The Enforcement Directorate (ED) is expected to file a chargesheet on Wednesday against the Rose Valley group in connection with its probe in the ponzi scam allegedly perpetrated by consortium of companies belonging to the group.
Sources privy to the development said the agency has compiled its investigation done against the group, its officials and those working in association with it and investigators will be placing the same as a chargesheet in a special court in Kolkata.
"The prosecution complaint under sections of the Prevention of Money Laundering Act against the Rose Valley group is expected to be filed tomorrow," they said.
ED had arrested group chairman Gautam Kundu on March 25 and his bail plea was rejected by a local court in Kolkata on Tuesday.
The agency has investigated the case acting on the prosecution complaint filed by SEBI against the group of companies for "unauthorised issue of debentures" and violations under the Corporate Affairs Act.
"The modus operandi used by the group to conduct the investor fraud would be described in the chargesheet," the sources said.
The ED estimates that gullible investors were duped by this group to the tune of Rs 15,484 crore (Rs 154.84 billion).
Sources had earlier said agency's probe has detected that Kundu was the alleged "beneficial owner" of these tainted funds generated as proceeds of crime of the chit fund scam.
It had, hence, registered an FIR against the firm and its owners late last year.
Kundu, before his arrest, had been interrogated by the agency several times and the case is also being probed by the Central Bureau of Investigation.
The ED, under the stringent provisions of the PMLA, had earlier attached 2,631 bank accounts of the Rose Valley group containing Rs 295 crore (Rs 2.95 billion).
The group had allegedly floated a total of 27 companies for running the alleged chit fund operations out of which only half-a-dozen were active.
It is alleged that the firm had floated the scheme by promising inflated returns on investments between 8 and 27 per cent to gullible investors in various states.
The company had allegedly promised astronomical returns to depositors on land properties and assets and bookings done in the real estate sector.
It is alleged that the company had made "cross investments" in its various sister firms to suppress its liabilities towards investors.
Securities and Exchange Board of India had probed the company before ED and CBI registered cases against the group.