38.6c New Delhi, India, Tuesday, May 21, 2024
CelebStreet

ED Attaches Rs. 70 Crores Assets in Rose Vallley Scam (One Linked To Shahrukh Khan)

By LawStreet News Network      04 February, 2020 07:02 PM      0 Comments
ED Attaches Rs. 70 Crores Assets in Rose Vallley Scam (One Linked To Shahrukh Khan)

The total market value of properties in the Rose Valley Group of Companies' cases has reached around Rs. 4750 crores after the inclusion of 3 firms namely - Multiple Resorts Pvt. Ltd., St. Xavier’s College, Kolkata, and Knight Riders Sports Pvt. Ltd. (IPL Cricket team promoted by actor Shah Rukh Khan) whose asset value is a total of Rs. 70 crores in the Rose Valley Scam, the Enforcement Director (ED) said. 

On the 3rd of February, 2020, The Enforcement Directorate (ED) on Monday provisionally attached movable and immovable properties belonging to different entities and individuals in connection with the rose valley scam. The properties have been seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Further more, the Knight Riders Sports Pvt. Ltd. owns the ‘Kolkata Knight Riders’ Indian Premier League (IPL) cricket team and its directors include actor Shah Rukh Khan’s wife Gauri Khan as well as Jay Mehta, actor Juhi Chawla’s husband. The ED had registered an FIR against Knight Riders Sports Pvt Ltd, its Chairman Gautam Kundu and others in 2014 under the PMLA. Kundu was arrested by the agency in Kolkata in 2015. Khan was even questioned by the ED in 2015 in connection with the alleged Foreign Exchange Management Act (FEMA), 1999 violations in the IPL. The case involved alleged violation is selling around five million Knight Riders Sports Pvt Ltd (KRSPL) shares at an undervalued rate to Jay Mehta. The actor was questioned by the agency many times.

The bank accounts of the three firms that have been attached total Rs. 16.20 crores. Besides, 24 acres of land at Ramnagar and Mahishdal in West Bengal’s Purba Medinipur district, a flat at Dilkap Chambers, Mumbai, an acre of land at Jyoti Basu Nagar in Kolkata’s New Town and a hotel of the Rose Valley group have also been attached as part of the latest order,” the ED said in a statement.

Investigation under PMLA has revealed that this business group collected more than ₹17,520 crores from public throughout India by luring depositors with false promise of high return/interest on their deposits out of which an amount of ₹10,850 crores was refunded and remaining ₹6670 crores is still unpaid which constitutes the proceeds of crime, the ED added.

Multiple chargesheets have been filed in the courts in Kolkata and Bhubaneswar by ED in this case. The group has been charged by ED and the CBI with "illegally and fraudulently collecting deposits from public with the intention to cheat them by falsely promising high returns on their investment", thereby perpetrating a ponzi-like fraud. 

The company diverted and siphoned off the amount through cheating and had no real business that could repay this amount that the agency collected.

 

Author: Dyuti Pandya



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

cannot-allow-the-game-of-hide-and-seek-for-committing-murder-of-an-unborn-child-mp-high-court
Trending Judiciary
Cannot Allow the Game of Hide and Seek for Committing Murder of an Unborn Child: MP High Court [Read Order]

MP High Court denies abortion for minor rape victim, condemns misuse of legal authority to terminate pregnancy and prevent justice.

20 May, 2024 03:52 PM
pune-porsche-hit-and-run-bail-granted-to-17-year-old-in-under-14-hours-asked-to-write-essay
Trending Judiciary
Pune Porsche Hit & Run: Bail Granted to 17 Year Old in Under 14 Hours, Asked to write essay

Bail granted to 17-year-old in Pune Porsche hit-and-run case within 14 hours. Conditions include educational tasks, supervision, and counseling. Incident killed two.

20 May, 2024 04:30 PM

TOP STORIES

sc-rebukes-ima-chief-rejects-apology-for-remarks
Trending Judiciary
SC rebukes IMA chief; rejects apology for remarks

SC rebukes IMA chief R V Asokan; rejects his apology for remarks against the court in contempt proceedings involving Baba Ramdev and Patanjali's MD Acharya Balkrishna.

15 May, 2024 11:02 AM
cant-allow-parole-for-having-procreation-with-live-in-partner-delhi-high-court
Trending Judiciary
Can't allow parole for having procreation with live-in partner: Delhi HC [Read Order]

Delhi HC denied parole for a convict seeking procreation with a live-in partner, stating it would set a harmful precedent, considering his legal marriage and children.

15 May, 2024 12:19 PM
sc-declares-arrest-of-newsclicks-editor-in-chief-prabir-purkayastha-as-invalid
Trending Judiciary
SC declares arrest of Newsclick's Editor-in-Chief Prabir Purkayastha as invalid

SC declares Newsclick Editor-in-chief Prabir Purkayastha's arrest invalid. He was detained in October 2023 under UAPA for alleged pro-China propaganda. SC orders release.

15 May, 2024 12:30 PM
sc-declines-to-entertain-plea-for-direction-to-ec-to-act-against-pm-bjp-leaders
Trending Judiciary
SC declines to entertain plea for direction to EC to act against PM, BJP leaders

SC rejects plea seeking Election Commission action against PM and BJP leaders for alleged hate speeches during elections.

15 May, 2024 12:55 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email