Odisha court’s order to return ₹332 crore marks a significant step in compensating Rose Valley chit fund scam victims
OdishaPlus Bureau
In a significant development for investors affected by the Rose Valley chit fund scheme, a PMLA court in Bhubaneswar has ordered the return of Rs 332 crore to victims in Odisha. An official from the Enforcement Directorate (ED) stated, “The special court has released Rs 332 crore of crime proceeds for restitution to legitimate investors.”
The ED’s Bhubaneswar division had seized Rose Valley’s bank assets worth Rs 332 crore between 2014 and 2015. According to a source, these deposits are valued at approximately Rs 450 crore. The Chit Fund Scheme operated in Odisha, West Bengal, Assam, and Tripura. In Odisha, the group fraudulently gathered Rs 476 crore but only returned Rs 130 crore to investors. The ED had attached Rs 332 crore from the remaining Rs 346 crore in bank deposits.
The Assets Disposal Committee, established by the Calcutta High Court on May 15, 2015, will manage the distribution of funds to affected investors. An ED source mentioned that around 31 lakh depositors from the Rose Valley Group have filed their claims through www.rosevalleyadc.com.
The ED has encouraged investors who have not yet submitted their claims to do so without delay. In 2016, the agency filed charges against the group’s chairman, Gautam Kundu, and his associates. Kundu was arrested on March 25, 2015, in Kolkata.
