ED attaches assets worth Rs 3,017 crore from 4 chit funds
, ET Bureau|
Updated: Oct 07, 2017, 01.08 AM IST
KOLKATA: The Enforcement Directorate, over the past three years, has attached Rs 3,017-crore worth of properties belonging to four chit funds operating in West Bengal, Assam and Odisha, raising hopes for the return of some of the deposits through value-unlocking of the impounded assets.
The properties are owned by Rose Valley, Saradha, Arthatatwa (in Odisha) and Seashore Group. According to sources, the court might order auctions of the attached properties after the probe is over to retrieve depositors’ money.
Besides immovable properties, about Rs 500 crore of cash and cash equivalents have also been impounded, with Rose Valley accounts leading the list of seizures at Rs 345 crore, said an official.
The names of politicians in leading political parties of Odisha and West Bengal have come up during the investigations over the past two years. Several Trinamool Congress leaders, and lawmakers from the Biju Janata Dal have already been interrogated by central agencies.
The chit-fund scam was a major issue in the 2014 elections, and the continuing investigations into the companies may keep the subject alive until the next general elections.
The Saradaha Group of companies, operating largely in West Bengal, had collected around Rs 2,044 crore and had an outstanding of Rs 1,750 crore. The ED has attached movable and immovable property worth Rs 600 crore of the Saradha group.
The Rose Valley Group, the market leader in this space, had collected around Rs 17,000 crore. The directorate could attach properties and cash worth Rs 2,000 crore in this case. The agency lodged about 40 cases against the company that has an outstanding payment of Rs 8,500 crore. The properties attached are located in West Bengal, Jharkhand, Rajasthan, Delhi, Assam, and the Andamans.
In a recent development, the ED attached property worth Rs 133 crore of Arthatatwa in Odisha. The company collected around Rs 399 crore from investors and has an outstanding of Rs 296 crore. Similarly, Odisha’s Seashore had collected around Rs 512 crore, and with dues ofRs 400 crore.
The properties are owned by Rose Valley, Saradha, Arthatatwa (in Odisha) and Seashore Group. According to sources, the court might order auctions of the attached properties after the probe is over to retrieve depositors’ money.
Besides immovable properties, about Rs 500 crore of cash and cash equivalents have also been impounded, with Rose Valley accounts leading the list of seizures at Rs 345 crore, said an official.
The names of politicians in leading political parties of Odisha and West Bengal have come up during the investigations over the past two years. Several Trinamool Congress leaders, and lawmakers from the Biju Janata Dal have already been interrogated by central agencies.
The chit-fund scam was a major issue in the 2014 elections, and the continuing investigations into the companies may keep the subject alive until the next general elections.
The Saradaha Group of companies, operating largely in West Bengal, had collected around Rs 2,044 crore and had an outstanding of Rs 1,750 crore. The ED has attached movable and immovable property worth Rs 600 crore of the Saradha group.
The Rose Valley Group, the market leader in this space, had collected around Rs 17,000 crore. The directorate could attach properties and cash worth Rs 2,000 crore in this case. The agency lodged about 40 cases against the company that has an outstanding payment of Rs 8,500 crore. The properties attached are located in West Bengal, Jharkhand, Rajasthan, Delhi, Assam, and the Andamans.
In a recent development, the ED attached property worth Rs 133 crore of Arthatatwa in Odisha. The company collected around Rs 399 crore from investors and has an outstanding of Rs 296 crore. Similarly, Odisha’s Seashore had collected around Rs 512 crore, and with dues ofRs 400 crore.
