Kolkata, Aug 21 The Kolkata zonal office of Enforcement Directorate (ED) has provisionally attached movable and immovable assets valued at around Rs 262.90 crore under the Prevention of Money Laundering Act (PMLA), 2002, in the Rose Valley chit fund scam case.
A statement issued by the ED mentioned that the action has been taken as part of its ongoing investigations involving Rose Valley Real Estate and Constructions Pvt Ltd and associated entities wherein Proceeds of Crime (POC), having book value of Rs 1172 Crore have already been attached/seized by the ED, Kolkata.
The attachment, ordered on August 13, covers a bungalow in the Charulata Project at Kolkata West International City, along with shares of 32 front companies linked to the Rose Valley group. These assets have been identified as proceeds of crime (POC) generated through fraudulent investment schemes floated by the group.
According to ED, the Rose Valley group, led by its chairman Gautam Kundu, illegally mobilised funds worth Rs 17,520 crore from unsuspecting depositors. Investors were lured with promises of land parcels, hotel time-shares, or, in cases of non-delivery, assured refunds at interest rates as high as 18 per cent – 24 per cent per annum. Despite such promises, an estimated Rs 6,666 crore remained unpaid to investors, constituting proceeds of crime.
The statement further said ED’s investigation revealed that the Rose Valley group layered and diverted public investments across multiple associated firms, acquiring assets and issuing shares under the guise of equity infusion to mask its illicit activities. Two prosecution complaints have already been filed against Gautam Kundu and others, which are pending before the Special Court under PMLA in Calcutta.
ED said that the latest attachment aims to secure assets that could ultimately be liquidated and resituated for the benefit of lakhs of investors across West Bengal and neighbouring states. The investigation into the chit fund scam is continuing.
ED initiated investigation on the basis of various FIRs registered by West Bengal Police against the Rose Valley group and its entities under various sections of IPC, 1860. From the FIRs and charge sheets filed in respect of the said cases, it is revealed that Rose Valley Group of Companies were illegally and fraudulently collecting deposits from public with the intention to cheat them by falsely promising high returns on their investment.
--IANS
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