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ED pegs value of seized properties of Rose Valley at over Rs 4,500 crore

The chit fund is estimated to have raised Rs 15,000 crore from investors

Press Trust of India  |  Kolkata 

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The (ED) Tuesday submitted a report before the the market value of seized immovable properties of fund company at Rs 4,685.40 crore.

The base value of these properties, which include hotels, land and buildings, stood at Rs 896.13 crore when these were attached since 2017, the report said.

The fund is estimated to have raised Rs 15,000 crore from investors.

The ED, in its report submitted before a special bench comprising Justices and Joy Sengupta, estimated the current value of the seized immovable assets at Rs 4,685.40 crore.

The special bench was constituted by the then of Calcutta High Court, Justice in July, 2016 for speedy disposal of the fund cases.

At least 150 matters relating to chit fund companies, including and Group, are pending before the high court.

The has also seized movable properties like and vehicles totalling Rs 414.94 crore, the report, submitted by General (ASG) Kaushik Chanda, said.

The assets were seized as per nine provisional attachment orders, of which five were related to ED's Kolkata office and two each of its Bhubaneswar and Guwahati office.

The seizures pertained to different companies of the Group.

Apart from these, cash amounting to Rs 12.7 lakh and gold, jewellery, diamond and precious stones worth Rs 41 crore were seized from M/S Adrija Gold Corporation, an unit of

The list has been submitted before the appointed by the high court in the Rose Valley matter, the nine-page report said.

The properties have been attached under the provisions of Prevention of Money Laundering Act, 2002.

The division bench directed the general to circulate the report among lawyers of all parties in the Rose Valley matter.

The court directed that the matter would come up for hearing again after two weeks.

Rose Valley was arrested by the on March 25, 2015. The directorate started the probe on the basis of a SEBI complaint.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, February 19 2019. 19:16 IST
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