Crime Branch moves govt to attach Rose Valley assets

BHUBANESWAR: The Crime Branch on Monday moved the state government, seeking attachment of the assets of multi-business conglomerate Rose Valley, accused of duping over 1.25 lakh people of more than Rs 100 crore in illegal money circulation business in the state.
Rose Valley is one of the 44 companies, whose alleged scam is being probed by the CBI. The assets, proposed to be attached, include Rs 51 crore in different banks, Rs 47 lakh, 15 acre in Bhubaneswar and Balasore, sprawling commercial space in a plush apartment on the outskirts of the city and another office building at Kharvela Nagar here.
"CBI's investigation into the criminal angle of the scam will not affect our civil action, involving attachment and confiscation of properties of the companies," said ADG (Crime Branch) B K Sharma. "Unlike other chit fund companies, Rose Valley had camouflaged its money circulation business. It floated attractive tour packages and promised to return hefty amounts to customers if they cancelled the packages. A lot of people were dragged into the trap and lost their money," Sharma told TOI.
As many as 25 cheating cases were registered against the company at different places in the state and seven functionaries arrested. Recently, the company moved the Orissa high court, seeking to unfreeze its accounts and reopening of branches, closed by the Crime Branch. The petition is still pending in the court.