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A special court in Odisha has directed the restoration of funds worth INR 450 crore, attached by the Enforcement Directorate (ED), to rightful investors linked to the multi-state chit fund scam allegedly operated by the Rose Valley group of companies. The special Prevention of Money Laundering Act (PMLA) court in Bhubaneswar ordered the release of INR 332.76 crore, which had accrued to INR 450 crore with interest. The asset disposal committee (ADC), established by the Calcutta High Court, has been overseeing the restitution process. So far, 31 lakh investors have registered their claims, with 32,319 claims already processed, resulting in a disbursal of approximately INR 22 crore.
Earlier this week, a special court in Odisha instructed the restoration of funds amounting to INR 450 crore, which had previously been attached by the Enforcement Directorate (ED), to lawful claimants and investors in connection with the multi-state chit fund scam allegedly orchestrated by the Rose Valley group of companies. Advertisement
The special Prevention of Money Laundering Act (PMLA) court in Bhubaneswar ordered the release of INR 332.76 crore of proceeds of crime, whose current value has risen to INR 450 crore with accumulated interest, according to a statement issued by the ED.
The Rose Valley group, under the leadership of its managing director Gautam Kundu, allegedly operated across several Indian states, including Odisha, West Bengal, Assam, and Tripura. The funds in question had been attached by the ED and were held as fixed deposits in various bank accounts.
In an order issued earlier this week, the court of the special judge in Bhubaneswar granted approval for an application submitted by the asset disposal committee (ADC). The court permitted the release of movable property under the ED's possession in favour of the ADC, enabling restitution to lawful investors across India.
The Calcutta High Court had previously established the ADC under the leadership of Justice Dillip Kr Seth (Retd), with the mandate to oversee the restitution of properties to legitimate investors associated with the Rose Valley group of companies.
To date, approximately 31 lakh investors have registered their claims through the ADC's designated website. The ED has been assisting the ADC in carrying out surveys and valuation of confirmed attached properties, facilitating the swift monetisation of these assets for timely disbursement to investors and other victims affected by the alleged scam.
The restitution process is expected to continue in the coming months as the ADC scrutinises and validates additional claims. So far, the committee has processed 32,319 claims, resulting in the disbursement of nearly INR 22 crore to lawful investors.
Additionally, the ED has urged any remaining investors of the Rose Valley group who have yet to file their claims to do so without delay by visiting www(dot)rosevalleyadc(dot)com and submitting the necessary documentation.
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