The group floated various schemes to collect huge amounts of money from small-time investors on false promises of phenomenal returns, according to the agency.
The Enforcement Directorate (ED) has taken possession of assets worth ₹304 crore of Rose Valley Group of companies in connection with the Ponzi scam.
According to the agency, the group floated various schemes to collect huge amounts of money from small-time investors on false promises of phenomenal returns. However, it defaulted on re-payments.
The ED identified several properties in West Bengal, Odisha, Tripura, Assam, Maharashtra, Jharkhand and others States that were acquired in the name of various Rose Valley Group companies, by illegally diverting the collected funds. Following the procedures under the Prevention of Money Laundering Act (PMLA), the agency attached the properties.
The attachment orders were confirmed by the Adjudicating Authority. The ED has also filed chargesheets against the accused persons and companies.
“A special drive was undertaken by Kolkata Zonal Office-II for taking possession of the properties of Rose Valley Group of companies, throughout West Bengal, Tripura and Odisha under PMLA, which resulted in taking over possession of 412 movable properties amounting to ₹47 crore and 426 immovable properties amounting to ₹257 crore,” said the agency.
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