MUMBAI: The Saradha group chit fund scam that broke out last year saw huge amounts of money that never existed in the first place, vanish into thin air. Consequently the government stripped its TV channel licences and threw its chairman behind bars.

Now the creditors who had lended money to the group are all set to get back their dues. A commission set up by the West Bengal government has decided to auction its three TV channels - Tara Muzik, Tara News and Tara Punjabi - alongside 200 of the group's cars in order to raise funds and return it to the creditors.

It also said that 16 bungalows and flats in which people had given part payment will be given to the owners completely after the leftover amount is submitted to the commission. Saradha group chairman Sudipto Sen was also present at the hearing who had been arrested in April last year when the ponzi scam broke out.

According to a press trust of India report, while leaving he had said that he wanted all of the group's properties to be auctioned to build the money to be paid to investors.