Capital markets regulator Sebi on Wednesday said it will auction 27 properties of Rose Valley group of companies on November 25 at a reserve price of Rs 63.26 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats, buildings, land parcels and hotels located in West Bengal and Bihar, the Securities and Exchange Board of India (Sebi) said in a notice. The e-auction will be conducted on November 25 between 11 am to 1 pm.
ED probe finds funds were ploughed into group's jewellery, entertainment and hospitality businesses
Rose Valley is one of the biggest money businesses after Sahara.
In a fresh ponzi clampdown, Sebi on Wednesday barred Kolkata-based Rose Valley group from raising public money in the name of 'holiday membership' scheme, through which it is estimated to have garnered over Rs 1,000 crore (Rs 10 billion) without necessary regulatory approvals.
While Rose Valley claimed that it was mobilising funds for real estate business, Sebi came to the conclusion that the company was in fact running a Collective Investment Scheme and did not seek market regulator's permission, mandatory for these products.
The case is related to a probe by Securities and Exchange Board of India over allegations that Rose Valley had raised money by issuing debentures without complying with the norms.
The probe agency is likely to take him to Bhubaneswar for further questioning.
ED had arrested group chairman Gautam Kundu on March 25.
He will have to surrender before the court by the end of 14 days.
Kundu was arrested by the ED on March 25, 2015.
The recent controversy unfolded after West Bengal Chief Minister and TMC leader Mamata Banerjee had in November advocated the need to give due respect to senior members and rejected the notion that elderly leaders should retire from active politics.
The Central Bureau of Investigation (CBI) on Friday issued summons to Trinamool Congress secretary general and senior West Bengal minister Partha Chatterjee in connection with the I-core ponzi scam, sources in the agency said.
The quizmaster-turned-parliamentarian was interrogated for about two hours on some financial transactions in bank accounts related to the TMC mouthpiece 'Jago Bangla'.
Bandopadhaya claimed he was innocent and had no involvement in the scam.
Another TMC MP Tapas Pal has been sent to judicial custody after six days in CBI custody.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
"Tapas Paul was under tremendous pressure from central agencies and was a victim of the Centre's vendetta politics," she told reporters at Rabindra Sadan where Paul's mortal remains have been kept for people to pay homage.
The agency had summoned him in January too but he sought time, citing the ongoing Winter Session of Parliament, they said.
The agency said the recall of the order granting Kumar an interim protection from the arrest was necessary.
'I have tutored my family and myself to fight hunger,' the former agent for the disgraced Saradha chit fund says, his eyes welling up. 96 of the 107 cases referred to the Serious Fraud Investigation Office are based in Bengal!
Bandyopadhyay had approached the high court in February seeking regular bail on health grounds.
As Rose Valley resurfaces, Sudip Bandyopadhyay and Tapas Pal's arrests marks the end of the bonhomie between the TMC and BJP.
The two central premier investigative agencies - Central Bureau of Investigation and Enforcement Directorate - have asked their officials to focus more on digital evidence, e-forums and social media to crack down on offenders. These are a crucial part of prosecution amid the second wave of the pandemic. The Income Tax Department is going full throttle on data analytics to issue notices in time-bound cases. Further, sleuths have been given electronic devices including laptops with secure connections, which keep data encrypted and inaccessible.
The Rajya Sabha MP, who is also a spokesperson of West Bengal's ruling party, was asked to appear before a CBI team in the first week of August, officials said on Friday.
A preliminary report on the investigations is likely to be submitted soon by SFIO, but the final report may take little longer, Corporate Affairs Minister Sachin Pilot said.
Former Trinamool Congress MP Kunal Ghosh also appeared before the probe agency in Meghalaya.
'Neither the Centre nor the state is helping us, rather they are coming up with new ways to create stumbling blocks for the return of money.'
In New Delhi, Trinamool Congress MPs took out a protest march towards the PM's residence but were taken into police custody en route.
Modi alleged that Banerjee has let loose goons in the state, dashing the hopes of people.
Centre must share blame for Ponzi schemes with West Bengal.
The CBI's new boss has never served in the Bureau.
A special task force of the SFIO recently submitted an interim report to the Corporate Affairs Ministry in this regard.
Firms meet huge redemption pressure after deducting money from principal amount.
Three men, with their faces covered, came on a motorcycle to her house in Konnanagar Jorapukur Ghat at 9 pm and started hurling bombs. They barged into the house, smashed a windowpane, damaged furniture, and abused and assaulted her, Bhattacharya said in her police complaint. The BJP leader said in her complaint that it was the handiwork of "anti-socials harboured by the TMC".
The regulator is also exercising its new powers like collection of information from other regulators, government departments and even commercial enterprises such as telecom companies and banks.
'Didi' became the real 'Dada' as she got past the post, on a wheelchair and a foot in cast, a souvenir from the Nandigram battle against former protege-turned-rival Suvendu Adhikari.
Shortly after arrest, BJP state headquarters in Kolkata was attacked allegedly by members of TMC student wing.
Ponzi or MLM schemes are fraudulent investment operations.
On Wednesday, Bengal's own daughter she firmly pitched herself as, was sworn in as the chief minister of the turbulent state for the third successive term amid raging fires of political violence and a rampaging pandemic.
Banerjee said she was doing so after consulting leaders of major opposition parties and following 'a favourable court order'.
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