New Delhi, Apr 28 (IANS): The Enforcement Directorate (ED) has attached movable and immovable properties worth over Rs 54 crores in an ongoing investigation against the Rose Valley Group of Companies and its promoters in a PMLA case.

The ED had earlier attached and seized properties having a value of Rs 1117.71 crores. The total attachments in this case till now are worth Rs 1171.71 crores.

The attached properties consist of insurance policies in the name of Gautam Kundu and his wife, and buildings, 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 investors.

The ED initiated the investigation under the provisions of the Prevention of Money Laundering Act, against the companies of Rose Valley Group and its chairman along with other persons on the basis of a FIR.

During the course of investigation it was learnt that Rose Valley Group collected funds from the public by floating fake and fictitious schemes and defaulted on the repayments.

Kundu, the promoter/owner/chairman of the Rose Valley Group of Companies, was arrested by the ED in March 2015 and is presently in judicial custody.

The ED has filed two prosecution complaints in the case. One Arun Mukherjee was convicted and awarded a seven-year jail term along with a fine of Rs 2,50,000 in the matter.

Further investigation in the matter is on.