Young, qualified employees caused my downfall: Sen

Saradha Group chief Sudipta Sen said he was never a small-time builder or known as Shankar Sen as assumed. He said he has also never owned a house at Survey Park.

Investigating officers said during interrogation, Sen has revealed that he had been a promoter at Naktala in 2000. He forayed into the money market in 2008. He built castles in the air for poor investors, knowing well it was not possible to provide returns at such high interest rates.

According to police sources, Sen, during interrogation, said: "Young and qualified employees had been the prime reason behind my downfall."

Police said property worth Rs 500 crore had been identified in Bishnupur and property worth another Rs 500 crore had been found during interrogation since Sen's arrest.

Police today also seized six bikes with Kolkata Police's stickers from a garage behind the Midland Park office building of Saradha Group. The bikes, fitted with beacons and hooters, were brought to Electronic Complex PS, in Salt Lake. "We suspect these bikes were used by the employees of Saradha Group to ferry documents at night to avoid attracting police attention," said a senior officer.

His building promoting business flourished and he rented an office for Sarada Constructions (it was spelt thus then) on Free School Street and had appointed a retired IPS officer as one of the directors. Later, he had to vacate that office when business slumped and he default on rent for five months, at the rate of Rs 60,000 per month.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.