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ED seizes jewellery of 50 crore in a chit fund scam

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(G.N.S) Dt. 29
Kolkata
In a major operation the Enforcement Directorate investigating the multi-crore chit fund cases on Thursday seized jewellery worth more than Rs50 crore from outlets owned by the chit fund company Rose Valley whose chairman Gautam Kundu is currently in jail. In a 27-hour long raid continuing from Wednesday morning the ED officials seized from three places at Howrah, Baguiati, and Lake Market jewelry including gold and diamond worth more than Rs50 crore, officials said adding there could be more raids in near future. The seized items included 90 kgs of gold mostly in bars, diamond jewellery worth Rs40 crore, sources said. “About 36 packets containing diamond sets worth about Rs25 crore were seized from a Baguiati outlet in northern Kolkata sources said. Rose Valley is the biggest chit fund firm identified thus far allegedly embezzling to the tune of Rs27,000 crore. Its chairman Gautam Kundu who was currently in jail had allegedly been running the show from behind the bar by managing to get the funds of the ponzi company transferred to jewelry business, sources said adding about Rs140 crore had been transferred from chit fund and invested in jewelry racket.

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