The Enforcement Directorate (ED) is apprehending that a scam allegedly involving another chit fund firm, Rose Valley, may turn out to be a bigger scandal than Saradha.
The ED has estimated that the Rose Valley Group collected Rs. 15,000 crore from investors whereas the Saradha Group is believed to have collected Rs. 2,459 crore. “We have only attached Rs. 300 crore from the 2,631 different bank accounts of Rose Valley group. We have estimated that the group has landed property worth Rs. 1,000 crore approximately. So, the question is where have the rest of the money gone?” said an ED official.
Soon after the collapse of the Saradha Group, hundreds of investors and agents committed suicide and lakhs of investors cheated. As the volume of funds collection by Rose Valley was six times more than the Saradha Group, the numbers of affected persons would be also be higher in the case of Rose valley.
Meanwhile, the ED has frozen 2,631 bank accounts of Rose Valley and the process of attaching landed property has also began. The Rose Valley Group is yet to furnish details of their other investments to the ED.
“As the maturity period of many investors is nearing, a huge amount has to be paid to investors in the next two months. In that case, the group cannot take out the money from the attached bank accounts or sell attached properties. Now, the Rose Valley Group has to come out with details of their remaining amount,” said the ED officers.
In September, the ED officials sealed 2,631 bank accounts of Rose Valley on apprehension that Kundu could try to withdraw money from these accounts.