NEW DELHI :
The Enforcement Directorate (ED) on Monday provisionally attached properties of Knight Riders Sports Pvt. Ltd and St. Xavier’s College, Kolkata, for allegedly receiving ₹70.11 crore from Rose Valley Group in a money laundering case.
“The attached properties include bank accounts of Multiple Resorts Pvt. Ltd, St. Xavier’s College, Kolkata, Knight Riders Sports Pvt. Ltd to the tune of ₹ 16.20 crore; 24 acres of land at Ramnagar and Mahishdal in Purba Medinipur of West Bengal; a flat at Dilkap Chambers in Mumbai; 1 acre land at Jyoti Basu Nagar in New Town of Kolkata and one hotel at VIP Road...of Rose Valley Group," the ED said.
The agency initiated investigation under the Prevention of Money Laundering Act on the basis of cases registered by the West Bengal police against Rose Valley Group of firms.
“...Rose Valley Group of Companies was illegally and fraudulently collecting deposits from the public with the intention to cheat them by falsely promising high returns on their investment and thereby committed offences punishable under sections of IPC," the agency said.
ED said investigations under PMLA showed Rose Valley collected more than ₹17,520 crore from the public throughout India by luring depositors with false promises of high returns on their deposits out of which ₹10,850 crore was refunded. The remaining ₹ 6,670 crore is still unpaid.
“The company diverted and siphoned the amount through cheating and had no real business that could repay this amount. Earlier, ED identified and attached properties under PMLA having tentative market value of around ₹4,680 crore, which includes luxurious resorts, hotels, vehicles, flats, lands, gold, jewellery. With this attachment, the total market value of properties so far attached in Rose Valley group of companies cases has reached around ₹ 4,750 crore," it added.
The promoter and chairman of Rose Valley Group of companies, Gautam Kundu, was arrested in March 2015 and is in judicial custody.