“The ED continues the investigation of Rose Valley. KKR
continues to cooperate with the authorities in all respects. As part of the investigative process, sometime in October 2019, the ED placed a lien on the said amount earlier paid by Rose Valley to KKR.
KKR expects this matter to be resolved by the ED in an expeditious manner,” KKR said in a statement.
Earlier this week, the ED had, under the Prevention of MOney Laundering Act (PMLA), attached balances in bank accounts of Multiple Resorts Ltd, St Xavier’s College, Kolkata, and Knight Riders Sports, along with 25 acres of land and one hotel in West Bengal and a flat in Mumbai totaling Rs 70.11 crore.
The Rose Valley Group’s ponzi scam, which broke out in in 2014, is estimated to be worth more than Rs 15,000 crore.
Data compiled by the All-India Small Depositors' Association from agents of 27 money-pooling companies
show they collectively raised close to Rs 40,000 crore, excluding amounts collected by one of the biggest money-pooling companies, Rose Valley, which raised over Rs 15,000 crore, and Saradha, which raised nearly Rs 2,500 crore, according to estimates.
In most cases the sums were raised through advances for real estate and hospitality projects on the promise of hefty returns.