Highlighting encroachment of properties owned by Rose Valley Group, which allegedly defrauded lakhs of people through a chit fund scheme, the Enforcement Directorate (ED) has written to nine states, including West Bengal, to free the properties so that they could be confiscated and money received from its sale is distributed among the victims’ of the scam.
The Calcutta High Court had ordered confiscation of the properties owned by the Rose Valley Group to return money to the scam-hit people.
The chit fund Group has been accused of duping investors of about Rs 17,000 crores in different states.
The other eight states where the ED has sent letters and pointed to encroachment are Bihar, Odisha, Assam, Tripura, Maharashtra, and Jharkhand.
Letters have been sent to chief secretaries, principal secretary of Land and Land Revenue Department, state police chief among others.
Once the encroachments are removed, the Rose Valley Asset Disposal Committee will sell the properties.
The Rose Valley Assets Disposal Committee was constituted by the Calcutta High Court in May 2015 for refunding money to the investors.
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More than 7,000 investors, who were allegedly defrauded by the Rose Valley, were given Rs 10,200 each in the first-ever restitution of funds in the case, the Enforcement Directorate said.
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