OPID COURT CUTTACK CONFIRMED ATTACHMENT ORDER PROPERTIES OF “ROSE VALLEY GROUP OF COMPANIES”WORTH 6.52 Crs.
Bureau,Odishabarta
Bhubaneswar,13/04/23:EOW, Bhubaneswar had registered EOW Case No.15 dt.28.05.13 u/s 420/120-B/34 IPC r/w Sec 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 Soro PS Case No.182 dt.10.05.2013 on the allegation that Rose Valley Hotels and Entertainments was into 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 investigation, 5 Nos. of 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.
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 Govt. of Odisha, Finance Dept. had issued ad-interim Order for attachment of properties.
The Hon’ble Designated Court under OPID Act, Cuttack vide order dt.31.03.2023 has been pleased to make the 3rd ad-interim order of attachment in respect of Rs.6.52 Crores absolute (Confirmed) and directed competent
