ED pegs value of seized properties of Rose Valley at Rs 4,685.4 crore

The Enforcement Directorate (ED) Tuesday submitted a report before the Calcutta High Court pegging the market value of seized immovable properties of chit fund company Rose Valley at Rs 4,685.40 crore. The base value of these properties, which include hotels, land and buildings, stood at Rs 896.13 crore when these were attached since 2017, the ED report said. The chit fund is estimated to have raised Rs 15,000 crore from investors. The ED, in its report submitted before a special bench comprising Justices Joymalya Bagchi and Joy Sengupta, estimated the current value of the seized immovable assets at Rs 4,685.40 crore. The special bench was constituted by the then chief justice of Calcutta High Court, Justice Manjula Chellur in July, 2016 for speedy disposal of the chit fund cases.