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Govt investigating 154 companies for financial fraud

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SummaryThe ministry of corporate affairs (MCA) said on Monday that various government agencies, including those with the state governments, are looking into complaints of financial fraud against 154 companies, including the group companies of Saradha and Rose Valley in West Bengal.

The ministry of corporate affairs (MCA) said on Monday that various government agencies, including those with the state governments, are looking into complaints of financial fraud against 154 companies, including the group companies of Saradha and Rose Valley in West Bengal.

Informing Parliament, the MCA gave a list of 154 companies, including 14 entities related to Rose Valley Group and 10 belonging to the Saradha Group. Other entities mentioned in the list include Vaishnavi Corporate Communication, Speak Asia, Reebok India, and Alchemist Infra among others.

"Complaints have been received against 154 companies/organisations during the last three years," MCA minister Sachin Pilot said in a written reply to the Rajya Sabha. Pilot said his ministry has ordered a probe of balance sheets and other documents in these cases. "Some cases have been referred to the Economic Offences Wing of the state government concerned for further investigation,” he added.

As per a list provided by the corporate affairs minister in Parliament, complaints of financial fraud have been received against 10 Saradha Group entities such as Saradha Realty, Saradha Agro Development, Saradha Exports and Saradha Garden Resorts & Hotel.

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