ED chargesheet on Rose Valley today

The life Insurance Corporation of India is under the Enforcement Directorate scanner and may issue a notice to the premier public sector insurance company asking it to explain its dealings, if any, with the chit fund company Rose Valley, sources said. According to sources, ED got information that Rose Valley had collected money on behalf of lIC and even asked it to increase its commission for acting as its agent. The ED is likely to ask the lIC to explain whether it had any kind of contract with that group and if so what kind of agreement they had between them.

On filing its first chargesheet on the Rose Valley case ED sources said that the Agency could file the chargesheet by Thursday.  “The ED will file the first chargesheet in Rose Valley case under the Prevention of Money laundering Act (PMlA) by Thursday,” an official said adding more such chargesheets would be filed later on “mainly after we look into the criminal conspiracy angle into the case.”

Meanwhile, in a related case the police on Wednesday began sealing all the offices, outlets and resorts of the MPS Group following a Calcutta High Court order on Tuesday. The State had about 230 MPS offices running a business of several thousand crores. The ED had last week arrested Rose Valley boss Gautam Kundu.