The Directorate of Enforcement has attached movable and immovable properties valued at over Rs 54 crore in an ongoing investigation against Rose Valley Group of Companies and its promoters in a money laundering case.
The attached properties consists of insurance policies in the name of its chairman Gautam Kundu and his wife, plots of land located in West Bengal, Maharashtra, Madhya Pradesh and Bihar acquired by the companies of Rose Valley Group from the funds collected from the gullible investors.
ED investigation had revealed that Rose Valley group of companies collected more than Rs 17,520 crore from the public throughout the country “by luring depositors with false the promise of high return/interest on their deposits” and diverted the funds to the accounts of various companies in guise of loans and advances.
ED probe began in 2002
The Enforcement Directorate (ED) launched an investigation under the Prevention of Money Laundering Act, 2002 against Rose Valley Group's companies and its Chairman, Gautam Kundu, along with other individuals, according to news agency ANI.
Gautam Kundu, the owner and chairman of the Rose Valley Group of Companies, was arrested by the ED in March 2015 and has remained in judicial custody since then. The ED has already filed two Prosecution Complaints against Kundu and other beneficiaries involved in the scam.
Furthermore, the ED secured a conviction in the case against Arun Mukherjee, who was sentenced to seven years' imprisonment and a fine of Rs. 2,50,000.
