Court orders confiscation of Odisha's Rose Valley property

Posted on 26th Feb 2015 12:32 pm by mohit kumar

Bhubaneswar, Feb 25 (IANS) A special court in Odisha Wednesday ordered the state government to confiscate property worth Rs 63.64 crore owned by the Rose Valley ponzi firm in the state.

The court in Cuttack passed the order to confiscate the property under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.

The Enforcement Directorate (ED) had attached 2,631 bank accounts of the ponzi firm in West Bengal, Odisha, Jharkhand, Tripura, Assam and Himachal Pradesh in Nov 2014.

The ED had frozen Rs.295 crore lying in these bank accounts under the provisions of the Prevention of Money Laundering Act (PMLA), said sources.

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