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The Enforcement Directorate (ED) has announced the attachment of assets worth approximately Rs 150 crore linked to the Rose Valley Group, as part of an ongoing investigation into money laundering. A provisional order was issued under the Prevention of Money Laundering Act (PMLA), resulting in the freezing of 139 immovable properties, including land, flats, commercial and office spaces, and shops. These properties are registered under the names of various Rose Valley Group companies and their directors in Tripura, West Bengal, and Andaman and Nicobar Islands.
The ED discovered that funds were acquired by selling "fake and fabricated" schemes through a network of agents in Assam, West Bengal, Tripura, Odisha, Jharkhand, and other states. In Assam, the schemes were promoted under the name of Rose Valley Real Estate and Construction Ltd. (RVRECL) and its associated groups. The collected funds were then channelled to the Rose Valley Group's corporate office in Kolkata.
The funds were subsequently transferred from the corporate office to the accounts of different companies under the pretence of loans and advances. The ED stated that around Rs 718 crore remains "unpaid" to investors based in Assam. The ED's investigation into the Rose Valley Group and its chairman, Gautam Kundu, began in 2014, and multiple charge sheets have been filed in court since then.
The Rose Valley Group, once a thriving conglomerate with interests in real estate, hospitality, entertainment, and other sectors, has been under the scanner for its alleged involvement in money laundering and running Ponzi schemes. The case came to light when the Securities and Exchange Board of India (SEBI) found that the group was operating illegal Collective Investment Schemes (CIS) without proper authorization.
In 2015, the ED arrested Gautam Kundu on charges of money laundering. According to the ED, the group had raised over Rs 17,000 crore from investors through various schemes, which were later found to be fraudulent. The group had promised high returns to investors but failed to fulfil its commitments, leaving thousands of people in financial distress.
The ongoing investigation has led to the arrest of several politicians, bureaucrats, and film personalities in connection to the Rose Valley Group's fraudulent activities. The case has had a significant impact on the political landscape, particularly in West Bengal, where several high-profile politicians have been implicated in the scandal.
The Enforcement Directorate continues to take strong action against the Rose Valley Group, with assets worth Rs 159 crore now seized in connection to the ongoing money laundering investigation. With the probe dating back to 2014, the ED remains committed to uncovering the truth and seeking justice for affected investors. The latest seizure of assets serves as a reminder of the government's resolve to clamp down on fraudulent schemes and protect the interests of the public.
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