CBI may question Kundu on money laundering
Sep 17, 2015
Source : Toi

KOLKATA: With the arrest of Rose Valley managing director Shibamoy Dutta, CBI sleuths say they may finally make certain inroads into how funds were siphoned off from the Ponzi firm. 

Based on Dutta's interrogation, CBI now plans to question group chairman Gautam Kundu again as they feel he was trying to "suppress information". 

On a day Dutta and another accused director, Ashok Kumar Saha, were taken to Bhubaneswar by CBI, sources in Delhi indicated that a gold retailing firm — from which Kundu had started distancing himself recently — is under scanner for stashing the ill-gotten money. 

The CBI investigation though has surprised Kundu's lawyers who have questioned whether CBI has the legitimacy to probe the money laundering angle, which falls under the domain of Enforcement Directorate. 

"Kundu needs immediate medical attention, but CBI had been opposing any move to get him admitted at a hospital. Is in spite of the fact that both Kundu and Dutta are co-operating with them, the sleuths are trying to keep them behind bars. Now they want to probe an alleged money laundering that essentially lies in the domain of the ED. We will surely attract the attention of the court in this matter," said a lawyer representing the firm. 

At the centre of the argument is the sudden CBI interest in Rose Valley's "long term loans" to a Gold chain. The loan amount stood at an astounding Rs 102.53 crore according to its annual report in 2013-14. However, neither Kundu nor Rose Valley is shown to have any major stake in it. In March 2014 — its first full year of operation — the gold company generated Rs 29.6 crore in revenue and reported a pre-tax loss of Rs 27.1 crore. Thanks to a deferred tax asset of Rs 8.39 crore, the firm reported an accumulated loss of Rs 18.86 crore at the end of March 2014. Similarly, nearly six media outlets, including regional newspapers and channels, are under scrutiny. 

The CBI sleuths have also narrowed down their search to five real estate developers who, the central agency claims, were direct beneficiaries of Rose Valley. Sources said proxy investors were used to channel out this money between 2013 and 2014. 

"Rose Valley had business investments. It was not like Saradha. There should be no reason why we cannot get to the bottom of this money empire," an investigator said, adding that the two firms that Dutta specifically mentioned during questioning are Rose Valley Hotels and Entertainment Limited and Real Estate and Landbank India Limited. 

"Around 1,000 acres had been distributed among 7.5 lakh investors. This is the exact point on which we are trying to gather more evidences," he said. 

The group, CBI said, had bought properties across Andamans, Bengal, Assam, Rajasthan, Goa and New Delhi. Kundu himself has 235 acres across five states. Some 23-odd hotels across the country, including luxury properties in Jaipur, Jalpaiguri, East Midnapore, Siliguri and Kolkata, are also owned by Rose Valley. It has seven premium residencies in Kolkata, a 6,000sqft villa in Ranchi and a gold and diamond jewellery mall. The group also has 880 branches in West Bengal, Odisha, Bihar, Assam, Punjab, Delhi and Andhra Pradesh. 

Latest Realty News

Indore-ranked-8th-in-real-estate-survey
Sep 17, 2015
INDORE: Commercial capital of the state — Indore has been placed 8th in real-estate market in terms of highest sales, price, supply, absorption, inventory and new launch trends.
Government-to-put-in-place-single-window-clearance-for-building-permissions-by-early-next-year
Sep 16, 2015
NEW DELHI: The central government is working on putting in place a single window time-bound clearance system for layout approvals and building permissions by the beginning of next year, housing and urban development minister M Venkaiah Naidu said.
Kochi-top-real-estate-destination-among-19-Tier-II-cities-in-India
Sep 16, 2015
Kochi has topped the list of best real estate destinations among 19 Tier-II cities in India on the back of robust housing demand and better project execution, according to a report.
50-real-estate-agents-attack-online-realty-startup's-office-in-Bengaluru
Sep 16, 2015
BENGALURU: More than 50 real estate agents and brokers on Tuesday morning attacked the headquarters of NoBroker, a home rental startup, at HSR Layout in southeast Bengaluru. They picketed the online house-hunting marketplace and shouted slogans, saying the company was ruining their livelihood.
Builders-threaten-to-bring-construction-to-halt-in-city
Sep 16, 2015
VISAKHAPATNAM: Demanding that the AP government immediately look into the shortage of sand in the district, representatives of the Confederation of Real Estate Developers Association of India (Credai)'s Vizag zone threatened the government that builders will stop all civil works in the city from September 21 unless it does something to resolve the issue. The association urged chief minister N Chandrababu Naidu to intervene in the matter.
Andhra-Pradesh-government-cancels-agreement-with-Unitech,-forfeits-Rs-255-crore
Sep 16, 2015
HYDERABAD: Andhra Pradesh has cancelled an agreement with Unitech Ltd for Integrated Vizag Knowledge City project in Visakhapatnam and forfeited Rs 255 crore, the firm paid for the land, for failing to meet targets.
Consumption-of-construction-chemicals-is-set-to-go-up-in-India
Sep 15, 2015
Rapid urbanisation is setting the pace of the Indian construction industry and, by extension, the construction chemicals market. The government’s ambitious ‘Housing for All’ and ‘100 Smart Cities’ programs are key growth drivers for the construction chemicals sector.
Rajasthan-Apartment-Ownership-Bill-returned-as-Union-ministries-raise-objections
Sep 15, 2015
JAIPUR: The Rajasthan Apartment Ownership Bill (2015), which was sent to the President of India for final approval, has been returned with proposed amendments.
Fullerton-India-to-float-housing-finance-company
Sep 15, 2015
Leading non-banking financial company (NBFC) Fullerton India Credit Company Ltd, a fully owned subsidiary of Singapore-based Fullerton Financial Holdings, has decided to float a housing finance company by November this year.
Mumbai’s-former-US-consulate-sets-Indian-record-for-property-deal
Sep 15, 2015
A sprawling seaside mansion in Mumbai, whose former owners include the US government and an Indian Maharaja, has been sold for Rs7.5bn ($113m) in the most expensive residential property deal in India’s history.

Latest Realty News Of State

Realty Talk's