Rose Valley group of companies. (File Photo) 
India

Rose Valley chit fund scam: ED conducts search operations in Kolkata

The search operations were conducted in New Town and in upscale South City, a shopping and residential complex, in Kolkata, the sources said.

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KOLKATA: Enforcement Directorate sleuths on Thursday conducted search operations in the residential premises of a Rose Valley officer and in the apartment of the wife of its chairman Gautam Kundu, who is now in jail in connection with the ponzi scheme scam, sources in the investigating agency said.

The search operations were conducted in New Town and in upscale South City, a shopping and residential complex, in Kolkata, the sources said.

ALSO READ | Rose Valley chit fund scam: CBI summons two IPS officers deployed in Kolkata

The ED has been probing the collapse of the chit fund firm Rose Valley which collected nearly Rs 12,000 crore from the general public luring them with abnormally high returns and subsequently failing to deliver.

"This is a routine process in the course of the investigation", the sources said adding the search operations were conducted at the Rose Valley officer's residence in New Town and the flat of Subhra Kundu, the company chairman's wife, in South City.

During the probe several Trinamool Congress leaders had been interrogated and jailed.

The leaders included TMC MP Sudip Bandopadhyay and MLA Tapas Pal.

They were granted bail by Odisha High Court as both of them were taken for further questioning to Odisha.

The ED had also questioned Bengali film personalities like Rituparna Sengupta and Prosenjit Chatterjee for acting in films produced by the Rose Valley group.

Even IPL team Kolkata Knight Riders (KKR) chief executive officer, Venky Mysore had been interrogated by the investigating agency for getting sponsorship from Rose Valley for the IPL tournament.

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