This Fraudster Millionaire Owns 23 Hotels, 150 Cars, 700 Acres Land, And Has 3078 Bank Accounts

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5:39 pm 5 Aug, 2015

You may have heard of this Indian businessman; he is a millionaire, after all. But the Enforecemt Directorate has revealed that he is a fraudster. According to records of the investigating agency, Rose Valley Group’s CMD Gautam Kundu’s companies did not return money to its investors on maturity, reports Economics Times.

Gautam Kundu has a total of 700 acres land spread across 12 states, 23 hotels, 150-odd cars – including a dozen imported luxury vehicles – 900 branch offices and 3,078 bank accounts.

The businesses are spread across the nation; and include states like West Bengal, Odisha, Bihar, Assam, Punjab, Delhi, Rajasthan, MP, Tripura, Rajasthan, Jharkhand and Andhra Pradesh.



In the last few years, Rose Valley Group has gained a wealth of Rs.15,400 crore – six times higher than the now defunct Saradha group. Kundu owns 15 acres in Assam, 10 acres in Madhya Pradesh, 110 acres in Tripura and around 100 acres in West Bengal, 12 plots in East Midnapore, amongst other properties in various states.

The list doesn’t end here. Kundu has 23-odd hotels across the country, seven premium residencies at Kolkata, and a gold and diamond jewellery mall.


After receiving a number of complaints against the group, the Enforcement Directorate accessed the software and bank data of the company. The bank details of the firm revealed that the group returned only Rs.900 crore to its investors on maturity.

Also, investigators have alleged the possibility of more possessions. They claim that the quantum of land Kundu owns could be over 1,000 acres. A chargesheet has been filed in the matter.


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