Rose Valley ponzi scam: ED attaches Rs2300 cr assets
process of moving all its hotel assets into a separate unit with the intention of bringing private equity investors into the business. Under the new plan, an investment platform of around Rs1000 crore in partnership with private equity firms would be created to fund its future. The strategy is in line with its plan to double the number of hotel rooms to 2,000 by 2020.
At present, the company’s hospitality business spans across five hotels operated under five major brands including global hospitality brands Grand Mercure and Sheraton.
“We created a separate unit with an intention of inviting private equity players. By 2020, we would be having around 2000 rooms. In order to grow to 4000 room keys, we need strategic financial partners,” Jaishankar said.
Besides, Brigade is also undergoing a feasibility study to enter the industrial park business. It hopes to utilise around 50 acres of its land bank in Karnataka to build industrial parks, with warehousing space components. KOLKATA: TheEnforcementDirectorate (ED) recently attached assets worth Rs2,300 crore, including two dozen hotels and resorts, in connection with its money laundering probe in the Rose Valley ponzi scam case.
Officials saidtheagencyissued a provisional order, under the PreventionofMoneyLaundering Act(PMLA), attaching11resorts, nine hotels and few other such facilities, aplot of about200acres and 414 land parcels spread across WestBengal. Thisisoneof the single largest attachment of properties order issued by the central probe agency under the PMLA. Withthelatestaction, the total value of assets seized in this case stands at about Rs4,200 crore. The ED had registered an FIRagainstthefirm, its chairman GautamKunduandothersin2014 under the Prevention of Money LaunderingAct(PMLA). Kundu was arrested by the agency in Kolkata in 2015.
Multiple charge sheets have beenfiled in thecourtsinKolkata and Bhubaneswar by the ED in this case. Thegrouphadallegedly floated atotal of 27 companiesfor running the alleged chit fund operationsoutofwhichonlyhalfa-dozen were active.
Theagencyhasallegedthatthe firm had floated the scheme promising inflated returns on investments between eight and 27% to gullible investors in various states.
The company had allegedly pledged astronomical returns to depositorsonlandpropertiesand assets and bookings done in the real estate sector. The company has also been accused of making “cross investments” in its varioussister firmstosuppressitsliabilities towards investors.
Bengalurubased Brigade Enterprises Ltd will spend up to Rs10,000 crore across verticals