A special court in Odisha has ordered the disbursement of ₹450 crore to investors affected by the multi-state chit fund scam linked to the Rose Valley group of companies. The funds had been attached by the Enforcement Directorate (ED) as part of its probe into the fraudulent scheme.
The special Prevention of Money Laundering Act (PMLA) court in Bhubaneswar directed the release of ₹332.76 crore in proceeds of crime, which has accrued interest and is now valued at ₹450 crore. The funds were earlier held in fixed deposits across various bank accounts.
The Rose Valley group, led by its managing director Gautam Kundu, allegedly operated in multiple states, including Odisha, West Bengal, Assam, and Tripura. The firm was accused of running an illicit investment scheme that duped lakhs of investors.
The court’s order, issued on March 7, allows the asset disposal committee (ADC) to take possession of the funds for restitution to lawful claimants. The ADC was constituted by the Calcutta High Court under the chairmanship of Justice Dillip Kr Seth to oversee the return of assets to affected investors.
So far, around 31 lakh investors have registered their claims through the website www.rosevalleyadc.com. The ADC has already processed 32,319 claims, disbursing approximately ₹22 crore to verified investors. The ED continues to assist in the survey, valuation, and monetization of attached properties to ensure swift compensation to victims.
Authorities have urged all remaining investors who have not yet filed claims to do so immediately by visiting the official ADC website and submitting the required documents. The restitution process is expected to continue over the coming months as more claims are verified.
Sources By Agencies
