The Enforcement Directorate, ED has taken possession of movable and immovable properties worth 304 Crore rupees of Rose Valley Group of companies. The case under Prevention of Money Laundering Act, PMLA was recorded against Rose Valley Group of companies as it was found that this Group of companies had collected huge amount of money from common gullible public by floating various fake and fictitious schemes and defaulted on the re-payments.
Investigation under PMLA has revealed that several properties in West Bengal, Odisha, Tripura, Assam, Maharashtra, Jharkhand and others States were acquired in the name of various companies of Rose Valley Group, by illegally diverting the funds collected from the common public. After due process of investigation, the ED had attached the properties found to have been acquired from the proceeds of crime and the orders of provisional attachment of the properties were confirmed by the Adjudicating Authority PMLA, New Delhi.
The ED has also filed its prosecution complaints against the companies and its Directors before the Special PMLA Court. A special drive was undertaken by Kolkata Zonal Office-II of ED for taking possession of the properties of Rose Valley Group of companies, throughout West Bengal, Tripura and Odisha under PMLA. It resulted in taking over possession of 412 movable properties amounting to 47 Crore rupees and 426 immovable properties amounting to 257 Crore rupees.