Chit fund : ED seizes AT’s Rs 23 crore ; Rose Valley accused MP in CBI net
Bhubaneswar : The Enforcement Directorate (ED) on Friday seized properties worth Rs 23 crore of Artha Tatwa Chit Fund Group and CBI arrested TMC MP Tapas Pal on Rose Valley link.
The immovable properties having market value worth Rs 22.98 crore in the name of the group, its CMD Pradeep Sethy, employees, and associates have been confiscated by the ED under money laundering act 2002. The landed properties attached included immovable plots in and around Bhubaneswar, Balasore and Jagatsinghpur.
Further about 26.69 acres of land in the neighbor state Andhra Pradesh has also been seized by the probing agency.
Earlier the ED had held about Rs 84.31 crore in the name of AT and its associates on May 21 last year. After the latest seizure the total value of properties of AT group now cumulates at Rs 107 crore.
Notably, the AT group was a ponzi firm which collected crores of rupees from depositors in the guise of promising high return. Such huge deposits were subsequently laundered by investing in various movable and immovable properties.
In another development Trinamool Congress MP Tapas Pal has been arrested by Central Bureau of Investigation for his alleged involvement in Rose Valley Chit Fund scam.
Pal is an MP from Krishnanagar constituency in West Bengal, and stated to be a former director with the Rose Valley group, which is in the eye of a storm for laundering crores of rupees under a chit fund.
Odisha police has confirmed that Pal will be brought under remand for further investigations into the chit fund scam which is being probed by the SEBI since 2013.