ED Alerts Bengal Government About Land Encroachment by Chit Fund Group
Click to start listening
Synopsis
The ED has alerted the West Bengal government regarding encroachments on the confiscated lands of the Rose Valley Group. The agency is in the process of reimbursing depositors through auctioning these properties and has communicated the need for action against such encroachments.
Key Takeaways
- ED has warned about land encroachment issues.
- Letters sent to multiple states including Odisha and Bihar.
- Refund process for depositors is underway.
- Total refunds have reached ₹21.98 crore.
- Further restitution processes are expected to follow.
Kolkata, March 13 (NationPress) The Enforcement Directorate (ED) has communicated with the West Bengal government regarding the ongoing encroachment on lands owned by the chit fund organization Rose Valley Group, which had been seized by the agency.
As the process of reimbursing depositors of the Rose Valley Group has commenced through the auctioning of confiscated assets of the Ponzi scheme, the asset disposal committee appointed for this task has also co-signed the letter sent to the state government.
In the communication to the state administration, both the Central agency and the asset disposal committee urged the state to take action to clear the confiscated lands of existing encroachments.
However, informed sources indicated that West Bengal is not the only state to receive such a communication.
A comparable letter has also been sent to other state governments, including Odisha, Bihar, Tripura, and Jharkhand, where similar encroachments on the confiscated lands of the Rose Valley Group have been reported to the Central agency.
Last month, the ED announced the completion of a new disbursement of ₹2.29 crore (₹2,29,63,264) to 3,652 depositors in the Ponzi schemes run by the Rose Valley Group in the fifth phase, overseen by a committee led by retired Justice Dilip Kumar Seth and including ED officials.
With this latest payment, the total refunds to as many as 32,319 depositors in the Rose Valley schemes have reached ₹21.98 crore (₹21,98,26,744), as claimed by officials of the Central agency in a statement released last month.
The ED also indicated that further restitution efforts are anticipated to continue in the coming months as additional claims are examined and validated by the asset disposal committee.
According to the statement, the ED has successfully attached movable assets worth ₹494 crore and immovable properties valued at ₹1,069 crore across West Bengal, Odisha, Assam, and Tripura, with West Bengal alone accounting for ₹1,184 crore in attached assets.
