The Enforcement Directorate (ED) announced on Friday that it conducted searches at numerous Emparta Infrastructure Pvt Ltd and its directors’ locations in connection with the Rose Valley ponzi scheme money laundering investigation.
The financial investigation agency said in a statement that it conducted searches at the company’s and its directors’ offices in West Bengal’s Siliguri and Sikkim on Thursday. It stated that during the searches, Emparta Infrastructure Pvt Limited voluntarily offered a draught for Rs 2.60 crore of their pending lease rent arrears for a Rose Valley Group hotel.
It also stated that during the search, unaccounted cash of Rs 44 lakh was seized from the premises. On the basis of several FIRs registered by West Bengal Police and the CBI, the ED began a money laundering case against Rose Valley Group of Companies and other persons associated with the company. During the investigation, it was discovered that Rose Valley Group obtained cash from the public by establishing false schemes and then defaulted on re-payments of Rs 6,666 crore, which constituted the proceeds of crime. So far, moveable and immovable properties worth Rs 1,172 crore have been attached and seized during the probe. Gautam Kundu, promoter, owner, and chairman of Rose Valley Group of Companies, was arrested by the ED in March 2015 and is in judicial custody.
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