The Enforcement Directorate (ED) has intensified its crackdown on the Rose Valley Group, attaching fresh assets worth ₹262.90 crore in connection with the ongoing Rose Valley chit fund scam investigation. The attached assets include a bungalow in the Charulata Project at Kolkata West International City and shares of 32 front companies linked to the Rose Valley Group. The ED issued the attachment order under the Prevention of Money Laundering Act (PMLA) on August 13, 2025.

This latest action is part of a broader investigation into Rose Valley Real Estate & Constructions Pvt Ltd and its associated entities. The ED has already attached or seized assets worth ₹1,172 crore in earlier actions. With this recent attachment, the total value of assets seized in the Rose Valley case has increased significantly.

The ED's investigation revealed that the Rose Valley Group, led by Chairman Gautam Kundu, illegally collected approximately ₹17,520 crore from unsuspecting depositors. The group lured investors with promises of land parcels, hotel time-shares, or assured refunds with high-interest rates ranging from 18% to 24% per annum if the promised assets were not delivered. However, the group failed to keep its promises, leaving an estimated ₹6,666 crore unpaid to investors, which the ED has identified as proceeds of crime.

To conceal their illicit activities, the Rose Valley Group layered and diverted public investments across multiple associated firms. They acquired assets and issued shares under the guise of equity infusion to mask their fraudulent operations.

The ED has filed two prosecution complaints against Gautam Kundu and others involved in the scam. These complaints are currently pending before the Special Court under PMLA in Calcutta.

The Calcutta High Court has constituted an Asset Disposal Committee (ADC), chaired by Justice Dilip Kumar Seth (retd), with the ED as a member, to safeguard the interests of investors. The ADC is responsible for overseeing the disposal of attached assets and refunding the proceeds to the victims of the fraud. So far, the ADC has completed ten phases of fund disbursement, refunding ₹72.76 crore to 94,627 victims.

The ED aims to secure assets through these attachments that can be liquidated and restituted to benefit lakhs of investors across West Bengal and neighboring states. The investigation into the Rose Valley chit fund scam is still underway.