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Kolkata: The Enforcement Directorate (ED) on Thursday claimed it has found incriminating documents, gold ornaments and precious stones worth Rs 40 crore during searches at showrooms of Adrija Gold Corporation in connection with the Rose Valley chit fund case.

"ED recovers and seizes incriminating documents, 72 kg of 22 carat and 18 kg of 18 carat gold ornaments, diamonds and precious stones valued at Rs 40 crore during searches at M/s Adrija Gold Corporation Ltd. in connection with Rose Valley case," the agency said in a tweet.

The agency launched search operations -- which lasted over 26 hours -- across three showrooms of the jewellery company that had allegedly obtained long-term loans from various Rose Valley Group firms owned by chit fund scam accused Gautam Kundu.

The agency has been probing the diversion of funds from the Rose Valley Group's deposit taking companies.

According to the agency's official, the Directorate focused on the jewellery company as it appeared to be one of the channels through which funds were routed from Rose Valley Group's main firms.

In 2016, in the Rose Valley chit fund scam case, the Enforcement Directorate had attached assets of the company, including eight hotels and 12 high-end cars, carrying a face value of Rs 1,250 crore.

Thousands of people were allegedly cheated in West Bengal, Odisha and in some northeastern states in the chit fund scam.

Under the provisions of the Prevention of Money Laundering Act (PMLA), the agency had registered an FIR against the company and its Chairman Gautam Kundu in 2014. Kundu was arrested by the agency in 2015.

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