Securities And Exchange Board Of India (SEBI) on Thursday ordered defreezing of the bank account of a former official of Saradha Realty in a matter related to an illicit money pooling case.
In July 2017, the SEBI had ordered the attachment of bank accounts of Saradha Realty and 10 others for recovery of over Rs 1.09 crore along with further interest and all costs, among others.
In the fresh order, the regulator said that the attachment order is not to be affected in respect of pension amounts credited or to be credited in Arvind Kumar Mishra's bank account with the State Bank of India (SBI)'s Uttar Para Branch.
SEBI also said that all other accounts pursuant to the July 2017 attachment order "shall continue to be attached".
In October 2016, SEBI had directed Saradha Realty, its managing director Sudipta Sen as well as two other directors Hemanta Pradhan and Monoj Kumar Nagel to pay a total fine of Rs 2 crore for failing to comply with the regulator's earlier directions to wind up illicit money-pooling schemes and refund the investors.
Saradha Realty, as also its promoters and directors, were asked by SEBI in April 2013 to wind up all existing collective investment schemes and to refund the money collected from investors, with returns, within three months.
In January this year, the regulator had imposed a total penalty of Rs 1 crore on Saradha Realty, Sen, Pradhan, Nagel and seven former employees of the firm in the illicit money pooling case.
However, recovery proceedings were iniatiated against Saradha Realty and 10 others after they failed to pay the penalties.
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