Chit Fund Scam: ED Attaches Rose Valley’s Property Worth Rs 250 Cr

Bhubaneswar: The Enforcement Directorate (ED) on Saturday attached property worth Rs 250 crore from Rose Valley Chit Fund Company as part of its ongoing probe into the multi-billion dollar chit fund fraud.

The enforcement agency has so far impounded assets belonging to the Ponzi enterprise worth Rs 1,171 crore, both movable and immovable.
“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,” the Enforcement Directorate tweeted to provide more information. There have been 1171.71 billion in attachments to this case so far.

Sources claim that the ED is carrying out its Prevention of Money Laundering Act inquiry into the multi-billion rupee chit fund scandal.

Earlier, in connection with the case, a number of political figures and chit-fund company workers were detained and interrogated.
In numerous regions, including Odisha, the Ponzi firm is accused of defrauding hundreds of naive investors out of millions of rupees by promising them bigger profits.

It is important to note that about Rs 60.22 crore in refunds have been given to 2,38,477 small depositors in Odisha who had invested in the Rose Valley Ponzi scheme. Niranjan Pujari, the state’s minister of finance, told the assembly of this during the budget session.