By NewsGram Staff Writer

The Enforcement Directorate (ED) has made fresh recoveries of Rs.36.91 crore from bank accounts of Kolkata-based company Rose Valley, which is under investigation for its alleged involvement in ponzi schemes.

"We have unearthed 180 bank accounts of Rose Valley from where we have recovered Rs. 36.91 crore," an ED source told IANS.

"We have processed this amount and have informed Delhi about it," the source said.

In March this year, the ED had arrested the company's chairman Gautam Kundu under the Prevention of Money Laundering Act for mobilising public money without proper sanction of the Securities and Exchange Board of India. It was thereafter followed by a charge sheet.

With presence across West Bengal, Tripura, Assam, Odisha, Jharkhand, Maharashtra and other states, the company is alleged to have raised close to Rs.15,000 crore.

The firm came into the limelight following the Saradha ponzi scam which broke in early 2013. The corporate affairs ministry, in the same year had named Rose Valley as one of the 73 companies involved in ponzi schemes in West Bengal.

ED is presently investigating the scam.