New Delhi, Enforcement Directorate (ED) has provisionally attached movable and immovable properties belonging to three firms, including IPL cricket team of Knight Riders Sports Pvt Ltd and individuals who received funds from Rose Valley Group and related entities having a book value of Rs 70.11 crore under the provisions of the Prevention of Money Laundering Act (PMLA), an official release said here on Monday.
The attached properties includes bank accounts of Multiple Resorts Pvt Ltd, St Xavier’s College, Kolkata and Knight Riders Sports Pvt. Ltd to the tune of Rs 16.20 crore and 24 acres of landed property at Ramnagar and Mahishdal, PurbaMedinipur in West Bengal, a flat at Dilkap Chambers, Mumbai and one acre of landed property at Jyoti Basu Nagar at New Town, in Kolkata, one Hotel at VIP Road of Rose Valley Group, the release said.
The federal financial probe agency move comes after the registration of FIRs and later charge sheets received from West Bengal Police against Rose Valley Group of Companies and others.
From the FIRs and charge sheets, the probing agency investigation revealed that Rose Valley Group of Companies were illegally and fraudulently collecting deposits from public with the intention to cheat them by falsely promising high returns on their investment and thereby committed offences punishable under Sections 120B & 420 of IPC which are the Scheduled Offence in terms of Section 2(1)(y) of Prevention of Money Laundering Act( PMLA).
ED’s investigation has further revealed that Rose Valley Group of Companies collected more than Rs 17,520 crore from public throughout India by luring depositors with false promise of high return or interest on their deposits out of which an amount of Rs 10,850 crore was refunded and remaining Rs 6670 crore is still unpaid which constitutes the proceeds of crime.
The company diverted and siphoned the amount through cheating and had no real business that could repay this amount, the Probing agency said in a statement.
Earlier, the ED had identified and attached properties under PMLA having tentative market value of around Rs 4,680 crore which includes several luxurious resorts, hotels, vehicles, flats, lands, gold and, jewellery.
With this attachment, the total market value of properties, so far attached in Rose Valley Group of Company cases has reached around Rs 4750 crore,the official release said.
The promoter, owner and chairman of Rose Valley Group of Companies Gautam Kundu was arrested by ED in March 2015 and is still in Judicial Custody, the probe agency further said, adding that the investigation in this case has been in progress.