EOW wants to confiscate properties of Rose Valley

Bhubaneswar: The Economic Offences Wing (EOW) under the Crime Branch of Odisha Police on Monday sought permission from the Finance department to confiscate properties of Bangalore-based ponzi firm Rose Valley, said ADG B K Sharma.

Stating that there were at least 15 criminal cases against Rose Valley company on charge of cheating investors in the state, Sharma said the EOW proposed confiscation of about 15 acres of land, bank deposits worth Rs 51 crore in different banks in the name of the company and 12,000 sq feet of commercial space at Utkal Signature on the Cuttack-Bhubaneswar Highway.

Besides Odisha, the ponzi company also allegedly cheated investors in West Bengal, Sharma said adding some of its employees have been arrested earlier.

"Though CBI has been probing the criminal angles in the ponzi activities of the company, the EOW will prefer to confiscate its properties under the Odisha Protection of Interest of Depositors (in Financial Establishments) Act, 2011," Sharma said adding the state government was keen to return money to investors.

He said the EOW has so far sought permission from the state's Finance department to confiscate properties of 14 ponzi companies.