Kolkata, Oct 13 — A Division Bench of the Calcutta High Court, on Tuesday, directed the Enforcement Directorate to investigate the allegations of covert sale of assets and property owned by the chit fund entity, Vibgyor, violating the judicial injunctions.
The Division Bench of Justice Rajarshi Bhardwaj and Justice Sudip Dey expressed displeasure on how Vibgyor’s properties and assets could be sold despite the pre-imposed judicial injunctions on its.
The Division Bench also ordered an immediate initiation of the process to seize the assets of the said entity that have not yet been confiscated.
The case of illegal sale of Vibgyor’s property came up for hearing at the Calcutta High Court on Tuesday. The state government submitted a sensational report where it was informed that the Directorate of Economic Offences had conducted a preliminary investigation, and it was found that the property in the custody of the committee formed on the orders of the Calcutta High Court had been exchanged in violation of judicial injunctions between 2021 and 2025.
It also started the property worth Rs 54 crore in the Dooars region in North Bengal, which was owned by the said chit fund entity, as well as some other properties owned by it in other pockets, were sold in violation of the judicial injunctions.
The state government sought some time to submit the complete investigation process.
The counsel for the depositors informed the court that despite the court-imposed injunctions, the properties were registered and sold by transferring them to other companies.
After hearing the statements of all the parties, the Division Bench directed ED to take up the investigation, and in the matter and fixed November 26 as the next date of hearing in the matter.
On that day, the state government, the court-nominated committee and the ED will have to submit their detailed reports to the court in the matter.