Bhubaneswar, Nov 28: The Enforcement Directorate (ED) has frozen a total of 2,631 bank accounts of the Rose Valley group containing Rs 295 crore under Prevention of Money Laundering Act (PMLA).
The accounts both in private and public sector in the states of Odisha, West Bengal, Jharkhand, Tripura, Assam and Himachal Pradesh were sealed by the agency with immediate effect.
The ED attached the bank accounts of two firms - Rose Valley Estate Construction Limited and Rose Valley Hotel and Entertainment Private Limited. This was the biggest ever seizure done by the ED under the PMLA in the country till now.
Sources said that the central agency found that the Rose Valley Group had floated 27 companies, which were allegedly involved in chit fund operations and out of which only half a dozen were active.
The firms had allegedly floated various schemes by promising double returns on investments to the depositors in different states. Besides, it had also promised attractive returns to the investors on the land properties and assets and bookings done in the real estate sector.
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