Over 2500 Bank Accounts in Rose Valley Ponzi Scheme Attached by Enforcement Directorate

Admin   |   28 November, 2014   |   661   |   3980

KOLKATA:  Over 2,600 bank accounts which cumulatively have Rs. 295 crore, have been attached by the Enforcement Directorate, or ED,  in the Rose Valley ponzi scheme case. And this, according to ED sources, is the biggest ever "cash" recovery from a "collective investment scheme" company so far.



On Tuesday, November 25, the Calcutta High Court had turned down Rose Valley's plea to unfreeze the accounts so that salaries could be paid to its 10,000 employees.



Like the Saradha Group, Rose Valley Group was running a Ponzi scheme that had been under the authorities' scanner for over two years. Since 2013, the company is being investigated by the market regulator Securities and Exchange Board of India, or SEBI.