ED issues notice to WB Govt about encroachment on confiscated land of chit fund entity
With this latest disbursal, the total refund to as many as 32,319 depositors in Rose Valley schemes touched Rs 21.98 crore (Rs 21,98,26,744), the central agency officials claimed in a statement issued last month.
ED issues notice to WB Govt about encroachment on confiscated land of chit fund entity
The Enforcement Directorate (ED) has notified the West Bengal government about widespread encroachments on land owned by the Rose Valley Group, a chit fund entity whose property has been confiscated by the agency.
The process of returning money to the depositors of Rose Valley Group has already begun through the auctioning of the confiscated assets. The asset disposal committee, formed for this purpose, is also a co-signatory on the communication sent to the state government regarding the matter.
Last month, the ED informed that a fresh disbursal of Rs 2.29 crore (Rs 2,29,63,264) as a refund to 3,652 depositors in the Ponzi schemes of the Rose Valley Group has been completed in the last and fifth phase by the asset disposal committee headed by Justice Dilip Kumar Seth (retired) and comprising officials of the ED.
With this latest disbursal, the total refund to as many as 32,319 depositors in Rose Valley schemes touched Rs 21.98 crore (Rs 21,98,26,744), the central agency officials claimed in a statement issued last month.
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In a communication to the state government, the central agency and the asset disposal committee requested the administration to take action to remove existing encroachments from the confiscated property.
Sources indicated that similar messages have been sent to other state governments, including Odisha, Bihar, Tripura, and Jharkhand, where instances of encroachment on the Rose Valley Group’s confiscated land have also come to the agency’s attention.
The ED also stated that the restitution process will continue in the coming months as more claims are scrutinized and validated by the ADC. In the statement, the ED also claimed that the agency officials have successfully attached movable properties worth Rs 494 crore and immovable properties valued at Rs 1,069 crore, spread across West Bengal, Odisha, Assam, and Tripura, with West Bengal alone accounting for Rs 1,184 crore in attached assets.
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