ED seizes valuables worth Rs 40 crore in connection with Rose Valley Chit Fund scam
Source :NewsBharati   Date :28-Dec-2017

Kolkata, December 28: On Wednesday, Enforcement Directorate(ED) raided three showrooms of Adrija Gold Corporation in connection with Rose Valley chit fund scam. Later on Thursday, it claimed that it has seized diamonds, rubies and sapphires and gold ornaments worth Rs 40 crore during the raid.

It is alleged that funds from the Rose Valley Real Estate and Rose Valley hotels were channelized to Adrija Gold Corporation. To get a trace of illegal funds, ED on Wednesday raided three showrooms across different locations in Kolkata. As per local reports, Ed also scanned the account books in the showrooms.

"The ED has recovered and seized incriminating documents, 72kg of 22 carats and 18kg of 18-carat gold ornaments, diamonds and precious stones valued at Rs 40 crore during searches at Ms. Adrija Gold Corporation Limited in connection with the Rose Valley case," it said in a statement.

The scam was first unfolded in 2014. The company gathered a huge amount of money by promising investors the moon mainly in eastern states of the country. The ED had registered an FIR against the firm, its chairman Gautam Kundu and others in 2014 under the Prevention of Money Laundering Act (PMLA). In 2015, Gautam Kundu, the flamboyant chairman of the Rose Valley group was arrested.

Just like Sarada scam, in this scam too, top leaders of Bengal’s ruling party TMC were allegedly involved. Two of the party’s big leaders — Tapas Pal and Sudip Bandyopadhyay were arrested by CBI.