Rose Valley Financial Scam: Victims get another Rs 10.05 Crore

Staff Reporter

Guwahati: The Asset Disposal Committee (ADC), presided over by Justice Dilip Kr Seth (Retd.) and comprising officials of the Directorate of Enforcement (ED), achieved a significant milestone in disbursing a further amount of Rs. 10.05 crore to 11,883 victims, who are depositors in the Rose Valley Ponzi Scheme. The present disbursal has taken the total amount disbursed so far to around Rs. 55.45 crore to 72,760 victims.

The amount of Rs. 10.05 crore was disbursed to 11,883 victims in the 8th phase of disbursal by the ADC, which was established by the ED to facilitate the return of funds to defrauded investors.

The ED has successfully attached movable properties worth Rs. 494 crore and immovable properties valued at Rs. 1,069 crore, spread across West Bengal, Odisha, Assam, and Tripura, with West Bengal alone accounting for Rs. 1,184 crore in attached assets, underscoring the agency’s relentless efforts to bring justice to the defrauded investors of the Rose Valley Group, sources said.

It should be noted that assets worth Rs 38.30 crore have been secured in Guwahati and immovable property amounting to more than Rs 8 crore has been attached in Agartala.

The committee presided over by ADC Chairperson Justice Dilip Kr Seth (Retd.) and ED, Kolkata, has played a crucial role in facilitating the attachment, possession, and disbursement of assets of the Rose Valley Group, thereby smoothening and expediting the restitution of properties to the thousands of victims of the states of West Bengal, Odisha, Assam, etc. The ED is actively assisting the ADC in conducting a survey and valuation of confirmed attached properties and facilitating expedited monetisation of assets for disbursement to the investors/victims of the financial fraud perpetrated by the Rose Valley group of companies, the sources added.

Further, it was stated that the restitution process is expected to continue over the coming months as more claims are scrutinised and validated by the ADC. As of date, the ADC has processed 72,760 claims, resulting in a fund disbursement of around Rs. 55.45 crore. The restitution process is now underway in full swing across all these jurisdictions, and the ED reaffirmed its commitment to assist the ADC in restoring ‘Proceeds of Crime’ to the victims.

It should be recalled that the Rose Valley financial scandal involved a Ponzi scheme where the Rose Valley Group collected over Rs 17,520 crore from the public by promising high returns on land and hotel timeshares. Many of the investors belonged to economically weaker sections of society. The ED is investigating the case and has filed charges under the Prevention of Money Laundering Act (PMLA).

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