Written by Deeptiman Tiwary
| New Delhi |

Updated: February 4, 2020 7:03:20 am


The ED mentioned it initiated investigation beneath the Prevention of Money Laundering Act on the premise of FIRs and chargesheets acquired from West Bengal Police

Bank accounts of St Xavier’s College, Kolkata and Knight Riders Sports Pvt Ltd, the holding firm of IPL workforce Kolkata Knight Riders, are among those provisionally attached by the Enforcement Directorate in an alleged cash laundering case linked to the Rose Valley chit fund scandal. The e book worth of the belongings attached is alleged to be over Rs 70 crore.

The ED mentioned movable and immovable properties of assorted entities and people who allegedly acquired funds from the Rose Valley Group and associated entities have been attached. These embrace bank accounts of M/s Multiple Resorts Pvt Ltd, St Xavier’s College, Kolkata, M/s Knight Riders Sports Pvt Ltd and so forth. The whole quantity attached in these bank accounts have been pegged by ED at Rs 16.20 crore.

Venky Mysore, CEO of KKR and Red Chillies Entertainment, didn’t reply to a textual content message from searching for remark. The ED additionally attached 24 acres of landed property in Ramnagar and Mahishadal, Purba Medinipur, West Bengal; a flat at Dilkap Chambers, Mumbai and one acre of landed property at Jyoti Basu Nagar, New Town, Kolkata and one resort on VIP Road.

The ED mentioned it initiated investigation beneath the Prevention of Money Laundering Act on the premise of FIRs and chargesheets acquired from West Bengal Police in opposition to the Rose Valley Group of Companies and others. The FIRs and chargesheets, the ED mentioned, reveal that the Rose Valley Group of Companies had been gathering deposits from the general public with the intention to cheat them by falsely promising excessive returns on funding.

“Investigation beneath PMLA has revealed that Rose Valley Group of Companies collected greater than Rs 17,520 crores from public all through India by luring depositors with false promise of excessive return/curiosity on their deposits out of which an quantity of Rs 10,850 crores was refunded and remaining Rs 6670 crore remains to be unpaid which constitutes the proceeds of crime. The Company diverted and siphoned the quantity by dishonest and had no actual enterprise that might repay this quantity, “ the ED mentioned in a press release.

“The promoter/owner/chairman of Rose Valley Group of Companies, Gautam Kundu, was arrested by Enforcement Directorate in March 2015 and is still in judicial custody,” the ED mentioned.

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