ED warns Bengal Govt over encroachment on seized Rose Valley properties, demands immediate action

The Enforcement Directorate (ED) has sent an official letter to the West Bengal government, issuing a stern warning about the encroachment happening on the seized land of the Rose Valley Group. This is the same land that was seized in connection with the chit fund scam, and it is currently being used to return the money to investors. The ED has demanded immediate action from the state government to remove the encroachments from the seized properties. This letter is signed not only by the ED but also by the Asset Disposal Committee (ADC), which has been entrusted with the responsibility of returning the money to investors.

According to sources, complaints of encroachment on the Rose Valley Group's seized land have been received not only from West Bengal but also from other states, including Odisha, Bihar, Tripura, and Jharkhand. The ED has sent similar letters to these states, warning them and urging the governments to take appropriate action.

Last month, the ED had announced that a total of Rs. 2.29 crore (Rs. 2,29,63,264) had been returned to 3,652 investors caught in the Rose Valley Group's ponzi scheme. This was the fifth and final phase of payments, made by the Asset Disposal Committee under the chairmanship of retired Justice Dilip Kumar Seth. With this, a total of Rs. 21.98 crore (Rs. 21,98,26,744) has been returned to 32,319 investors so far. The ED also stated that the process of returning money to investors will continue, as more claims are being investigated and verified.

According to the ED, assets worth Rs. 494 crore in movable properties and Rs. 1,069 crore in immovable properties have been seized so far. Of these, assets worth Rs. 1,184 crore have been seized in West Bengal alone, while large amounts of assets have also been seized in Odisha, Assam, and Tripura. The ED has stated that the crackdown on the culprits involved in the Rose Valley scam and the effort to deliver justice to the investors will continue at an accelerated pace.