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ED gearing up to seize more assets of Rose Valley


(G.N.S) Dt. 30
The Enforcement Directorate (ED) probing the Rose Valley ponzi scheme scam is in the process of attaching more hotel properties owned by the tainted firm located at various places in the country. ED sources told PTI that the agency was in the process of identifying the properties which were either built or purchased out of the crime proceeds. A few other properties have already been attached.
Rose Valley, according to ED estimates, had mobilised money illegally from the public to the tune of Rs 17,000 crore, out of which Rs 8,600 crore was repaid as the principal amount to the depositors. Also an amount of around Rs 1,700 crore had been paid as interest to the depositors, while Rs 3,500 crore was expended towards giving commission to the agents at 20 per cent on the total money mobilised. This resulted in a total deductible amount of Rs 13,800 crore and this did not include the establishment costs.

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