NEW DELHI: The Enforcement Directorate (ED) has recovered and seized incriminating documents along with 72 kilograms of 22-carat gold ornaments, 18 kilograms of 18-carat gold ornaments along with diamonds and precious gems worth about Rs 40 crore during searches at Kolkata-based Adrija Gold Corporation Ltd.
The searches under the Prevention of Money Laundering Act (PMLA) were conducted in connection with Rose Valley chit fund case.
ED investigation revealed that Adrija Gold Corporation Ltd obtained funds in the garb of long-term loans from Rose Valley Group of Companies.
ED’s Kolkata Zonal office searched three showrooms of Adrija at Baguihati, Lake Place, and Howrah on Wednesday which continued throughout the night and concluded in the afternoon on Thursday, the agency said in a statement.
The Rose Valley Group had collected more than Rs 17000 crores from the public from across the country by luring the depositors of high returns on their deposits. Out of this amount, an amount of approximately Rs 8000 crores remains outstanding to the public by Rose Valley Group.
ED had earlier identified and attached properties acquired out of proceeds of the crime having a market value of about Rs 1950 crores, including hotels, land, cash, Bank Balances, and high-end vehicles.
The agency had earlier arrested the CMD of the Company Gautam Kundu in 2015 who is still undergoing judicial custody.