Govt Releases Rs 5.15 Billion for Rose Valley Scam Victims
ECONOMY & POLICY

Govt Releases Rs 5.15 Billion for Rose Valley Scam Victims

In a major move towards delivering justice in the Rose Valley Ponzi scam, Union Minister of State for Finance Shri Pankaj Chaudhary handed over a Rs 5.15 billion demand draft to Justice D.K. Seth (Retd.), Chairman of the Asset Disposal Committee (ADC), tasked with restituting assets to legitimate investors. This amount, expected to benefit nearly 750,000 victims, marks a significant leap from the Rs 220 million previously disbursed, which aided 32,319 investors. So far, 3.1 million claims have been lodged on the official ADC website. The Enforcement Directorate (ED), investigating five PMLA cases against Rose Valley Group across West Bengal, Odisha, Assam, and Tripura, had attached this sum by tracing nearly 2,987 bank accounts used to siphon off investor funds. These were converted into over 700 fixed deposits after legal confirmation of attachment. In total, ED has attached Rs 11.72 billion in movable and immovable assets (current market value exceeding Rs 20 billion), which are also being liquidated for restitution. The Special Court (PMLA) in Khurda, through its March 29, 2025 order, enabled this large-scale disbursal to victims nationwide. The Rose Valley scam, one of the largest in India, involved the fraudulent collection of over Rs 175.2 billion, mainly from poor and lower-income individuals lured by fake promises of land and high-return investments. Of this, Rs 66.66 billion remains unpaid, categorised as proceeds of crime. The Asset Disposal Committee, formed as per Calcutta High Court orders, includes Justice D.K. Seth (Retd.) as Chair and ED as a key member. The ED is also facilitating survey, valuation, and monetisation of confirmed attached assets to expedite refunds. This restitution aligns with Prime Minister Narendra Modi’s commitment to returning defrauded money to the rightful victims. The ED reaffirmed its mission to not just trace and confiscate illicit assets but to ensure their productive use by returning them to those wronged. The process of restitution will continue in the coming months as more claims are scrutinised and validated. (PIB)

In a major move towards delivering justice in the Rose Valley Ponzi scam, Union Minister of State for Finance Shri Pankaj Chaudhary handed over a Rs 5.15 billion demand draft to Justice D.K. Seth (Retd.), Chairman of the Asset Disposal Committee (ADC), tasked with restituting assets to legitimate investors. This amount, expected to benefit nearly 750,000 victims, marks a significant leap from the Rs 220 million previously disbursed, which aided 32,319 investors. So far, 3.1 million claims have been lodged on the official ADC website. The Enforcement Directorate (ED), investigating five PMLA cases against Rose Valley Group across West Bengal, Odisha, Assam, and Tripura, had attached this sum by tracing nearly 2,987 bank accounts used to siphon off investor funds. These were converted into over 700 fixed deposits after legal confirmation of attachment. In total, ED has attached Rs 11.72 billion in movable and immovable assets (current market value exceeding Rs 20 billion), which are also being liquidated for restitution. The Special Court (PMLA) in Khurda, through its March 29, 2025 order, enabled this large-scale disbursal to victims nationwide. The Rose Valley scam, one of the largest in India, involved the fraudulent collection of over Rs 175.2 billion, mainly from poor and lower-income individuals lured by fake promises of land and high-return investments. Of this, Rs 66.66 billion remains unpaid, categorised as proceeds of crime. The Asset Disposal Committee, formed as per Calcutta High Court orders, includes Justice D.K. Seth (Retd.) as Chair and ED as a key member. The ED is also facilitating survey, valuation, and monetisation of confirmed attached assets to expedite refunds. This restitution aligns with Prime Minister Narendra Modi’s commitment to returning defrauded money to the rightful victims. The ED reaffirmed its mission to not just trace and confiscate illicit assets but to ensure their productive use by returning them to those wronged. The process of restitution will continue in the coming months as more claims are scrutinised and validated. (PIB)

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?