New Delhi [India], April 28 (ANI): The Directorate of Enforcement has attached movable and immovable properties valued more than Rs 54 Crore in an ongoing investigation against Rose Valley Group of Companies and its promoters under the Prevention of Money Laundering Act, 2002.

ED has already attached and seized properties having a value of Rs 1117.71 Crore prior to the instant attachment. Total attachment in this case till date is 1171.71 Crore, according to an official statement.

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The attached properties consist of insurance policies in the name of Gautam Kundu and his wife., buildings and plots of land located in West Bengal, Maharashtra, Madhya Pradesh and Bihar, which were found to have been acquired by the companies of Rose Valley Group from the funds collected from the gullible investors, it said.

ED had initiated an investigation under the provisions of the Prevention of Money Laundering Act, 2002 against the companies of Rose Valley Group & its Chairman Gautam Kundu along with other persons. It is revealed during the course of the investigation that the Rose Valley group collected funds from the common gullible public by floating fake and fictitious schemes and defaulted the re-payments.

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Gautam Kundu, the promoter/owner/chairman of Rose Valley Group of Companies, who has been arrested by the ED in March 2015 is still in judicial custody. The ED has earlier filed two Prosecution Complaints in the case against Gautam Kundu and other beneficiaries in the scam.

ED had also secured a successful conviction of Arun Mukherjee in the said scam, who was sentenced to imprisonment of seven years and a fine of Rs. 2,50,000/.

Further investigation is underway. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)