ED attaches Rose Valley’s Rs 250 crore property in chit fund

ED attaches Rose Valley’s Rs 250 crore property in chit fund scam case

Back To Homepage Subscribe To RSS Feed

Breaking News

Deputy CM Ensures Land ROR Distribution for Bondas, Reviews Bonda Ghati Progress Iswar Addanki Malkangiri,Odisha,21.12.2024 -Deputy Chief Minister Smt. Parvathi Parida reviewed the distribution of land and common forest titles under the Vasundhara Yojana in Bonda areas like Mudulipada, Baddural, Andrahal, and...
Emerging Climate Leaders Share Insights from COP29 By Our Staff Reporter Bhubaneswar, Dec 20: A dissemination meeting was organized today by Youth4Water Plus, with support from UNICEF Odisha, to share key takeaways and experiences from the...
108-foot monumental National Flag unveiled at Rama Devi Women’s University, President Droupadi Murmu’s alma mater By Manoj Jena Bhubaneswar, Dec. 18: A 108-foot monumental national flag, installed by the Flag Foundation of India, was unveiled on Wednesday at Rama Devi Women’s University in Bhubaneswar, Odisha....
IMFA Joins Hands with JSW Green Energy for Renewable Power Supply By Swagatika Bhutia Bhubaneswar, Dec. 18: Indian Metals & Ferro Alloys Ltd (IMFA), a leader in ferrochrome production, has entered a joint venture with JSW Green Energy to secure renewable...
India’s first cyclone-resistant 220kv transmission line commissioned in Odisha By Payal Banarjee Bhubaneswar, Dec. 17: Empowertrans, a Bhubaneswar-based electrical engineering firm, has successfully commissioned India’s first cyclone-resistant 220kV double-circuit (D/C) transmission line in coastal Odisha. The announcement was made...

ED attaches Rose Valley’s Rs 250 crore property in chit fund scam case

April 30

00:48 2023

Print This Article Share it With Friends

by indadmin

By Sukant Mohanty

By Bhubaneswar, April 29: The Enforcement Directorate (ED) on Saturday attached Rose Valley chit fund company’s property worth Rs 250 crore.

In Odisha, the enforcement agency has so far attached both moveable and immovable assets of the ponzi firm worth Rs 1,171 crore.

Sharing the details, the Enforcement Directorate tweeted, “ED has attached movable and immovable properties having a present market value of Rs. 250 crore (approx.) in an ongoing investigation against Rose Valley Group of Companies and its promoters under the PMLA, 2002. Total attachment in this case till date is 1171.71 Crore.”

According to sources, the ED is continuing its investigation into the multi-crore chit fund scam under the Prevention of Money Laundering Act.

Earlier several political leaders and employees of the chit fund company were arrested and questioned in connection with the case.

The ponzi firm allegedly duped thousands of gullible investors in several states including Odisha to the tune of crores of rupees assuring them of higher returns.

It is worthwhile to mention here that, as many as 2,38,477 small depositors in Odisha, who had invested in the Rose Valley ponzi firm, have got refunds to the tune of around Rs 60.22 crore. This was informed by the State Finance Minister Niranjan Pujari during the Budget Session of the Assembly.