The Enforcement Directorate (ED) has attached movable and immovable properties worth over Rs 54 crore in connection with a chit fund case against Rose Valley Group of Companies and its promoters under the Prevention of Money Laundering Act.
The attached properties include insurance policies in the name of Gautam Kundu and his wife, buildings, plots of land in Bengal, Maharashtra, Madhya Pradesh and Bihar allegedly acquired by the companies of the Rose Valley Group from funds collected from investors.
The ED initiated an investigation under the provisions of the Prevention of Money Laundering Act against the companies of Rose Valley Group and its chairman, Gautam Kundu, along with other persons.
“The Rose Valley group collected funds from the common gullible public by floating fake and fictitious schemes and defaulted on the re-payments. The ED has already attached and seized properties having a value of Rs 1117.71 crore prior to the instant attachment. The total attachment in this case till date is Rs 1171.71 crore,” the ED said.
Gautam Kundu, the promoter/owner/chairman of the Rose Valley Group of Companies, arrested by the ED in March 2015, continues to be in judicial custody.
The financial probe agency had earlier filed two chargesheets in this case against Kundu and other beneficiaries in the scam and secured a successful conviction of Arun Mukherjee, who was sentenced to imprisonment of seven years and fined Rs 2.50 lakh.
