For 57-year-old Somnath Chakraborty, employee of a private sector company in Kolkata, the promise of annual returns of more than 12 per cent enticed him to invest nearly Rs 2 lakh in a chit fund scheme floated by the Rose Valley Group in 2010. Like him, some three million small investors poured their hard-earned savings into the scheme, before the Central Bureau of Investigation (CBI) launched an inquiry and declared it fraudulent in 2015. The Directorate of Enforcement (ED), the central agency responsible for investigating money laundering and terror financing, also stepped in.
- Tags
- banking fraud
- chit fund fraud
- corporate fraud India
- ED asset seizure
- ED financial investigation
- ED restitution
- Enforcement Directorate
- Enforcement Directorate restitution
- financial fraud recovery
- financial scam victims
- Mehul Choksi scam
- money laundering
- Nirav Modi case
- Ponzi scheme compensation
- Prevention of Money Laundering Act
- Rose Valley scam
- Vijay Mallya recovery
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