HC asks ED to finish Rose Valley investigation in 3 months

The Calcutta High Court today asked Enforcement Directorate to complete its investigation in 3 months in the case relating to Rose Valley firm accused of mobilising money without proper sanction of SEBI.
Upholding the decision of ED to freeze bank accounts of the Rose Valley group, a division bench of the court of Chief Justice Manjula Chellur and Justice Joymalya Bagchi said the investigation into the case must be completed within the next three months.
It also asked the investigative agency to submit a report to the court after three months.
Last week, ED had arrested Rose Valley chairman Gautam Kundu on the basis of a SEBI complaint.

It had also frozen more than 2000 bank accounts of the group, following which the corporate entity had been renamed as Sun City Group and Chocolate Group.
Rose Valley had been accused of mobilising money by issuing non-convertible debentures (NCDs) to investors without proper sanction of SEBI.
According to ED estimates, Rose Valley had mobilised public money to the tune of Rs 15,000 crore, which was nearly five times the size of Saradha ponzi scam.