In accordance with the Prevention of Money Laundering Act of 2002, the Directorate of Enforcement (ED) has temporarily seized 139 movable and immovable properties that belong to the Rose Valley Group of Companies and their Directors, and are now worth at around Rs. 150 crores.
The Directorate of Enforcement (ED) initiated an investigation against Rose Valley Group of Companies and others under the provisions of PMLA, 2002. The investigation was initiated based on an FIR registered by the BI(EO), Assam Police, and two subsequent FIRs registered by CBI, Guwahati against the company and its directors. The charge sheet was filed in both cases in 2020, alleging that investors in Assam are still owed an amount of approximately Rs. 718 Crore.
The funds were obtained by selling the fake and fabricated schemes through a chain of agents located in Assam, West Bengal, Tripura, Odisha, Jharkhand, and several other states, according to an investigation carried out by the Enforcement Directorate in accordance with the PMLA provisions based on the aforementioned. M/s. Rose Valley Real Estate & Construction Ltd. (RVRECL) and its affiliate firms offered schemes in Assam.
The money obtained from the sale of fraudulent schemes was moved to Rose Valley Group’s corporate headquarters in Kolkata, and from there, it was dispersed to the accounts of numerous businesses under the pretence of loans and advances. These firms’ bank records and ledgers were gathered and carefully examined to track the proceeds of crime.
139 immovable assets, including flats, offices, shops, and land banks, registered in the names of several Rose Valley Group businesses and its directors and situated in the states of Tripura, West Bengal, and Andaman, have been located and are now temporarily attached. More research is now being conducted.
