ED attaches assets worth Rs 2380 crore of Rose Valley Group of Companies
Enforcement Directorate (ED) has attached assets worth Rs 2380 crore in market value of Rose Valley Group of Companies under Prevention of Money Laundering Act (PMLA), an official release said here on Thursday.
ED is investigating cases against Rose Valley Group of Companies under the provision of PMLA for laundering of funds received from public by way of cheating the common people and routing the money through a complex maze of huge number of companies and accounts under the guise of loans and advances.
Rose Valley Group masterminded by its chairman Gautam Kundu, collected deposits from common people totalling over rupees 17000 crores illegally under the hoax of false promise of exorbitant return on maturity without complying the guidelines of Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI).
The promoter Kundu is already held and he is in jail as his petition for bail is rejected by the apex court.
During the course of investigation, properties worth Rs 933.51 crore of book value (Market value to the tune of rupees 1900 crore) have already been attached under the provisional attachment orders dated December 2016 and July 2017 which have been subsequently confirmed by the Adjudicating Authority PMLA New Delhi.
The probe agency also seized a reserve a gold, diamond and Jewellery items worth rupees 41.07 crore from three showrooms of Adrija Gold Corporation Limited, a Rose Valley Group company.
The ED was able to identify and trace immovable properties collectively having deed value of Rs 300.34 crores (approximate market value of rupees 2381 crore) which is now being attached, which includes 400 immovable properties of more than 200 acres of land and 15 hotels and resorts located at Mondarmani, Lataguri, Durgapur (Formerly known as Ginger Hotel)Tarapith, Midnapur and Falakata.