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Rose Valley case: ED seizes precious stones, gold worth Rs 40 crore

The ED said that during the investigation, it was found that Adrija Gold Corporation Limited “obtained funds in the garb of long-term loans from Rose Valley group companies”.

By: Express News Service | Kolkata | Published: December 29, 2017 4:36 am

The Enforcement Directorate seized diamonds, rubies and sapphires and gold ornaments worth Rs 40 crore in raids in and around Kolkata, in connection with its money laundering probe into the Rose Valley chit fund scam case. The raids, which began on Wednesday, were carried out in three jewellery showrooms of Adrija Gold Corporation Limited at Baguihati, Howrah and Rashbehari in Kolkata. The raids concluded on Thursday.

“The ED has recovered and seized incriminating documents, 72 kg of 22 carat and 18 kg of 18 carat gold ornaments, diamonds and precious stones valued at Rs 40 crore during searches at Adrija Gold Corporation Limited in connection with the Rose Valley case,” the ED said in a statement. The stones included rubies and sapphires, said officials.

The ED said that during the investigation, it was found that Adrija Gold Corporation Limited “obtained funds in the garb of long-term loans from Rose Valley group companies”.

“While the value of the total jewellery is Rs 40 crore, if manufacturing and designing costs are included, the figure would come to Rs 50 crore,” said an official. The main office of the company, on VIP Road at Baguihati, belongs to the Rose Valley group and will be attached by ED, said officials. Sources said around 40 people, including from Guwahati and Kolkata ED units, were part of the raids.

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