Agartala, Jan. 22: The Tripura government has launched a crackdown on the properties owned by the Rose Valley Group in the state, an official said today.
Official teams, led by the Sub-divisional Magistrate (Sadar) of West Tripura district, confiscated five properties of the ponzi scheme company last night at various parts of the city and its outskirts, including an amusement park, a tea garden, insurance properties and a multi-storied building.
“We initiated the move following a notification issued by the state administration, effected on Friday, to attach all the movable and immovable properties of the Rose Valley Group in the state. The group has properties at 20 places in the state,” SDM (Sadar) Samit Roy Chowdhury told reporters.
The notification was issued by Principal Secretary (Finance) M Nagaraju on Friday asking the administration of various districts to confiscate the properties owned by the Rose Valley Group.
The properties were confiscated as per the provisions of the Protection of Depositors Rights Act, passed by the Tripura Assembly earlier in this regard, officials said.
The Rose Valley Group started its business in the state about 20 years ago.
The Tripura High Court had last year asked the state government to set up a Special Investigation Team (SIT) to investigate illegal Non Banking Financial Companies (NBFCs) and chit fund companies.
IG (Law and Order) and the head of the SIT, KV Sreejesh, said they have investigated 78 cases of different chit fund companies and arrested 112 people so far.
