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The amount of RS. 515.31 million rupees were attached to the Control Directorate (ED) in 2015-17 investigating Money Trail and tracking 2,987 different bank accounts.
Minister of State for the Union for Financial Hands on RS. 515.31 million million rupees to the president of the Asset Delete Committee, Judge DK Seth (RETD.) For the restitution of properties to legitimate investors in the scam of Rose Valley Ponzi (X)
The Government delivered on Saturday 515.31 million rupees to Judge DK Seth (RETD), president of the Asset Delete Committee was formed with the purpose of restitution of properties to legitimate investors in the scam of Rose Valley Ponzi.
The amount of RS. 515.31 million rupees were attached by the Control Directorate (ED) in the years 2015-17 when investigating Money Trail and tracking 2,987 different bank accounts where the money raised from innocent victims had gone through.
According to a statement from the Ministry of Finance, these bank accounts were seized/attached after the due process of law and became more than 700 fixed deposits (FDS) after the hiring of attachment by the awarding authority.
The Minister of State for Finance of the Union, Pankaj Chaudhary, delivered a demand draft or RS. 515.31 million rupees to the committee. It is estimated that this amount will be used to restore money to approximately 7.5 Lakh of victims, of the total claims of 31 Lakh housed so far with the committee.
Previously, Ed had delivered an amount of RS 22 million rupees to the committee that was used to restore money to 32,319 legal investors, according to the Ministry’s statement.
It can be mentioned that ED has also attached other mobile and real estate assets of RS 1,172 million rupees (it is estimated that the current market value of assets is more than RS. 2,000 million rupees), which is also in the process of liquidation and reimbursement to the victims.
ED is investigating five cases of the Money Laundering Prevention Law (PMLA) against the Rose Valley group in the states of Western Bengal, Odisha, Assam and Tripura. Ed has filed prosecution complaints in all cases of thesis before the special courts under PMLA.
The research under PMLA revealed that Rose Valley’s companies had raised RS funds 17,520 million rupees by attracting people mainly from the lowest strata of society with promises to provide land plots or share time in hotels and in case of inability to deliver the earth/shared time, the refund was promised with a high interest rate on the expiration of investments.
The investigation has revealed that, of the above, an amount of RS 6,666 million rupees, which constitutes the crime processes, was not paid for investors.
(This story has not been edited by News18 personnel and is published from a FEED – IANS syndicated news agency)
