NEW DELHI: Ministry of Corporate Affairs, probing illicit fund raising by Kolkata-based companies, found that group firms of Saradha and Rose Valley mobilised amounts to the tune of Rs 12,740 crore.
In a written reply to the Rajya Sabha, Minister of State for Finance Jayant Sinha said the ministry has completed probes against Saradha Realty India and its 13 group companies, while investigation is also over against Rose Valley Real Estate & Construction and its 18 group firms.
“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. According to the details provided by the minister, probe against Saradha group was completed on July 7, 2014, while the probe was completed on December 12, the same year, for Rose Valley companies.
Investigations found that Rose Valley group had raised as much as Rs 10,281 crore from investors, while Saradha firms had mobilised an amount of Rs2,459 crore. Separately, Corporate Affairs Minister Arun Jaitley also informed the House that his ministry had ordered investigation against 38 companies so far this fiscal of which most companies belonged to Saradha and Rose Valley group.
