The Securities and Exchange Board of India (SEBI) recently announced its upcoming plans to auction 27 properties belonging to the Rose Valley Group. The properties in question include flats, buildings, land parcels, and hotels, located in West Bengal and Bihar. SEBI has issued a notice confirming the auction, which is scheduled for November 25. The auction aims to recover funds for the investors impacted by the Rose Valley Group's fraudulent activities. The total estimated value of the properties is around INR 63.26 crore. This move is part of SEBI's ongoing efforts to resolve financial irregularities and return funds to the affected investors.
India's capital markets regulator, SEBI (Securities and Exchange Board of India), recently announced that it will auction 27 properties belonging to the Rose Valley Group of companies on November 25. The properties, which include flats, buildings, land parcels, and hotels in West Bengal and Bihar, are being sold to recover funds the company raised from the public through illegal schemes. The total reserve price for these properties is set at INR 63.26 crore.
The auction will take place online between 11am and 1pm on November 25. SEBI has appointed Quikr Realty to assist with the sale, while C1 India will handle the auction process. According to the notice, the money raised from the auction will be used to repay investors who were defrauded by the Rose Valley Group. A committee, formed by the Calcutta High Court in 2015, will oversee the sale.
The auction is open to participants both in India and abroad, and bidders must take part on their own, with no third-party agents allowed. The successful bidder will be responsible for all legal fees and taxes related to the property transfer, including stamp duties and registration expenses.
This auction is part of ongoing efforts to recover money lost by investors in Rose Valley's Ponzi schemes. Earlier, in August 2023, the Enforcement Directorate (ED) facilitated the return of INR 19.40 crore to defrauded investors. Prior to that, in May, SEBI auctioned 22 other Rose Valley properties worth INR 8.6 crore.
The Rose Valley Group has been under scrutiny for years due to its illegal collective investment schemes (CIS). In 2017, SEBI ordered the group to refund investors, but the company failed to comply. The ED has also attached assets worth INR 150 crore as part of its investigation into the group's fraudulent activities across several states.
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