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    Home / News / India News / Rose Valley case: ED attaches SRK's Kolkata Knight Riders' assets
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    Rose Valley case: ED attaches SRK's Kolkata Knight Riders' assets

    Rose Valley case: ED attaches SRK's Kolkata Knight Riders' assets
    Written by Siddhant Pandey
    Feb 03, 2020, 07:08 pm 2 min read
    Rose Valley case: ED attaches SRK's Kolkata Knight Riders' assets

    The Enforcement Directorate has attached properties worth over Rs. 70 crore of three firms in the Rose Valley Ponzi Scheme case. The three firms include the Knight Riders Sports Pvt. Ltd., the company that owns the IPL team promoted by Bollywood actor Shah Rukh Khan. The other two firms are the Multiple Resorts Pvt. Ltd. and St Xavier's College, Kolkata. Here are more details.

    Assets worth Rs. 70.11 crore attached by ED

    In a statement on Monday, the ED said it has provisionally attached movable and immovable properties belonging to various entities and individuals who received funds from Rose Valley Group and its related entities. Assets amounting to Rs. 70.11 crore were attached under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), the agency said.

    ED also attached three firms' bank accounts worth Rs. 16.2cr

    The ED said that the attached properties include bank accounts of the three firms worth Rs. 16.20 crore. Further, 24 acres of land at Ramnagar and Mahishdal in Bengal's Purba Medinipur, an acre of land at Jyoti Basu Nagar in Kolkata's New Town were attached by the ED, along with a flat at Dilkap Chambers, Mumbai, and a hotel of the Rose Valley group.

    What is the Rose Valley scam?

    The Rose Valley Group of Companies "illegally and fraudulently" collected deposits from people with false promises of higher returns. The company duped investors of Rs. 17,520 crore across India and only Rs. 10,850 crore has been refunded thus far. The scam was unearthed in 2013 and in March 2015, the ED arrested Rose Valley owner Gautam Kundu. He remains in judicial custody.

    In 2015, ED questioned Khan for alleged FEMA violations

    The Knight Riders Sports Pvt. Ltd. (KRSPL) owns the IPL team 'Kolkata Knight Riders'. The directors of the company include Shah Rukh Khan's wife Gauri Khan, and actor Juhi Chawla's husband Jay Mehta. In 2015, Khan was questioned by the ED for allegedly violating the Foreign Exchange Management Act (FEMA) by selling five million KRSPL shares to Mehta at an undervalued rate.

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