Odisha Sun Times Bureau
Bhubaneswar, Nov 27:
The Enforcement Directorate (ED) today attached a total of 2,631 bank accounts of ponzi firm Rose Valley Group in the states of West Bengal, Odisha, Jharkhand, Tripura, Assam and Himachal Pradesh.
The ED has frozen Rs 295 crore lying in these bank accounts under the provisions of the Prevention of Money Laundering Act (PMLA), sources said.
The attachment order issued by the ED’s Kolkata Zonal office under PMLA today sealed a total of 2,631 bank accounts, both in private and public sector, in the states of West Bengal, Odisha, Jharkhand, Tripura, Assam and Himachal Pradesh with immediate effect, sources said.
It was the biggest ever attachment done by the ED under the PMLA in the country till now.
Today’s attachment involved two firms— Rose Valley Estate Construction Limited and Rose Valley Hotel and Entertainment Private Limited.
Reliable sources said the ED has found that the Rose Valley Group had floated 27 companies for running the alleged chit fund operations out of which only half-a-dozen were active.
The ponzi firm had allegedly floated the scheme by promising inflated returns on investments between 8 and 27 percent to gullible investors in various states. Besides, it had also promised lucrative returns to the depositors by promising “enhanced returns” on land properties and assets and bookings done in the real estate sector.
The ED has pegged the total volume of the alleged irregularities at Rs 15,000 crore, sources revealed.
The ED a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, Government of India in the course of its investigations found that the company had made “cross investments” in its various sister firms to suppress its liabilities towards investors.