Rose Val­ley ponzi scam: ED at­taches Rs2300 cr as­sets

HT Estates - - HTESTATES - Press Trust of In­dia ht­es­tates@hin­dus­tan­

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

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