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Rose Valley: Enforcement Directorate recovers Rs 37 crore from company’s ponzi scheme

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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.

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Saradha scam: ED summons Trinamool MP Satabdi Roy

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By NewsGram Staff Writer

The Enforcement Directorate (ED) has summoned Trinamool Congress MP Satabdi Roy in connection with the probe in the Saradha chit fund scam, an agency source said on Monday.

“Satabdi Roy has been summoned for questioning over the Saradha case on July 29,” the ED source told IANS.

ED was also preparing the seventh attachment order of assets in the ongoing case, the source said.

Asked over the valuation of the seventh attachment, the source said: “It is still in process and valuations are being done. At this stage, it is not possible to tell the exact valuation of the attachment”.

Until now, ED has attached six properties of ponzi firm Saradha which is valued at Rs 500 crore. The forthcoming attachment is stated to be of considerable monetary value.

It has been alleged that Satabdi Roy was for some time the brand ambassador of Saradha.

Another actor turned politician and Trinamool MP Mithun Chakrabarty has already submitted Rs 1.20 crore – the amount he had taken from the ponzi company for brand endorsement – to the ED.

(With inputs from IANS)