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News Desk: The ED has seized seven vehicles after conducting a search operation at several locations in West Bengal in connection with the Rose Valley scam, officials said.
The ED has been investigating this case under the provisions of Prevention of Money Laundering Act against Rose Valley Group and its Chairman Gautam Kundu along with other persons for allegedly cheating the public in a chit fund case.
Acting on specific information, a search operation was conducted by ED on November 11, 2021 at seven places in West Bengal. During the searches, seven vehicles were seized, which included two Mahindra Bolero, one Honda City, one Toyota Innova, one Tata Indica, one Hyundai Verna and one Mahindra XUV having total value of around Rs one crore. These vehicles were allegedly bought using the proceeds of crime by the companies of Rose Valley Group.
The ED has initiated a money laundering investigation on the basis of FIRs registered by West Bengal Police against Rose Valley Group of companies, its Chairman Gautam Kundu & others.
In the FIRs, it was alleged that these group companies had collected huge amounts of money from the common public by floating fake and fictitious schemes and defaulted on the re-payments.
The total proceeds of crime according to ED in this case is Rs 6,666 crore out of which the financial probe agency has attached and seized properties worth Rs 1,103 crore.
