NEW DELHI, Feb 24 � Probing illegal fund raising by Kolkata-based companies, the Ministry of Corporate Affairs has found that the group firms of Saradha and Rose Valley mobilised amounts to the tune of Rs 12,740 crore, reports PTI.
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, Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha today.
�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 found that the Rose Valley group had raised as much as Rs 10,281 crore from investors, while Saradha firms had mobilised an amount of Rs 2,459 crore.
According to the details provided by the minister, the probe against the Saradha group was completed on July 7, 2014, while the probe was completed on December 12 the same year for the Rose Valley companies.
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.
Since fiscal 2011-12, the ministry has probed a total of 102 companies while 96 chit fund companies have been investigated separately by SFIO for alleged violations.
As many as 38 firms have been probed by the ministry since beginning of April 2014, while 22 companies each came under its scanner in 2012-13 and 2013-14. The Ministry had investigated 20 companies in 2011-12.