The Economic Offences Wing (EOW) of the State Crime Branch on Monday sought permission from the Finance Department to confiscate properties of Bangalore-based ponzi firm Rose Valley. It was informed by Crime Branch ADG BK Sharma.
The ADG informed that there were at least 15 criminal cases against the Rose Valley Company with the allegations of cheating investors in the State. The EOW now wants permission from the Finance Department to confiscate nearly 15 acres of land, bank deposits worth `51 crore in different banks and 12,000 sq feet of commercial space at Utkal Signature on the Cuttack-Bhubaneswar Highway, he added.
“Though CBI has been probing the criminal angles in the ponzi activities of the company, the EOW will prefer to confiscate its properties under the Odisha Protection of Interest of Depositors (in Financial Establishments) Act, 2011,” said Sharma. Notably, the EOW has so far sought permission from the State to confiscate properties of 14 chit-fund companies.