Rose Valley Group raised about Rs 15,000 cr from investors: FM
3 Dec 2014 11:23 PM GMT
Besides companies from this group, around 200 other entities are also being probed by various agencies, including Reserve Bank of India and Securities and Exchange Board of India, the government said on Tuesday.
The Enforcement Directorate has registered cases under the Prevention of Money Laundering Act, 2002 (PMLA) against Rose Valley Group companies apart from Saradha Group entities.
"The estimated amount collected by Rose Valley Group of companies from investors is to the tune of Rs 15,000 crore. One provisional order for attaching properties worth Rs 295 crore has been issued under PMLA," Finance Minister Arun Jaitley told the Rajya Sabha in a written reply to a query.
Besides, there are complaints regarding non-payment of investors' money against 200 companies.
Complaints against these entities, which are not registered with the central bank, have been received or noticed by the RBI's regional office in Kolkata during the last three calendar years and till 20 November this year.
"RBI has sent these complaints to the respective appropriate authorities including the state governments and Sebi for taking appropriate action under law," Jaitley said.
Meanwhile, the Corporate Affairs Ministry has ordered investigation into the affairs of 66 companies, apart from Saradha Group entities, which had allegedly collected money from the people of West Bengal.
Also, Sebi has passed orders against eight companies in West Bengal for undertaking unregistered activities of collective investment schemes. According to Jaitley, the words 'ponzi companies' are not defined in law in India.
The Enforcement Directorate has registered cases under the Prevention of Money Laundering Act, 2002 (PMLA) against Rose Valley Group companies apart from Saradha Group entities.
"The estimated amount collected by Rose Valley Group of companies from investors is to the tune of Rs 15,000 crore. One provisional order for attaching properties worth Rs 295 crore has been issued under PMLA," Finance Minister Arun Jaitley told the Rajya Sabha in a written reply to a query.
Besides, there are complaints regarding non-payment of investors' money against 200 companies.
Complaints against these entities, which are not registered with the central bank, have been received or noticed by the RBI's regional office in Kolkata during the last three calendar years and till 20 November this year.
"RBI has sent these complaints to the respective appropriate authorities including the state governments and Sebi for taking appropriate action under law," Jaitley said.
Meanwhile, the Corporate Affairs Ministry has ordered investigation into the affairs of 66 companies, apart from Saradha Group entities, which had allegedly collected money from the people of West Bengal.
Also, Sebi has passed orders against eight companies in West Bengal for undertaking unregistered activities of collective investment schemes. According to Jaitley, the words 'ponzi companies' are not defined in law in India.
Next Story
