DEO's first chargesheet against Ponzi firm

KOLKATA: The newly established Directorate of Economic Offences (DEO) has filed its first chargesheets on Monday against the Equinox Group - a Naihati-based investment firm - and its four directors. The group, having 13 companies, allegedly duped investors to the tune of Rs 155 crore.
"Since 2009, the companies have received deposits from people of West Bengal, Maharastra, Karanataka, Uttar Pradesh, Bihar, Jharkhand and possibly some others states by opening several branch offices and collected more than Rs 155 crores.Since 2013, the company started defaulting on repayments (it failed to repay Rs 129 crore). A case was registered at the Jagaddal police station (Case No. 151/17) on February 15 this year under IPC sections 342, 323, 406, 409, 468, 420 and 120. When we took over the case, we added Section 3 of the West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013," said OSD Dilip Adak.
"Prasanta Chakraborty, the chief director, purchased landed properties at different parts in India along with vehicles and valuable assets in his name and those of his near relatives. Those properties have been identified at Alipurduar , Dinhata, Bijpur, Birati, Habra and Amethi in UP. Necessary action has been taken for restraining and prohibiting anyone from buying, selling or otherwise engaging with the properties. Some properties have already been seized. All bank accounts and lockers of Prasanta and companies have been frozen," said a source.
According to sources, the company has so far cheated approximately 1,38,981 persons. Efforts are on to identify other properties of the accused in and outside Bengal.
"The chargesheet has been submitted before the Additional District Session Judge, 3rd Court, Barasat. Necessary legal steps are being undertaken to return the money deposited by the investors," said Adak.