State

Chit Fund Scam: Odisha Govt to seize Rose Valley Assets

Bhubaneswar, Feb 26: Odisha government has been directed by a special court in Cuttack to seize the assets worth Rs 63.64 crore belonging to the Rose Valley Group in connection with the chit fund scam.

The assets of the chit fund firm will be seized under the Odisha Protection of Interest of Depositors' Act-2011.

As per the order, the property will be auctioned and the amount will be distributed among the depositors, who were duped by the company.

It can be noted that the Enforcement Directorate (ED) had attached 2,631 bank accounts of Rose Valley Group in West Bengal, Odisha, Jharkhand, Tripura, Assam and Himachal Pradesh in November last year. A total of Rs 295 crore was frozen under the provisions of the Prevention of Money Laundering Act.

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