Kolkata, 13 October (H.S.) : The Calcutta High Court has voiced strong dissatisfaction over allegations that assets belonging to the chit fund entity Vibgyor were sold covertly in violation of judicial injunctions. A division bench comprising Justice Rajarshi Bharadwaj and Justice Sudip Dey directed that the investigation into the matter be transferred to the Enforcement Directorate (ED). Furthermore, the bench instructed authorities to initiate the process of seizing all remaining unattached properties of the firm.

During the proceedings on Tuesday concerning the illicit disposal of properties, the state government submitted a detailed report based on a preliminary inquiry conducted by the Directorate of Economic Offences (DEO). The findings revealed that several assets held under the custody of a court-mandated committee were systematically transferred between 2021 and 2025 in breach of statutory protocols. These transactions encompassed not only properties worth Rs 54 crore located in the Dooars region of North Bengal but also multiple parcels scattered across various parts of the state. The state government sought additional time to place its final investigation report on record.

Meanwhile, counsels representing the depositors, Subhashish Chakraborty and Arindam Das, submitted that properties were being routed through front companies to bypass legal bans, enabling unauthorized registrations and outright sales. After hearing submissions from all parties, the division bench scheduled the next hearing for November 26, directing the state government, the asset management committee, and the ED to submit comprehensive status reports on that date.

The fraudulent activities of Vibgyor came to public attention during the unfolding of the Saradha financial scam, following a spate of cheating complaints lodged across the state. As law enforcement closed in, the firm's proprietor, Raja Bhadra, fled abroad.

Anticipating a lull in the investigation, Bhadra attempted to return to the country, only to be apprehended at Delhi airport by a specialized detective team from the Kolkata Police. Police records indicate that Vibgyor illicitly mobilized approximately Rs 500 crore from the market by promising lucrative returns, subsequently channeling funds into real estate and the film industry to lure prospective investors. While authorities had secured its assets, recent reports of their clandestine offloading prompted severe scrutiny and subsequent intervention from the High Court.

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Hindusthan Samachar / Satya Prakash Singh