ED attaches fresh assets worth over Rs 260 crore in Rose Valley case
A bungalow at B/02/55 was temporarily added after an order was given in accordance with the Black Money Laundering Law (PMLA) on August 13, the shares of the Charulata project in Kolkata West International City and the 32 “Front” company of the group.
ED said the action was carried out as part of the ongoing investigations including Rose Valley Real Estate and Construction and related organizations.
In 2014, the Federal Probe Agency reserved the Rose Valley Group, President Gautam Kundu and an PMLA case against others. The trial in the case continues and such asset additional orders have been published by the agency in the past.
Kundu was arrested by ED in March 2015.
The attached assets, which are worth 262.90 RS, are defined as “crime income” that collects “illegal” and “fraudulent” investments and collects the public as the public plans that promise high returns. The Group collected funds worth 17,520 RS with the sharing of land parcels or hotels promising “wrong” and provided repayments with 18-24 percent interest rates every year in non-delivery cases. In spite of these guarantees, some 6,666 RS remained for investors. “To mask the siphoning of illegal activities and public investments, the group has laid these funds and directed to multiple -related companies, using these revenues and issued shares under the stock infusion.” He said.
In this case, an asset process was initiated by ED in the instructions of the Supreme Court of Calcutta.
The Asset Disposal Committee said that it has completed 10 fund distribution phases to the victims of fraud so far and has made a total of 72.76 RS repayments to 94,627 victims/ investors.
The restoration of properties to the victims of a fraud is an existing solution under the pm.
