Commission (Justice R.K. Patra) received 7,45,293 envelopes containing individual claims. These are filed, formal complaints — not estimates. Each envelope represents a family that believed they had somewhere to send their grief and would be heard.

The CBI's own figure, from the 2019 chargesheet, states that investors were owed ₹1,900 crore that was never repaid. Bihar announced a ₹500 crore fund for victims. West Bengal's Commission was authorised to attach assets and sell them for recovery. As of the latest available reporting, 224 immovable properties and 54 vehicles had been identified for possible sale — a fragment of what was taken.

The Agents — Victims Who Were Also Instruments

The agents deserve particular attention because they appear in almost no victim narrative despite being among the most devastated. They were the people who sold the scheme. They were also, in very large numbers, people who had invested their own savings in it. When the scheme collapsed, they lost not only their money but their standing in their communities. In some cases, they faced violence from investors who blamed them. Across Bengal, multiple agents died by suicide in the weeks after the collapse. Their names were not recorded in any official document. Their deaths did not make the newspapers that were covering the arrest of ministers.

"Bonzi"

The people of Dakshin Barasat had a word for what had happened to them. They called it "Bonzi" — a word that fused "Ponzi" with "Bengal." It was a local coinage, born of bitter humour, and it spread through the affected communities faster than any official relief. It captured something the formal legal language did not: that this fraud had not just taken money. It had taken whatever remained of the trust between neighbours, between families, between communities and the institutions that were supposed to protect them.

By 2013, as West Bengal had earned the grim title of "Ponzi capital of India," with 80% of all multi-level marketing and finance scheme complaints in the country originating from the state.


05
Part Five

The Regulators

SEBI Was Alerted in April 2010. It Acted in April 2013. What Happened in the Three Years Between Those Two Dates Is Documented in Detail.

The regulatory failure in the Saradha case is not alleged. It is proven. Every date, every letter, every hearing, and every non-response is recorded in the SEBI orders themselves — orders that SEBI produced. This section cites those orders directly.

The First Warning: April 23, 2010

The Economic Offences Investigation Cell (EOIC) of the West Bengal government sent a letter to SEBI on April 23, 2010. The letter informed SEBI that Saradha Realty India Ltd. was collecting money from the public in rural West Bengal, and included brochures showing the scheme's terms. The EOIC specifically flagged potential violation of the SEBI Act.

SEBI received this letter. It was not ignored immediately. SEBI sent its own letters to Saradha — on June 3, July 14, August 13, October 12, and November 3, 2010 — requesting documents and information. Saradha did not furnish the relevant information. SEBI's response to non-compliance was to request the same documents again.

The Show Cause Notice — December 15, 2011

After a year and a half of correspondence producing no cooperation from Saradha, SEBI issued a Show Cause Notice on December 15, 2011. This was nineteen months after the first alert. Saradha's response — filed in January 2012 — denied everything and claimed it was a legitimate real estate company.

What followed was a documented pattern of deliberate obstruction. SEBI scheduled hearing after hearing. Saradha sent boxes of irrelevant documents. In May 2012, Saradha was directed to provide specific information. In September 2012, it submitted 35 cartons of documents that, in the SEBI officer's documented assessment, did not contain the requested information and were "sent as a strategy to delay the proceedings." In December 2012, a final hearing was held. Saradha sent documents that were returned as irrelevant.

On April 1, 2013 — as the scheme was already visibly collapsing — Saradha sent SEBI a letter claiming that its brokers had committed fraud, and that the relevant data was stored "in servers at Boston, USA" and was outside Saradha's control. The SEBI order is explicit about this: "Such plea of the noticee is an afterthought as till March 2013 the noticee had been claiming that it has all the information/documents with it."

On April 23, 2013 — the same day Sudipta Sen was arrested in Kashmir — SEBI issued its winding up order.

Documented — SEBI Whole Time Member Order, April 23, 2013 (WTM/RKA/ERO-CIS/19/2013)
"By avoiding production of relevant documents/information and by furnishing irrelevant and incomplete documents/information, the noticee has tried to delay the proceedings and mislead the regulatory authority."
SOURCE: SEBI Order WTM/RKA/ERO-CIS/19/2013, Whole Time Member Rajeev Kumar Agarwal, April 23, 2013 — primary document, uploaded to this investigation

Three Years: What Was Happening While SEBI Waited

Between April 2010 (first EOIC alert) and April 2013 (SEBI order), Saradha was not a small local scheme quietly operating in a corner. In those three years, it was expanding rapidly across multiple states. It was hiring tens of thousands of additional agents. It was launching television channels. It was having its photograph taken with ministers. It was collecting hundreds of crores of rupees from people who had no idea SEBI was already investigating it.

In December 2012, RBI Governor Duvvuri Subbarao publicly stated that the West Bengal government should take suo motu action against companies engaged in financial malpractice. This was a public statement by the RBI Governor. The West Bengal government did not act on it.

The Supreme Court was blunt in its assessment in the May 2014 judgment:

Documented — Supreme Court of India, Subrata Chattoraj vs Union of India, May 9, 2014
"A scam of this magnitude going on for years unnoticed and unchecked, is suggestive of a deep rooted apathy if not criminal neglect on the part of the regulators who ought to do everything necessary to prevent such fraud and public loot."
SOURCE: Supreme Court of India, Subrata Chattoraj vs Union of India & Ors, May 9, 2014, Para 22 — primary document, uploaded to this investigation

The Bribery Allegation Against Regulators

The Supreme Court judgment also documented a far more serious finding from the State's own investigation synopsis — that the regulatory failure was not merely negligence:

Documented — Supreme Court of India, May 9, 2014, Para 20
"The synopsis goes to the extent of suggesting that regular payments towards bribe were paid through middleman to some of those who were supposed to keep an eye on such ponzi companies."
SOURCE: Supreme Court of India, Subrata Chattoraj vs Union of India & Ors, May 9, 2014, Para 20 — primary document uploaded. The synopsis was submitted by WB state counsel Mr. Vaidyanathan and named specific officials for investigation.

This finding from the Supreme Court — citing the state's own investigation — says that people inside the regulatory bodies (SEBI, RBI, ROC) were allegedly receiving regular bribes to let Saradha continue. The CBI's 2019 chargesheet confirmed one such arrangement: an unnamed advocate received ₹1.4 crore to help Saradha "manage the said enquiries" by regulatory authorities between 2010 and 2013.

The investigation into who specifically within SEBI, RBI, or ROC was bribed — if anyone — has not produced publicly named prosecutions as of the time of this investigation's publication.

⬛ Regulatory Accountability — The Documented Gap

SEBI's winding-up order was issued on April 23, 2013. The SEBI Review Order of January 2017 imposed penalties on directors. SEBI has never formally investigated whether its own officers delayed action due to bribery, despite the Supreme Court explicitly flagging this as a matter requiring investigation.

No SEBI or RBI official has been prosecuted for the regulatory delay. No internal inquiry report has been made public. The regulatory bodies examined the company — not themselves.


06
Part Six

Political Connections

What the Court Documents Actually Show — Who Was Arrested, Who Was Questioned, Who Was Named, and What Remains Sealed

This section presents only what primary court documents, official arrest records, and verified investigative findings confirm. Each entry is labelled with its evidence status. Where something is an allegation, this investigation says so. Where something is a documented court finding, this investigation says that too.

The political connections to the Saradha Group fall into four tiers: those formally arrested by the CBI; those formally questioned under investigation; those named in court-admitted documents; and what the Supreme Court confirmed exists but has not yet been made public.

Tier 1 — Formally Arrested

Kunal Kumar Ghosh
TMC MP (Rajya Sabha) — CEO, Saradha Media Group
ARRESTED
Arrested November 23, 2013 by the SIT; subsequently handed to CBI. Documented in Supreme Court judgment (Para 15). Ghosh was the CEO of Saradha's media wing and drew a documented salary of ₹1.6 lakh per month from the Group — directly confirmed. The media wing under his management was valued at approximately ₹988 crore. He was named in the first CBI chargesheet filed in October 2014, along with Sudipta Sen and Debjani Mukherjee, for cheating and criminal conspiracy under the IPC and the Prize Chit and Money Circulation Schemes (Banning) Act, 1978. Sen's confessional letter stated Ghosh "forced him to enter into loss-making media ventures and blackmailed him." Ghosh denies these allegations. His trial is ongoing.
Madan Mitra
West Bengal Transport Minister, TMC
ARRESTED
Arrested by CBI on December 12, 2014 on charges of criminal conspiracy, cheating, misappropriation, and deriving undue financial benefit from the Saradha Group. Documented in Wikipedia (Saradha Group financial scandal). Mitra was the head of the Saradha Group employees' union and publicly and repeatedly encouraged people to invest their savings with the company. His public endorsement of the scheme is documented in contemporary reporting. He was later granted bail. His trial is ongoing.
Rajat Majumdar
Former Director General of Police, West Bengal
ARRESTED
Former West Bengal DGP. Arrested in connection with the Saradha scam investigation. Documented in multiple sources including India TV News. The nature of the alleged connection — whether financial benefit or facilitation of the scheme's operation — is part of ongoing proceedings. His trial status is ongoing.
Srinjoy Bose
TMC MP, linked to Saradha media operations
INTERROGATED
Documented in Supreme Court judgment (Para 15): "one Srinjoy Bose, Member of Parliament was also interrogated by serious Fraud Investigation Office in relation to the Saradha Group of Companies." Bose was directly connected to the Saradha media operations. He has not been formally charged in the central Saradha criminal cases as of available reporting, though he has been subjected to formal interrogation by SFIO. Proceedings involving him continue.
Rajeev Kumar
Kolkata Police Commissioner — headed SIT investigating Saradha
INTERROGATED
This is one of the most troubling documented findings in the investigation. Rajeev Kumar was appointed by the West Bengal government to head the Special Investigation Team (SIT) that investigated the Saradha scam in 2013. The CBI subsequently alleged that Kumar tampered with investigation records. In February 2019, after CBI officers were briefly detained when they went to question Kumar at his residence in Kolkata — triggering a political confrontation and Chief Minister Mamata Banerjee's well-documented dharna protest — the Supreme Court ordered that Kumar be interrogated at a neutral location in Shillong. He was questioned for 39 hours over five days. The CBI's allegations of record tampering are part of ongoing proceedings. Kumar later became a TMC Rajya Sabha member.

Tier 2 — Formally Questioned by CBI or ED

Ahmad Hassan
TMC MP
QUESTIONED
Questioned by Enforcement Directorate about financial transactions with Saradha Group. Documented in Wikipedia (Saradha Group financial scandal). No formal charges filed as of available records.
Arpita Ghosh
TMC MP
QUESTIONED
Questioned by Enforcement Directorate about financial transactions with Saradha Group. Also filed early complaint against Sen for non-payment of salaries at Saradha media — she was associated with the media operations. Documented in Wikipedia. No formal Saradha charges filed.
Mukul Roy
TMC General Secretary (later joined BJP)
QUESTIONED
Questioned by CBI in 2015 in connection with Saradha. Named in Sudipta Sen's confessional letter. The Tribune reported CBI's list of political leaders for summoning included Roy. He later defected to BJP. He was also part of the Narada sting operation, which while separate from Saradha, showed the broader pattern of cash acceptance by TMC leaders documented contemporaneously.

Tier 3 — Named in Court-Admitted Documents

The following individuals were named in Sudipta Sen's two confessional letters — the April 6, 2013 letter to CBI and the December 2020 letter from Presidency Jail. Both letters were admitted into legal proceedings. A Bankshall Court gave CBI orders to investigate the December 2020 letter. This investigation notes these names with their evidential context.

Suvendu Adhikari
TMC Leader (later BJP, now Leader of Opposition, WB)
NAMED IN SEN'S LETTER
Named in Sen's December 2020 letter as having received ₹6 crore from the Saradha Group. TMC leader Abhishek Banerjee publicly cited the letter on January 24, 2021, stating Adhikari "not only took Rs. 6 crore from Sudipta Sen, but also blackmailed him." These are allegations based on Sen's letter — not court findings. Adhikari has denied them. A Bankshall Court issued CBI investigation orders in February 2021. No public prosecution has followed.
Adhir Ranjan Chowdhury, Sujan Chakraborty, Biman Bose
Congress / CPI(M) leaders
NAMED IN SEN'S LETTER
Named in Sen's December 2020 letter as beneficiaries. His letter said explicitly: "The list includes some political leaders of the CPI(M), the BJP, the Congress and the Trinamool Congress." This is a significant admission that the political reach of Saradha money crossed party lines. These remain allegations from Sen's letter. No prosecution of these individuals specifically on Saradha charges is documented.

The Mamata Banerjee Connection — What Is and Is Not Documented

Chief Minister Mamata Banerjee has not been arrested or formally charged in the Saradha case. This investigation states that clearly. What is documented:

Mamata Banerjee — What Primary Sources Show
01Paintings purchased: Sudipto Sen reportedly spent ₹18.6 million buying paintings by Mamata Banerjee. The CBI raised this in the Supreme Court in a petition. (Wikipedia, citing CBI's own submissions to the court.)
02Government notification: The West Bengal government under her leadership issued a notification directing public libraries to buy and display Saradha Group newspapers. This is documented government action directly benefiting the Group.
03Political obstruction: The ED formally alleged that West Bengal Police — under her government — obstructed its investigation and refused to cooperate. This allegation was made by a Central government agency in official proceedings.
04The dharna: When CBI went to question Kolkata Police Commissioner Rajeev Kumar in February 2019 — the officer accused of tampering records — she staged a dharna in protest against the CBI. The Supreme Court then ordered Kumar to be questioned outside West Bengal.
05No personal prosecution: Despite all of the above, she has not been charged in the Saradha case. Whether this reflects her actual innocence, insufficient evidence, political protection, or all three is not established by available documents.

The Sealed List — What the Supreme Court Admitted

The most important documented finding about political connections is also the most frustrating one: the Supreme Court itself admitted, in its May 9, 2014 judgment, that the State's investigating agency had identified a sealed list of influential individuals for interrogation. The Court reviewed the list and chose not to make it public.

Documented — Supreme Court of India, Para 19, May 9, 2014
"A perusal of the synopsis furnished and the names included in the list makes it abundantly clear to us that several important individuals wielding considerable influence within the system at the State and the national level have been identified by the Investigating Agency for interrogation. We do not consider it necessary to reveal at this stage the names of the individuals who are included in the list."
SOURCE: Supreme Court of India, Subrata Chattoraj vs Union of India, Para 19 — primary document uploaded to this investigation

The individuals on that sealed list — people at the State and national level, "wielding considerable influence" — have not been publicly named by the Court. The CBI, which took over the investigation in May 2014, has prosecuted some individuals. Whether the sealed list has been fully acted upon is not publicly known.

This investigation formally calls for the unsealing of that list and the publication of the investigation's findings on each person named in it.

Satabdi Roy — The Brand Ambassador

Actress and TMC MP Satabdi Roy served as the brand ambassador for the Saradha Group. Her public association with the scheme lent it the celebrity credibility that helped convince ordinary investors it was legitimate. She was associated with the group's promotions. No criminal charges have been filed against her specifically in the Saradha case.

Shyamapada Mukherjee — The Business Connection

Landmark Cement, a company co-owned by West Bengal textiles minister Shyamapada Mukherjee, was purchased by the Saradha Group. The Wikipedia article on the scandal documents this direct business connection between a sitting minister's company and the scheme that was consuming public savings.


07
Part Seven

The CBI Investigation

What the Supreme Court Ordered, What the CBI Found, and the Chargesheets That Have Been Filed

The Supreme Court's May 9, 2014 order was comprehensive and specific. It transferred all Saradha-related cases from the West Bengal and Odisha state police to the CBI. It instructed the CBI to investigate not just the direct fraud but the larger conspiracy, including the role of regulators and political connections. It authorised the ED to continue its parallel money-laundering investigation. And it left open the option of a monitoring team.

The reasons the Supreme Court gave for the transfer are important: state police was investigating a scam that involved political influence at the state level; the West Bengal government had opposed CBI involvement; the state's own investigation had not traced the money trail; and the national and inter-state scale of the fraud required a central agency.

The First Chargesheet — October 2014

The CBI filed its first chargesheet in October 2014 at the court of the Metropolitan Magistrate of Kolkata. It named: Sudipta Sen, Debjani Mukherjee (executive director), and Kunal Ghosh (MP, media CEO). Charges: cheating and criminal conspiracy under the IPC, and violation of the Prize Chit and Money Circulation Schemes (Banning) Act, 1978.

The Advocate Chargesheet — January 2019

On January 11, 2019, the CBI filed a chargesheet in the Competent Court at Barasat against three parties: an unnamed advocate, a proprietor of Saradha Group companies, and a private company. The CBI press release documents:

Documented — CBI Press Release, January 11, 2019 (official government document)
"The chargesheet against the advocate has been filed on the allegations of taking Rs. 1.4 crore from Saradha group of companies during year 2010-12 and also entering into a criminal conspiracy... for the offences of cheating and misappropriation of funds... It was also alleged that upon contacting the said advocate through another accused, the proprietor was proactively helped by the advocate to manage the said enquiries so that illegal collection of funds from general public continued by these companies all through year 2010 to 2013."
SOURCE: Official CBI Press Release, January 11, 2019 — cbi.gov.in (primary document provided for this investigation)

This is a significant documented finding: someone specifically helped Saradha manage its regulatory problems — SEBI, ROC, EOIC — in exchange for ₹1.4 crore. This is not an allegation of negligence. It is an allegation of active, paid assistance in keeping the fraud going. The advocate is not named in the public press release.

The Rajeev Kumar Confrontation — 2019

The most dramatic documented development of the CBI investigation came in February 2019. CBI officers went to the home of Kolkata Police Commissioner Rajeev Kumar to question him. West Bengal Police detained the CBI team. Chief Minister Mamata Banerjee began a public dharna in protest. The standoff went to the Supreme Court, which ordered Kumar questioned at Shillong. He was questioned for 39 hours over five days.

The CBI's allegation: that Kumar, who had headed the original SIT investigating the Saradha scam, had tampered with and withheld key evidence. If this is established, it means the original state investigation into the scam was not merely slow — it was sabotaged from within.


08
Part Eight

The Court Record

SEBI Penalties, Adjudication Findings, and Why 389 Cases Are Still Stalled in 2026

The SEBI Penalties — Documented and Specific

The SEBI Adjudicating Officer's Order of October 14, 2016 and the SEBI Review Order of January 11, 2017 together constitute the most thoroughly documented findings of guilt in the entire Saradha case. The orders run to 13 pages and cite specific legal provisions, specific individuals, and specific findings. They are primary documents in this investigation.

The SEBI orders found that Saradha Realty India Ltd. and its directors ran "collective investment schemes" without SEBI registration, in violation of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. They imposed a combined penalty of ₹2 crore — to be paid jointly and severally by the company and the following individuals:

  • Sudipta Sen — CMD (penalty upheld)
  • Monoj Kumar Nagel — Director (penalty upheld)
  • Hemanta Pradhan — Director (penalty upheld)
  • Subhojit Sen — Former Director (liable even after resignation, per SEBI Review)
  • Debika Dasgupta — Former Director (liable per SEBI Review)
  • Mitali Banerjee — Former Director (liable per SEBI Review)
  • Poulami Mukherjee — Former Director (liable per SEBI Review)
  • Debjani Mukherjee — Former Director (liable per SEBI Review)
  • Gobinda Prasad Giri — Former Director (liable per SEBI Review)
  • Arvind Kumar Mishra — Secretary (liable per SEBI Review)

The SEBI Review Order explicitly ruled that resignation from a company does not remove liability for violations that occurred during one's tenure. Directors who had resigned years before the SEBI order was issued were still held jointly liable. This is a documented legal finding, not an allegation.

Criminal Cases: The Stalemate

The criminal cases present a radically different picture from the SEBI civil penalties. A detailed analysis published by ThePrint in April 2026 — based on court records across multiple districts — documented what it described as a pattern of "stalled proceedings: charge sheets pending, witnesses not deposing, accused not being produced and crucial documents missing."

As of 2025, there were 389 registered cases against Sudipta Sen in West Bengal alone. Of these:

Sudipta Sen — Case Status, West Bengal, 2025 (Source: State status report to court)
389Total registered cases against Sen in West Bengal
305Cases in which he has been arrested
282Cases in which he has been granted bail
23Cases in which bail is yet to be obtained
17Cases outside West Bengal — production warrants pending for execution
3CBI cases still under active investigation as of 2025

The Barasat case — the very first FIR — is perhaps the most troubling finding. Sen was last produced in that court in 2013. For over a decade, the state did not produce him before the court in that specific case. The Calcutta High Court eventually released him from custody in some cases, citing the state's failure to advance proceedings. The man at the centre of India's largest Ponzi scheme walked out partly because the system that was supposed to try him could not manage to bring him to court.


09
Part Nine

Following the Money

What Was Seized, What Was Recovered, and the Yawning Gap Between What Was Taken and What Was Found

The trail of the Saradha money leads everywhere and nowhere. This is the honest summary of what investigation across multiple agencies has established.

What Was Found

224 immovable properties and 54 vehicles were identified for attachment and possible sale under the West Bengal Commission's orders. Real estate investment in actual projects — the supposed core business — was valued at ₹40 crore at the time of the Supreme Court's review, potentially rising to ₹110 crore based on seized software data. Even at the maximum estimate, this represents less than 5% of the ₹2,459 crore collected by the four frontrunner companies alone.

In Odisha, 163 companies were found to have collected ₹4,565 crore in total, with 43 of the Saradha-adjacent companies accounting for ₹2,904 crore.

What Was Recovered for Victims

Bihar announced ₹500 crore for victim payments. In Odisha, partial payments were documented — ₹24.17 crore paid to 18,596 investors by one company (M/s Prayag Infotech). The WB Commission ordered payments to some beneficiaries, with over one lakh paid and 1,66,456 more identified for payment — though these figures from the 2014 Supreme Court affidavit predate subsequent proceedings and may have changed.

Where the Rest Went

Investigators found evidence of money moved internationally — to Dubai, South Africa, and Singapore. The ED was probing money laundering. The amount that could be accounted for in assets was dramatically less than what was collected. The CBI's 2019 figure of ₹1,900 crore owed but unpaid — which covers only the Saradha Group's direct investor debt — does not represent the total amount missing. Much of it was spent on commissions, media businesses, political payments, and lifestyle expenditures that left no recoverable asset.

The plain reality: most of the money is gone. Some was seized. Much was spent. Some was sent overseas. The victims who filed 25 lakh claims have received, in aggregate, a small fraction of what was taken from them.


10
Part Ten

What Remains Unanswered

The Questions the Investigation Has Not Yet Resolved

This investigation is committed to stating clearly what it does not know as clearly as what it does.

Open Questions — As of Publication
01The sealed list: The Supreme Court confirmed in 2014 that influential individuals at State and national level were identified for interrogation. Who are they? Which of them have been questioned? What did the CBI find? None of this is in the public record.
02The unnamed advocate: The CBI chargesheet (January 2019) names an advocate who received ₹1.4 crore to help manage regulatory enquiries. That person's name has not been made public. Who is this individual?
03Regulatory bribery: The Supreme Court noted that bribes were allegedly paid to regulators. Which specific individuals within SEBI, RBI, or ROC received payments? This has not been prosecuted publicly.
04The international money: Funds were sent to Dubai, South Africa, and Singapore. How much? Through whose accounts? Was any of it recovered?
05Rajeev Kumar's outcome: Was Kumar charged? Did the CBI establish tampering? What was the result of 39 hours of questioning in Shillong?
06Full victim recovery: Of 25 lakh claims, how many have received how much? What is the total amount actually returned to victims as of today?
07The 389 cases: When will the criminal trials reach conclusion? Sudipta Sen was released from custody in some cases due to the state's failure to produce him. Will anyone be sentenced?

FV
Final Verdict

The Reckoning

What the Evidence Proves, What Remains Incomplete, and What This Investigation Calls For
The Saradha Files — Findings
Sudipta Sen Convicted (Partial) / Trial Ongoing
Arrested April 23, 2013. Convicted in a provident fund case in February 2014 (3 years jail). Named in CBI chargesheet (October 2014). Subject to SEBI penalties (2016/2017). Wrote a confessional letter naming politicians. Currently free in some cases due to state's decade-long failure to produce him in court. 389 cases still pending. The man who built this scheme has not faced final justice on the central fraud charges after twelve years.
Saradha Group Directors (10 individuals) Proven — SEBI Penalties Imposed
Sudipta Sen, Monoj Kumar Nagel, Hemanta Pradhan, Subhojit Sen, Debika Dasgupta, Mitali Banerjee, Poulami Mukherjee, Debjani Mukherjee, Gobinda Prasad Giri, and Arvind Kumar Mishra were all found liable by SEBI — jointly and severally — for running unregistered collective investment schemes. ₹2 crore penalty imposed. SEBI established that resignation from a company does not remove liability for violations that occurred during one's tenure. This is the investigation's most clearly documented finding.
SEBI — Regulatory Body Proven Failure — 3-Year Delay
SEBI was formally alerted on April 23, 2010. It issued its winding up order on April 23, 2013. Exactly three years passed. During those three years, SEBI conducted hearings, sent letters, and accepted irrelevant documents while Saradha collected hundreds of crores from ordinary people. The Supreme Court called it "deep rooted apathy if not criminal neglect." Whether the delay was due to corruption — bribes paid through a middleman, as the Supreme Court's judgment referenced — has not been publicly prosecuted. SEBI has never investigated itself for this failure.
Kunal Kumar Ghosh, Madan Mitra, Rajat Majumdar Arrested — Trials Ongoing
All three were formally arrested by the CBI. Ghosh (TMC MP, Saradha media CEO, ₹1.6 lakh/month salary from Saradha) was named in the first CBI chargesheet. Mitra (Transport Minister) was arrested for criminal conspiracy and financial benefit. Majumdar (former DGP) was arrested for alleged involvement. Their trials are ongoing. No final conviction on central Saradha charges has been reached in any of these cases as of available reporting.
Srinjoy Bose, Ahmad Hassan, Arpita Ghosh, Mukul Roy Questioned — No Central Charges
All were formally questioned by CBI or ED. All had documented connections to Saradha Group — financial transactions, media operations, or political associations. No central Saradha criminal charges have been filed against any of them as of available records. Whether this reflects insufficient evidence or insufficient investigation is not answerable from available documents.
Rajeev Kumar Questioned — Tampering Allegations Unresolved
The head of the original SIT was questioned for 39 hours by CBI on allegations of tampering with evidence. If the tampering allegation is established, it means the original state investigation was corrupted from within. The outcome of CBI proceedings against Kumar is not publicly documented in final form. He became a TMC Rajya Sabha member after leaving the police.
Named in Sen's Letters — Adhikari, Chowdhury, Chakraborty, Bose Alleged — Under Investigation
Named in Sen's confessional letters and subject to a court order for CBI investigation. These remain allegations from a document written by the convicted architect of the fraud. No prosecution has followed. The claims cross party lines — TMC, BJP, Congress, CPI(M) — suggesting systemic political capture rather than one-party corruption.
The West Bengal State Government (2006–2013) Documented Failure to Act
The government issued notifications directing public libraries to buy Saradha newspapers. The government's SIT was later accused of evidence tampering. The government opposed CBI investigation in the Supreme Court. The ED alleged obstruction of its investigation. The RBI Governor's December 2012 public call for suo motu state action was ignored. The pattern is documented across multiple sources. It does not point to a government that was unaware of the Saradha Group. It points to a government that was aware and chose not to act.
1.7 Million Victims Robbed — Partially Uncompensated
This is the clearest and most painful finding. 1.7 million people invested their savings in a scheme that every regulatory body in the country had the tools to stop years earlier. Twenty-five lakh claims have been filed. The total amount returned to victims is a fraction of what was taken. Twelve years on, the trials are stalled, the money is largely gone, and the people who lost everything are still waiting.
🔄 Investigation Status — Ongoing. Updates Coming.

The Saradha criminal trials are active in courts across West Bengal as of 2026. The sealed list of influential individuals identified by the Supreme Court in 2014 has not been made public. The CBI's investigation of Rajeev Kumar remains unresolved in public records. 389 cases against Sudipta Sen are still in progress.

This investigation will be updated as court proceedings produce new findings — as chargesheets are unsealed, as trial outcomes are announced, and as the sealed political connections either come to light or are buried permanently by the same system that let the scheme run for seven years.

The Postmortems is following this case. Visit regularly for updates. If you have documents — court records, CBI filings, ED orders, FIR texts — contact us. Verified documents will be published.

thepostmortems.in — Investigate. Verify. Reveal.


Quick Facts — The Saradha Scam
Founded
2006, Kolkata, by Sudipta Sen
Group Structure
200+ companies; 4 frontrunner companies; 160 identified by forensic audit
Estimated Total Raised
₹20,000+ crore across all states and companies. Forensic audit figure for 4 companies alone: ₹2,459 crore
Investors Affected
1.7 million+ across West Bengal, Odisha, Assam, Jharkhand, Tripura, Bihar
Claims Filed
25 lakh+ to official commissions (18 lakh to WB Commission; 7.45 lakh to Odisha Commission)
Unpaid to Investors
₹1,900 crore (CBI figure, 2019 chargesheet)
Real Assets Found
₹40–110 crore — less than 5% of the forensic audit collection figure
Agent Commission
30% of each deposit — 2,21,000 agents for Saradha Realty alone
SEBI First Alerted
April 23, 2010 — by EOIC, Government of West Bengal
SEBI Order Issued
April 23, 2013 — exactly 3 years later
Collapse
April 2013 — Sen arrested Sonmarg, Kashmir, April 23, 2013
Supreme Court Order
May 9, 2014 — CBI investigation ordered; sealed list of influentials identified
Politicians Arrested
Kunal Ghosh (MP, arrested Nov 2013); Madan Mitra (Minister, arrested Dec 2014); Rajat Majumdar (former DGP, arrested)
SEBI Penalties
₹2 crore — joint and several across 10 named individuals (2016/2017 orders)
Criminal Cases (Sen)
389 cases in WB alone; 3 CBI investigations still pending as of 2025
Final Criminal Conviction
None on central fraud charges — 12 years on, trials are stalled
Sealed Political List
Exists — confirmed by Supreme Court (May 2014) — not yet made public
Sources & References
A. Primary Court Documents (Uploaded to this Investigation)
01Supreme Court Judgment — Subrata Chattoraj vs Union of India & Ors, May 9, 2014 (WP Civil 401/2013 and connected matters). Bench: T.S. Thakur, C. Nagappan. Equivalent citations: 2014 AIR SCW 2828, 2014 (8) SCC 768. Contains the forensic audit findings, the money trail analysis, the sealed list reference, and the transfer order to CBI. Primary document — full text uploaded.
02SEBI Order WTM/RKA/ERO-CIS/19/2013, April 23, 2013. Whole Time Member Rajeev Kumar Agarwal. Against Saradha Realty India Ltd. and Sudipta Sen. Contains the full regulatory timeline, Saradha's obstruction pattern, the CIS findings, and the winding-up order. Primary document — full text uploaded.
03SEBI Review Order WTM/SR/SEBI/ERO/01/01/2017, January 11, 2017. Whole Time Member S. Raman. Contains the liability findings for all 10 named directors/secretary, the director appointment/cessation table, and the joint penalty order. Primary document — full text uploaded.
B. CBI Official Documents
04CBI Press Release, January 11, 2019. Official government document. Details the chargesheet against unnamed advocate and proprietor for receiving ₹1.4 crore to help "manage enquiries." Source: cbi.gov.in. Primary document provided for this investigation.
C. Academic Sources
05"Case Study of Saradha Scam on Indian Economy" — Prof. Rahul Varma and Bipin Kanaujiya, IJARSCT Vol. 3, Issue 6, January 2023. ISSN 2581-9429. Impact Factor 6.252. Secondary source. Used for contextual findings; primary documents preferred for specific claims. Uploaded to this investigation.
D. Verified Reference Sources
06Wikipedia — Saradha Group financial scandal. en.wikipedia.org/wiki/Saradha_Group_financial_scandal. Extensively cited; extensively footnoted. Used for names, arrest dates, political connections, and money trail facts where verified against other sources. Accessed June 2026.
07ThePrint — "Saradha scam trials: 13 yrs on, Bengal's biggest financial fraud stuck in a 'stalemate' in courts". April 17, 2026. theprint.in. Detailed analysis of 389 cases against Sen; first source documenting the decade-long failure to produce Sen in Barasat court; confirmed state status report figures. Web-searched for this investigation.
08India TV News — "What is Saradha scam? How did India's biggest Ponzi scheme unravel". February 5, 2019. indiatvnews.com. Details on Sen's Naxalite background, cash inflow collapse in January 2013, the 18-page confessional letter, "Bonzi" coinage, and Rajeev Kumar's role in Kashmir arrest. Web-searched for this investigation.
09RBI Governor Duvvuri Subbarao — Public statement, December 2012, calling on West Bengal government to take suo motu action against Ponzi companies. Multiple contemporary sources cited.
10The Tribune India — "Saradha scam: CBI grills TMC leaders," December 29, 2014. Details CBI's summoning list including Mukul Roy, Firhad Hakim, Partha Chatterjee. Web-searched for this investigation.
Message from The Postmortems

"The woman in Dakshin Barasat who lost ₹2.2 lakh is still waiting. The agent who lost his savings and his community's trust is still waiting. The agents who died by suicide in the weeks after April 2013 are beyond waiting. Justice that takes twelve years and still has not arrived is not justice delayed. It is justice that has decided, quietly, not to come at all. We refuse to let it disappear quietly. We will keep the record open, keep the names visible, and keep asking the questions that comfortable institutions would rather no one asked."

thepostmortems.in  ·  Investigate. Verify. Reveal.