Govt Begins Restitution in Rose Valley Scam, Hands Over ₹515 Cr for 7.5 Lakh Victims

By  News O Air   Apr 12, 2025

Minister of State for Finance Pankaj Chaudhary handed over a Demand Draft of more than 515 crore rupees to Chairman of the Asset Disposal Committee D.K. Seth. The Asset Disposal Committee was formed for the restitution of properties to legitimate investors in Rose Valley Ponzi scam.

The Finance Ministry, in a statement said, it is estimated that this amount will be used to restitute money to approximately 7.5 lakh victims out of the total claims of 31 lakh lodged so far with Asset Disposal Committee.

The Ministry added that the Enforcement Directorate (ED) is investigating five Prevention of Money Laundering Act (PMLA) cases against the Rose Valley Group in the states of West Bengal, Odisha, Assam and Tripura. The ED has filed prosecution complaints in all these cases before the Special Courts under PMLA.

The investigation revealed that the group had collected funds of 17,520 crore rupees by luring people mostly from the lowest strata of society with promises of providing land parcels and time sharing in hotels. The group had also promised refund with high rate of interest was promised on maturity of investments.

Investigation has revealed that out of the collected funds, more than six thousand six hundred crore rupees remained unpaid to the investors. This is one of the single largest investigation of this type undertaken by the ED.