News Karnataka
Saturday, December 10 2022
India

Rose Valley scam: ED conducts raids, seizes vehicles worth Rs 1cr

Photo Credit :

New Delhi: The Enforcement Directorate (ED) on Friday said it has conducted search operations at seven places in West Bengal in connection with the Rose Valley chit fund scam and recovered vehicles having a total value of approximately Rs 1 crore.

The financial probe agency said it has been investigating a case under the provisions of the Prevention of Money Laundering Act, 2002 against the company’s then Chairman and Director Gautam Kundu along with other persons for allegedly cheating the public at large in the chit fund case.

Acting on a specific information, a search operation was conducted by ED on Wednesday and seven vehicles were seized, which includes 2 Mahindra Bolero, 1 Honda City, 1 Toyota Innova, 1 Tata Indica, 1 Hyundai Verna, and 1 Mahindra XUV having a total value of approximately Rs 1 crore.

These vehicles were found to have been acquired out of the Proceeds of Crime (POC) by the companies of Rose Valley Group, the ED said.

It also initiated a money-laundering investigation on the basis of FIRs registered by the West Bengal Police against Rose Valley Group of companies, its then chairman Gautam Kundu, and others.

In the FIRs, it was alleged that these group companies had collected a huge amount of money from the common gullible public by floating fake and fictitious schemes and defaulted the re-payments.

Total POC has been quantified at Rs 6,666 crore, out of which the ED has already attached and seized properties worth Rs 1,103.71 crore.

The ED had also secured a conviction of Arun Mukherjee in the month of February this year.

Further investigation is in progress.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp