Govt Releases Rs 5.15 Billion for Rose Valley Scam Victims

14 Apr 2025 CW Team

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)

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