Home / Politics / Policy /  Rose Valley case: ED raids outlets of Adrija Gold

Kolkata: The Enforcement Directorate (ED) on Wednesday started search and seizure operations at three outlets of Adrija Gold Corp. Ltd, a jewellery retailing company started by Gautam Kundu, chairman of the now defunct Rose Valley group, in September 2012.

Though by early 2015, Kundu had distanced himself from Adrija, it was widely seen as a venture funded by public deposits illegitimately collected by the Rose Valley group. Kundu is currently in detention by central agencies.

ED officers on Wednesday said the Calcutta high court had previously passed restrictive orders asking the agency not to take any “coercive action" against Adrija. This order was revoked last week. That paved the way for the investigation into diversion of funds through Adrija to begin, they added, asking not to be named.

Though by early 2015, Kundu had ceased to be a shareholder in Adrija, the firm had received long-term loans in excess of Rs100 crore from various Rose Valley group firms, show statutory filings.

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