Bhubaneswar: The ED court here on Thursday directed the reimbursement of Rs 332.76 crore to people swindled in the Rose Valley chit fund scheme across Odisha, West Bengal, Assam and Tripura.
The ED’s Bhubaneswar division attached Rose Valley’s assets valued at Rs 332.76 crore during 2014 and 2015. The current valuation of these properties stands at about Rs 450 crore, ED sources said. “The special court (PMLA) has released Rs 332.76 crore of proceeds of crime for restitution to the lawful investors,” said an ED official.
The distribution of funds among affected individuals will be overseen by the Assets Disposal Committee (ADC), which was constituted by the Calcutta high court on May 15, 2015. “About 31 lakh Rose Valley Group depositors have registered their claims via www.rosevalleyadc.com. The ED continues to support ADC in assessing attached properties and ensuring swift monetisation of assets for distribution to victims,” ED source said.
The agency said the duped investors who haven’t yet submitted their claims are advised to do so promptly through www.rosevalleyadc.com by submitting required details and documentation. The ED submitted its chargesheet against the Rose Valley Group, chairman Gautam Kundu, and associates in 2016. Kundu was apprehended on March 25, 2015, in Kolkata.
In Odisha, the group allegedly accumulated Rs 476 crore through fraudulent schemes. After returning Rs 130 crore to victims, the ED had attached Rs 332 crore from the remaining Rs 346 crore. “The ED is investigating cases against the Rose Valley Group in Kolkata, Guwahati, and Agartala zones. The ADC has returned around Rs 19.4 crore to victims in Kolkata. Assets worth Rs 38.3 crore have been secured in Guwahati, whilst immovable properties valued at Rs 8.01 crore have been attached in Agartala,” the ED official reported. The company faced 25 fraud cases across Odisha in 2013, resulting in a CBI probe in 2014.