ED attaches 139 properties worth ₹150 crore in Rose Valley case
The Hindu
The ED has alleged that the funds were collected by selling fake schemes through a chain of agents located in Assam, West Bengal, Tripura, Odisha, Jharkhand and other States. In Assam, the schemes were sold in the name of Rose Valley Real Estate & Construction Limited.
The Enforcement Directorate (ED) has provisionally attached 139 properties, currently valued about ₹150 crore, belonging to the Rose Valley group companies and their directors in connection with a money laundering case.
The agency had initiated the probe on the basis of a case registered by the Assam police and two subsequent First Information Reports instituted by the Central Bureau of Investigation, which has also filed charge sheets in 2020 alleging that about ₹718 crore had not been repaid to the investors in Assam.
The ED has alleged that the funds were collected by selling fake schemes through a chain of agents located in Assam, West Bengal, Tripura, Odisha, Jharkhand and several other States. In Assam, the schemes were sold in the name of Rose Valley Real Estate & Construction Limited and its associates’ groups.
The money so raised was routed and transferred to the corporate office of Rose Valley group in Kolkata and from the corporate office, the funds were transferred to the accounts of various companies on the pretext of loans and advances. The bank accounts and ledger maintained by the companies were collected and scrutinised by the agency.
“During the course of investigation, 139 immovable properties consisting of land banks, flats, commercial spaces, office spaces, shops etc. registered in the name of various companies of Rose Valley group and its directors, located in States of Tripura, West Bengal and Andaman, have been identified and provisionally attached,” the ED said.
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