BHUBNESHWAR: In a major relief for investors swindled by Rose Valley chit fund scheme, a PMLA court in Bhubaneswar on Thursday ordered the reimbursement of Rs 332 crore to victims in Odisha.
“The special court has released Rs 332 crore of proceeds of crime for restitution to lawful investors,” an Enforcement Directorate official said.
ED’s Bhubaneswar division had attached Rose Valley’s bank assets worth Rs 332 crore between 2014 and 2015. The current valuation of these deposits stands at about Rs 450 crore, a source said.
The chit fund scheme operated in Odisha, West Bengal, Assam, and Tripura. In Odisha alone, the group fraudulently collected Rs 476 crore, returning only Rs 130 crore to investors. ED had attached Rs 332 crore in bank deposits from the remaining Rs 346 crore.
Assets Disposal Committee, constituted by Calcutta HC on May 15, 2015, will oversee the distribution of funds among affected investors. “About 31 lakh Rose Valley Group depositors have registered their claims via www.rosevalleyadc.com,” an ED source said. ED urged investors who have not yet submitted their claims to do so promptly.
The agency filed its chargesheet in 2016 against the group chairman Gautam Kundu and his associates. Kundu was arrested on Mar 25, 2015, in Kolkata.
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About The Author
I’m JP, a 26-year-old from Odisha, India 🇮🇳 and the founder of newsxbyte.com 📰. I write articles and news on a variety of topics, including business, finance 💼, and exam updates 📚. With a passion for journalism and digital content, I strive to keep my readers informed and engaged with the latest updates and insights.
