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Rose Valley ponzi scam: Enforcement Directorate takes possession of Rs 304-crore assets
The Rose Valley group of companies had collected huge amount of money from gullible public by floating various fake and fictitious schemes and defaulted the re-payments .
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NEW DELHI: The Enforcement Directorate on Friday said it has taken possession of assets worth Rs 304 crore in connection with its money laundering case in the alleged Rose Valley ponzi scam that took place in West Bengal and Odisha. Possession has been taken of properties of the Rose Valley group of companies throughout West Bengal, Tripura and Odisha under the Prevention of Money Laundering Act (PMLA). This includes 412 movable properties amounting to Rs 47 crore and 426 immovable properties worth Rs 257 crore, the central probe agency said in a statement.
Enforcement Directorate Takes Possession Of Assets Worth Rs 304 Crore In Rose Valley Case Enforcement Directorate Takes Possession Of Assets Worth Rs 304 Crore In Rose Valley Case The Rose Valley group of companies had collected huge amount of money from gullible public by floating various fake and fictitious schemes and defaulted the re-payments.
Multiple charge sheets have been filed by the Enforcement Directorate in this case so far
New Delhi:
The Enforcement Directorate (ED) today said it has taken possession of assets worth Rs 304 crore in connection with its money laundering case in the alleged Rose Valley ponzi scam that took place in West Bengal and Odisha.
ED attaches assets worth ₹304 crore of Rose Valley Group
April 30, 2021
Central probe agency had registered an FIR against the firm and its chairman in 2014 Enforcement Directorate has taken possession of movable and immovable properties worth ₹304 crore of Rose Valley Group of companies under prevention of money laundering rules.
The central probe agency had registered an FIR against the firm, its Chairman Gautam Kundu and others in 2014.
The Rose Valley scam is an old-fashioned Ponzi scheme promise the moon, collect and rotate money in loop until the fun finally stops. Entities affiliated to the group Rose Valley Real Estates and Constructions and Rose Valley Hotels and Entertainment garnered thousands of crores from investors, primarily in the eastern States. These sums were ostensibly instalments for property purchases or holiday packages. But investors also had the option of getting their money back with a tidy interest up to 21 per cent annualised. On being c
Enforcement Directorate Cites Value of Rs 304 Crore in Rose Valley Case
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Several chargesheets have been filed in this case by the Enforcement Directorate so far.
New Delhi:
The Enforcement Directorate (ED) today said it has “taken possession” of assets worth Rs 304 crore in connection with its money laundering case in the alleged Rose Valley Ponzi scandal in West Bengal and Odisha.
The Central Investigation Agency said in a statement, “The assets of the Rose Valley group companies have been taken over under the Prevention of Money Laundering Act (PMLA) in West Bengal, Tripura and Odisha.”
“This includes 412 movable assets worth Rs 47 crore and 426 immovable assets worth Rs 257 crore.”