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ED seizes seven luxury cars in Rose Valley money laundering case

By PTI
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New Delhi, Aug 28: The Enforcement Directorate (ED) on Friday said it has seized seven luxury vehicles after carrying out raids in Kolkata in connection with the multi-crore Rose Valley money laundering case.

The searches were carried out on Tuesday and two BMW and Mercedes cars each, a Honda Civic, Toyota Fortuner and a Mahindra Scorpio SUV were seized.

"The said vehicles were acquired out of the proceeds of crime collected by the companies of Rose Valley," the ED said in a statement.

The Rose Valley group of companies "had collected huge amounts of money from the gullible public by floating various fake and fictitious schemes and defaulted the re-payments."


The ED had earlier said that investigation has found that several properties in West Bengal, Odisha, Tripura, Assam, Maharashtra, Jharkhand and others states were "acquired in the name of various companies or groups, by illegally diverting the funds collected from the common public."

The agency has attached assets worth Rs 1,074 crore in this case till now. The ED had filed a criminal case of money laundering against the firm, its chairman Gautam Kundu and others in 2014 and later arrested him from Kolkata. Multiple charge sheets have been filed by it in this case till now even as the probe continues.

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ED seizes seven luxury cars in Rose Valley money laundering case

New Delhi, Aug 28: The Enforcement Directorate (ED) on Friday said it has seized seven luxury vehicles after carrying out raids in Kolkata in connection with the multi-crore Rose Valley money laundering case.

The searches were carried out on Tuesday and two BMW and Mercedes cars each, a Honda Civic, Toyota Fortuner and a Mahindra Scorpio SUV were seized.

"The said vehicles were acquired out of the proceeds of crime collected by the companies of Rose Valley," the ED said in a statement.

The Rose Valley group of companies "had collected huge amounts of money from the gullible public by floating various fake and fictitious schemes and defaulted the re-payments."


The ED had earlier said that investigation has found that several properties in West Bengal, Odisha, Tripura, Assam, Maharashtra, Jharkhand and others states were "acquired in the name of various companies or groups, by illegally diverting the funds collected from the common public."

The agency has attached assets worth Rs 1,074 crore in this case till now. The ED had filed a criminal case of money laundering against the firm, its chairman Gautam Kundu and others in 2014 and later arrested him from Kolkata. Multiple charge sheets have been filed by it in this case till now even as the probe continues.

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