Rs 263 Crore Assets Seized in Kolkata's Rose Valley Scam
The Enforcement Directorate has attached assets worth Rs 263 crore belonging to the Rose Valley Group under the anti-money laundering law. This action is part of a larger investigation into the company's fraudulent investment schemes that duped investors out of Rs 17,520 crore.
- Country:
- India
The Enforcement Directorate (ED) has seized assets valued at approximately Rs 263 crore tied to the Rose Valley Group in Kolkata. This action, announced Thursday, falls under ongoing investigations into the Group's alleged money laundering activities.
A bungalow in Kolkata West International City and shares in 32 affiliated companies have been provisionally attached under the Prevention of Money Laundering Act (PMLA). These assets are deemed 'proceeds of crime' from fraudulent investment schemes that misled the public with false promises of high returns.
The Rose Valley case dates back to 2014 and involved over Rs 17,520 crore collected through illegal means. The ED's efforts include asset restitution to victims, with funds totaling Rs 72.76 crore refunded to 94,627 victims to date.
(With inputs from agencies.)
ALSO READ
ED raids in NCR, Uttarakhand in global cyber fraud case
Woman loses Rs 8 lakh after fraudsters offer to buy '786' serial number currency note from her
ED raids 11 places in Delhi-NCR and Dehradun in Rs 260 crore Global Cyber fraud case
Axis Bank Introduces Industry-First ‘Lock FD’ Feature to Safeguard Term Deposits Against Digital Frauds
Justice for Uphaar: AVUT's Fight Against Fraud
Google News