ED takes possession of Rose Valley Group assets worth ₹304 crore

ED has also filed its prosecution complaints against the companies and its directors before the special PMLA court

The Enforcement Directorate (ED) has taken possession of movable and immovable properties worth ₹304 crore of Rose Valley Group of companies worth ₹304 crore in its money laundering probe related to ponzi schemes, the agency said in a statement on Friday.

According to the ED, investigation under PMLA has revealed that Rose Valley group of companies collected more than ₹17,520 crore from the public throughout the country. (HT archive)

“Investigation under PMLA (prevention of money laundering act) has revealed that several properties in West Bengal, Odisha, Tripura, Assam, Maharashtra, Jharkhand, and others states were acquired in the name of various companies of Rose Valley Group, by illegally diverting the funds collected from the common public,” said the statement.

The Adjudicating Authority (PMLA), New Delhi, has confirmed the orders of provisional attachment of said properties. ED has also filed its prosecution complaints against the companies and its directors before the special PMLA court.

It said that it had undertaken a special drive for taking possession of the properties of Rose Valley Group of companies, throughout West Bengal, Tripura and Odisha under PMLA which resulted in possession of 412 movable properties amounting to ₹47 crore and 426 immovable properties amounting to ₹257 crore.

Out of this amount, ₹10,850 crore was refunded and remaining amount is unpaid. This unpaid amount constitutes the proceeds of crime, ED said. With Monday’s attachment, the total market value of properties so far attached in Rose Valley cases reached around ₹4,750 crore.

Rose Valley owner Gautam Kundu was arrested on March 23, 2015, by the ED in Kolkata. The company representatives or lawyer could not be located for comments on Friday.