It was said suspiciously by the Enforcement Directorate about the funds transfer between two popular companies. The Red Chillies possesses the cricket team T20 namely Knight Riders and Rose Valley is also one the of the most famous chit fund scheming company. There was a link found between these two. Already there was a controversy going on about the Rose Valley in West Bengal and it was said as foggy business.
About Rose Valley :
The Rose Valley was peak and popularly found at all prime events and celebrations and it was the important sponsors of all elite events during CPI party’s administration in the state of West Bengal. It is noteworthy, Rose Valley was also the promoter of brand new channel.
Rose Valley’s unlawful acts:
Rose Valley and several MLM companies likely Saradha group, Icore Group and MPS Group were followed chain-marketing schemes and on reaction of these activities they have swindled revenue of Rs. 10, 000 crores against the middle class people of West Bengal and Tripura. These happenings were made during the CPI’s administration in Tripura & West Bengal. Only with that money, they bought a channel of their own. Nothing was ruled in such period which was incident against law and legitimacy.
There was no necessary for concealing their MLM business to the Rose Valley and even it was started functioning using its own name Rose Valley Chain Marketing System Limited which is purely certified by IRDA which is an agent of LIC – Life Insurance Corporation of India. In 2002, the certification was made to the Rose Valley by Insurance Regulatory & Development Authority.
Another bad act of Rose Valley is about its “Ashirvad Scheme” and under this scheme, the firm was marshaled to the amount of Rs. 1, 207 crores. The amount was actually earned by the plot sales of nearly 5, 08, 792 in numbers. Only 9, 045 numbers of plots were handed over to the concern parties, yet few claims are pending to return back, since all those plots are agricultural farm lands belonging to the traditional agriculture of the West Bengal. No one will know from whom they have bought all these farm lands.
Deal between Rose Valley and Red Chillies:
The deal worths Rs. 10 crores but the funds transfer between these two companies was found in beyond the actual worth of deal. Since Shahrukh Khan was crusaded for the hotel business of Rose Valley, the administration of Rose Valley might be trying to get favor from this famous star. Hence, the transaction might go beyond its worth.
Conclusion: Hence, the Rose Valley and its murky MLM businesses are quite unlawful, have to be investigated. Along with this company, there are also several companies found as the shadowy business activities of MLM companies are highly considerable and important too to this hullabaloo.