A division bench of the high court on Tuesday expressed surprise and displeasure over allegations that properties worth ₹58 crore in north Bengal, held by a court-appointed committee for repayment to defrauded depositors, had been illegally transferred between 2021 and 2025.
The bench is headed by Justice Rajarshi Bharadwaj.
The court questioned how properties entrusted to a committee tasked with selling seized assets linked to default scams and chit fund companies and returning the proceeds to victims could have been transferred while under its supervision.
“The said property is under the custody of a committee set up by Calcutta High Court for the purpose of selling and returning the amount to depositors. How can the property be transferred?” Justice Bharadwaj asked.
The bench directed the Enforcement Directorate (ED) to conduct a detailed probe into the alleged transfers and submit a report to the court.
The committee was constituted to oversee the disposal of properties seized in connection with default scams and chit fund cases across Bengal, with the proceeds meant to be returned to people who had lost their savings in such schemes.
The alleged transfer of properties worth ₹58 crore has raised concerns over the protection of assets meant to compensate the victims.
Counsel for the state informed the court that the authorities had already asked the Directorate of Economic Offences (DEO) to investigate the matter.
The lawyer said the DEO had prepared a report indicating that land properties worth ₹58 crore in north Bengal alone had allegedly been transferred illegally.
The court was also told that Vibgyor owned several properties across Bengal and that there were concerns that substantial sums might have been siphoned off during the period.
Arindam Das, counsel for the depositors, also alleged that a substantial amount of money had been misappropriated.
Following the submissions, the bench directed the state government, the court appointed committee and the ED to file separate affidavits setting out their respective positions on the alleged transfers.
The matter will be taken up after the Puja vacation, when the court is expected to consider the reports and responses filed by the parties.