‘Dey brothers failed to sell Bolpur plot during distress’
Times of India | 23 February 2025
123 Kolkata: The Dey family was banking on selling their land in Bolpur — where they once ran a silk business but shut it down — to tide over their financial troubles and raise some immediate cash to help them continue the factory operations. However, multiple issues attached to the land — and the Dey brothers' present reputation in the area — stopped them from getting a suitable buyer, said cops.
The cops said fresh documents analysed by them revealed that not just their house, even the factory was mortgaged. The banks and financial firms were repeatedly knocking at their door since Feb. The debt in the past year alone rose above Rs 10 crore, with the total debt estimated to be around Rs 20 crore. To top it all, several employees were threatening to cease work until their dues were cleared, the probe revealed.
"The brothers wanted their exports to multiply and took a few risks that were once discouraged by their father, who established this factory. These risks did not pay off," said an officer. The cops stated that the document collection is still not over.
The fact that they tried to diversify and open new ventures but failed also went against them. Sources said the brothers even decided to fund some promoters in the area, but the lack of liquid cash hit their plans. In between, they tried settling their loans in bits and pieces, wiping out the little gains made from the exports.
According to police, in 2023-24, the Dey family renewed their trade licences for the last time. Their factory had two licences. According to sources, they have not renewed them since 2024-25. Prasun and Pranay informed the municipality that they were financially devastated, which is why they could not continue operating it. Therefore, they decided not to renew the licences. Police said the firm operates a factory in North 24 Parganas, about which they are still collecting information.
Stay updated with breaking news, bank holidays and upcoming public holidays in march.