Property price round Rs 150 crore have been connected below the anti-money laundering legislation as a part of an ongoing investigation towards the Rose Valley Group, the Enforcement Directorate stated on Wednesday.
A provisional order for attachment of property has been issued below the Prevention of Cash Laundering Act (PMLA) and as many as 139 immovable properties consisting land, flats, industrial and workplace area, outlets and so forth. registered within the title of assorted corporations of Rose Valley Group and its administrators in Tripura, West Bengal, Andaman and Nicobar Islands, have been frozen, the company stated in an announcement.
The cash laundering case stems from a CBI FIR and cost sheets.
Probe discovered, the ED stated, that funds had been collected by promoting “pretend and fabricated” schemes by means of a sequence of brokers situated in Assam, West Bengal, Tripura, Odisha, Jharkhand and several other different states.
“In Assam, schemes had been bought within the title of Rose Valley Actual Property and Building Ltd. (RVRECL) and its associates teams and the funds collected by promoting pretend schemes had been routed and transferred to the company workplace of Rose Valley Group in Kolkata,” it stated.
The funds had been later transferred from the company workplace to the accounts of assorted corporations in guise of loans and advances, it stated.
The company stated an quantity of about Rs 718 crore stays “unpaid” to the Assam-based buyers.
The ED investigation towards the Rose Valley Group and its chairman Gautam Kundu dates again to 2014 and the company has additionally filed a number of cost sheets earlier than the courts.
(Apart from the headline, this story has not been edited by Ednbox workers and is revealed from a syndicated feed.)