ED takes possession of ₹304-crore assets of Rose Valley Group
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The group floated varied schemes to gather large quantities of cash from small-time traders on false guarantees of phenomenal returns, in keeping with the company.
The Enforcement Directorate (ED) has taken possession of assets price ₹304 crore of Rose Valley Group of firms in reference to the Ponzi rip-off.
According to the company, the group floated varied schemes to gather large quantities of cash from small-time traders on false guarantees of phenomenal returns. However, it defaulted on re-payments.
The ED recognized a number of properties in West Bengal, Odisha, Tripura, Assam, Maharashtra, Jharkhand and others States that had been acquired within the title of varied Rose Valley Group firms, by illegally diverting the collected funds. Following the procedures below the Prevention of Money Laundering Act (PMLA), the company hooked up the properties.
The attachment orders had been confirmed by the Adjudicating Authority. The ED has additionally filed chargesheets in opposition to the accused individuals and corporations.
“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,” mentioned the company.
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