ED attaches Rs 1,250 cr assets of Rose Valley

The Enforcement Directorate on Thursday attached assets worth Rs 1,250 crore of the Rose Valley Group including eight hotels and 12 high-end cars in connection with a chit fund scam, an official said.

"In this money laundering case, the agency issued the fourth attachment order during the day. We have attached eight hotels and 12 high-value cars including a Rolls Royce luxury car. The market value of attached assets is around Rs 1, 250 crore," said an Enforcement Directorate official.

However, the deed value of the attached assets would be around Rs 460 crore, he said.

Of the eight seized hotels, two are in Kolkata while the others are in Haridwar, Ranchi, Goa, Silchar, Port Blair and West Bengal's Tarapith.

Thousands of people were allegedly cheated in West Bengal and Odisha in the multi billion rupee chit fund scam.

Under the provisions of the Prevention of Money Laundering Act (PMLA), the agency had registered an FIR against the company and its Chairman Gautam Kundu in 2014.

Kundu was last year arrested by the agency.

--IANS

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