Everything below comes from official sources — a regulator's order, High Court proceedings, a criminal conviction, an arrest, and the public corporate register. Each item links to its source. We state only what the record establishes; where we offer an opinion, we say so.
By order dated 20 February 2014 (WTM/RKA/CFD/08/2014), the Securities and Exchange Board of India found that Vibgyor Allied Infrastructure Ltd raised about ₹61.76 crore from ~49,562 investors through an illegal issue of debentures. SEBI's order names Raja Bhadra (promoter/director), Rana Bhadra (director) and Rabindra Nath Dey (director), treats them as “officers in default,” restrained them from the securities market for three years, and ordered the money refunded with 15% interest.
Recovery is ongoing: SEBI has been e-auctioning the group's properties (public notices through December 2024).
The Calcutta High Court constituted the Justice (Retd.) S. P. Talukdar Committee to build a corpus by selling the group's assets and to refund roughly 52,000 Vibgyor depositors. A Division Bench approved a disbursement scheme; asset auctions continue.
Separately, in the decree-holder's own matter — Execution Case No. 94 of 2019 — an arbitral award of 8 December 2017 (now ₹67,37,490 with running interest) remains unsatisfied. Public court proceedings record that the Court issued warrants against directors Rana Bhadra and Jagannath Debnath after repeated failures to appear.
A special court under the Odisha Protection of Interest of Depositors Act convicted the Vibgyor group's Odisha Managing Director and sentenced him to 10 years for defrauding investors of about ₹14 crore.
In West Bengal, the Vibgyor Group's founder-chairman, Raja Bhadra, was arrested in 2017 following a look-out notice; reports describe hundreds of crores collected from ordinary people.
Per the Ministry of Corporate Affairs' public director-master records, the individuals connected to Suryamukhi General Finance & Investment Co. (India) Ltd — the company that took the family's money — are or were directors of a large number of companies in the same group. The verified record includes: