Kolkata, 13 March (H.S.): The Enforcement Directorate (ED) has issued a stern warning to the West Bengal government regarding encroachments on land confiscated from the Rose Valley Group, a key entity in the infamous chit fund scam. These properties were seized as part of the investigation, and their auction is currently underway to reimburse duped investors.

In an official communique, ED has urged the state government to take immediate action and remove the encroachments from the seized assets. The letter has been co-signed by the Asset Disposal Committee, which has been tasked with overseeing the reimbursement process for affected investors.

According to sources, the issue is not limited to West Bengal alone. Similar instances of encroachment on Rose Valley Group’s confiscated land have been reported in Odisha, Bihar, Tripura, and Jharkhand. The ED has sent similar notices to the respective state governments, demanding prompt action to reclaim the encroached properties.

Last month, ED announced that ₹2.29 crore (₹2,29,63,264) had been refunded to 3,652 investors in the Rose Valley Ponzi scheme. This marked the fifth and final phase of reimbursements facilitated by the Asset Disposal Committee, headed by retired Justice Dilip Kumar Seth.

With this latest payout, a total of ₹21.98 crore (₹21,98,26,744) has been refunded to 32,319 investors. ED officials confirmed that the restitution process will continue as more claims are scrutinized and validated in the coming months.

So far, ED has attached ₹494 crore worth of movable assets and ₹1,069 crore in immovable properties across multiple states. Of this, West Bengal alone accounts for ₹1,184 crore in seized assets, with significant properties also confiscated in Odisha, Assam, and Tripura.

Hindusthan Samachar / Satya Prakash Singh