The Enforcement Directorate on Thursday conducted searches on three premises of the Rose Valley group in North 24-Parganas in connection with the ongoing money-laundering cases in West Bengal.
A company spokesperson told The Hindu that the ED conducted “an inquiry” and the firm “cooperated” with the agency. The ED had conducted an “inquiry” and not a “raid” as aired by television channels, the spokesperson said. The “inquiry” was conducted on the basis of a criminal case registered by stock market regulator Securities and Exchange Board of India (SEBI) under the Provisions of the Prevention of Money Laundering Act (PMLA) against the group.
Much like the Saradha Group, which was booked for running several Ponzi schemes in the State, Rose Valley raised crores from small investors under various deposit-seeking schemes over the last few years.
The searched premises were in Barasat, Baguihati and Sector V in Salt Lake City in North 24 Paraganas District.
