Rose Valley returned Rs 10,500cr to investors: ED

Rose Valley, which is under the concurrent probe of the CBI and ED for allegedly defrauding investors, has already returned around Rs 10,500 crore out of Rs 17,520 crore raised from them, an official said on Monday.

He said the ED had also attached properties worth Rs 4,500 crore and filed two prosecution complaints with the designated Prevention of Money-Laundering Act (PMLA) court.

"Out of Rs 17,520 crore raised by Rose Valley, which has been in in operation since 1999, around Rs 10,500 crore has already been returned to investors," the ED official said.

The probe into the Rose Valley scam started six years ago.

The official said the second prosecution complaint is against all those who have been accused, including the owner of Rose Valley, who is still in jail.

"The designated court has given a date in November for hearing on the complaint, which had been filed by SEBI," he said, adding, the court would also frame charges against the accused on the day of hearing.

The official said there have been instances of forging of documents and cheating by "some unscrupulous elements who are trying to derail the session trial".