One of the directors of scam hit Saradha hails from Durgapur

Manoj Kumar Nagel, one of the four directors of Saradha Realty and one of the three directors of Saradha Printing and Publications, the two group company of Sharada Group that has duped lakhs of small investors of Bengal, is reported to be from Secondary Road of Durgapur.

agents-agitating-cm-house-kolkata
Agitating agents outside CM’s house in Kolkata

Saradha Realty India has four directors—Sudipta Sen, Hemanta Pradhan, Manoj Kumar Nagel and Arvind Kumar Mishra. Sen used to stay in Salt Lake Sector III. Pradhan was from Balipal near Balasore while Manoj Kumar Nagel was from Secondary Road, Durgapur. Mishra’s address is shown at Bhadrakali in Hooghly.

Manoj Kumar Nagel of Durgapur is also a director in Saradha Printing and Publications, the holding firm for the media ventures. The media arm has two more directors—Sudipta Sen and Debika Dasgupta. As per the corporate affairs department filing, Dasgupta is from Malancha school area in Kharagpur.

On reaching Nagel’s address in Secondary Road of Durgapur it was found that the house is locked. Nagel was the chief agent of Saradha in Durgapur. He used to collect Rs 2 crore per month from Durgapur. “He was in charge of the City Center office in Durgapur. Nagel used to organize all the agents in the area that added up to few thousands. But he certainly disappeared from last week. Now both the office and his residence are closed.

The crisis stemming from the collapse of the Saradha Group – one of eastern India’s biggest deposit-taking chit fund companies has left lakhs of company agents and depositors at a loss of over 120 crore of rupees. Durgapur has not been left out either from this crisis. Thousands of investors from Durgapur have lost crore of rupees and the agents are fearing of being lynched by investors and even prefer being arrested out of utter desperation to save their lives and family.

Though, Trinamool leaders are desperately trying to distance themselves from the raging fire but the ruling party cannot wash its hands of the muddle so easily. Saradha Group CMD Sudipta Sen is known for his proximity to Trinamool Congress and Party MP Kunal Ghosh was the Group CEO of Saradha’s media interests till 4th April 2013.

Many of Trinamool Congress leaders were seen many-a-times as the flag-bearers of the Sardha Group. Even none has probably forgotten the fact that it is the same Saradha Group who have seen sponsoring dozens of motorcycles and ambulances that chief minister Mamata Banerjee flagged off in Jangalmahal in 2011. This has undoubtedly added up to investor’s confidence in the Sharda Group companies.

Trinamool Congress leaders meanwhile, sought to wash the party’s hands of the whole affair, saying the Trinamul-led government had not issued any licenses to chit fund operators. They also sought to distance the party from its Rajya Sabha MP, Mr Kunal Ghosh, who is linked to the Saradha Group.

With thousands of small investors – especially in semi-urban and rural areas — heading for doom, the government faces perhaps its gravest crisis ever. Knowing this, the CM has ordered to go all out for the arrest of Saradha Group CMD Sudipta Sen. But her apparent silence over Mr. Kunal Ghosh the Rajya Sabha MP of Trinamool who has been the CEO of Saradha Printing and Publications has raised many eye brows.

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