Saradha, Rose Valley illegally raised Crores:Centre

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New Delhi: In a stunning revelation made by the Ministry of Corporate Affairs, which is probing illicit fund raising by the Kolkata based companies, has revealed that Saradha and Rose Valley mobilized amounts worth 12,740 Crore.

Minister of State for Finance, Jayanta Sinha in a letter to Rajya Sabah on Tuesday said the ministry has completed probes against Saradha Realty India and its 13 group firms, while investigation is also over against Rose Valley Real Estate & Construction and its 18 group firms.

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“As per the investigation reports, the quantum of funds mobilised by the two groups of companies where investigation has been completed was Rs 12,740 crore,” Sinha said. Investigations revealed that Rose Valley has mobilized an amount of Rs.10, 281 Crore , while Saradha firms has collected amount worth 2,459 Crore from investors.

As per the sources the probe was completed on July7,2014 for Saradha Group while the probe on Rose Valley was completed on December 12 the same year.

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