Bhubaneswar: The EOW, Bhubaneswar had registered a case under Sections 420/120-B/34 of the IPC and Sections 4, 5 & 6 of Prize Chits & Money Circulation Schemes (Banning) Act, 1978 against M/s Rose Valley group of companies and its Directors by taking over a case from Soro police which was registered in May, 2013.
Allegations against Rose Valley Hotels and Entertainments was unauthorised collection of public money by promising high rate of interest. The company was taking deposits camouflaging the same as advance payment for hotel booking under the holiday package, and were issuing provisional certificates.
The Rose Valley group of companies without any authorisation either from RBI or SEBI was collecting public deposit under its different schemes by opening 65 branches in Odisha alone.
During the investigation, 5 charge-sheets have been submitted in this case U/s 420/406/467/468/471/120-B IPC r/w. Sec. 4, 5 & 6 of PCMCS (Banning) Act, 1978 and Sec.6 of OPID Act, 2011 against M/s Rose Valley group of companies, its Directors namely Goutam Kundu and Sibamoya Dutta and Regional/Branch Managers Bikramjit Bhoumik and Badal Kumar Kar. The investigation of case is open, the EOW stated.
During investigation of the case, the movable and immovable properties created by the accused Companies through its Directors out of the public deposits in their names as well as in the name of M/s Rose Valley Group of Companies were traced and 3 Nos. of ad-interim proposals for attachment of those properties were submitted by EOW under the provision of Sec.3 of OPID Act. On the basis of said proposals, the Finance Department had issued ad-interim Order for attachment of properties.
The Designated Court under OPID Act, Cuttack make the 3rd ad-interim order of attachment in respect of Rs 6.52 crore absolute (Confirmed) and directed competent authority i.e. ADM, Cuttack to recover/realize the amount from the bank accounts of the OPs companies under attachment along with interest accrued thereon for equitable distribution among duped investors/depositors.
The 1st and 2nd ad interim proposals had been made absolute earlier by the OPID Court Cuttack involving both immovable and movable properties worth Rs 95 crore, the EOW added.
