Rose Valley: The Enforcement Directorate seizes assets worth Rs 159 crore in a money laundering investigation!

The Enforcement Directorate (ED) has attached assets worth Rs 159 crore in the Rose Valley money laundering case. The attached assets include land, buildings, and other immovable properties in West Bengal, Odisha, and Delhi. The ED initiated the investigation into the Rose Valley case in 2013 and has been pursuing it since then. Rose Valley was a chit fund company that operated in West Bengal, Odisha, and other parts of the country. The company collected money from people promising high returns on their investments. However, the company failed to deliver on its promises, and the investors lost their money. The company’s founder, Gautam Kundu, was arrested in 2015, and the ED filed a charge sheet against him and other accused in the case.

The attachment of assets by the ED is a significant development in the case, as it will help in recovering the money lost by the investors. The attached assets include land, buildings, and other properties owned by the Rose Valley group. The properties include a 25-acre land in West Bengal’s Darjeeling district, a hotel in Delhi’s Paharganj area, and a shopping complex in Odisha’s Balasore district. The ED has been working tirelessly to recover the money lost by the investors in the Rose Valley case. The agency has attached assets worth over Rs 4,000 crore in the case so far. The agency has also arrested several accused in the case, including Gautam Kundu, who is currently in jail.

The Rose Valley case is one of the biggest chit-fund scams in the country, and the ED’s efforts to recover the money lost by the investors are commendable. The agency has been working in close coordination with other agencies, including the CBI and the Income Tax Department, to crack down on chit-fund companies operating in the country. Chit fund companies have been a menace in the country, and many innocent people have lost their hard earned money in such scams. The government and regulatory authorities must take strict action against such companies and ensure that the investors get their money back.

In conclusion, the attachment of assets worth Rs 159 crore by the ED in the Rose Valley money laundering case is a significant development in the case. The attachment of assets will help in recovering the money lost by the investors in the case. The government and regulatory authorities must take strict action against chit-fund companies operating in the country and ensure that the investors get their money back. The ED’s efforts in the Rose Valley case are commendable, and it is hoped that such scams will be eradicated from the country.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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