Chit fund scam: Ponzi firm Rose Valley’s property worth Rs 250 crore attached by ED

As part of its ongoing investigation into the muti-crore chit fund scam, the Enforcement Directorate (ED) on Saturday attached Rose Valley chit fund company’s property worth Rs 250 crore.

So far, the enforcement agency has 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.