The Rs500 crore properties would be in addition to the properties worth Rs1,050 crore which have already been attached by ED
The Enforcement Directorate (ED), which is probing the money trail in the Saradha ponzi scam will further attach properties worth Rs500 crore.
"We have identified properties for the attachment, which is now under process. The estimated market value of these properties will be Rs500 crore," says an official from ED.
He said this would be in addition to the properties worth Rs1,050 crore which have already been attached by ED.
These properties, held in the name of Saradha group chief Sudipto Sen, are large pieces of land, including an orchard, at Bishnupur in Malda.
Properties held in the names of former union minister Matang Sinh, who is now in jail custody following his arrest by Central Bureau of Investigation (CBI), and painter Shuvoprasanna would also be attached.
Claiming that this was a 'big achievement' of ED, the official said the total value of attached properties would cross Rs1,500 crore which was substantial.
According to estimates, the total money raised by Saradha Group was about Rs2,500 crore out of which Rs541 crore had been returned to the depositors.
"The amount of Rs1,500 crore was a part of the outstanding Rs1,959 crore which was not returned," the ED official said.
The attached properties would be put up for auction once the PMLA (Prevention of Money Laundering Act) court gave its direction to do so, he added.
CBI is also probing a criminal conspiracy angle of the Saradha scam.