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HomeIndiaSujay Bhadra’s involvement in artificially inflating share price now under ED lens

Sujay Bhadra’s involvement in artificially inflating share price now under ED lens

The possible involvement of Sujay Krishna Bhadra, one of the prime accused in the multi-crore school recruitment case in West Bengal, in artificially inflating the price of stocks of certain companies linked to him has now come under the scanner of the Enforcement Directorate (ED).

The ED is also focusing on a reputed and influential city-based chartered accountant, who reportedly helped Bhadra in this connection.

Although the ED is yet to reveal the identity of this charted accountant, it has reportedly got a clear picture as to how his expert advice helped Bhadra in artificially jacking up the share price of a company linked to the latter from Rs 10 a share to Rs 440 apiece.

According to the ED, six corporate entities involved in real-estate business used to purchase shares of the companies having Bhadra’s links at premium prices. When the share price soared and reached a certain level, these six entities sold them and the sale proceeds were again invested in companies linked to Bhadra.

On Wednesday, three teams of ED conducted raids at the premises of these real-estate entities. Documents seized from there revealed the involvement of the said chartered accountant in this process, and from these documents it became clear as to how this business of artificially inflating share price was conducted.

An ED insider said that the said chartered accountant and his son at one point of time were even directors in one of the three corporate entities where raids were conducted on Wednesday. 

It is learnt that the ED is preparing to issue a notice to the said chartered accountant for questioning in the matter shortly.

The ED is supposed to file its charge sheet against Bhadra by July 29 at a special PMLA court in Kolkata.

Sources said that in the charge sheet, the central agency will provide details of the properties and assets registered in the name of Bhadra, his family members and close associates besides detailing how disproportionate these assets are to his income.

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