Kolkata Court Orders Restitution of Rs 12 Crore to Rose Valley Ponzi Scheme Victims

A special PMLA court in Kolkata ordered the restitution of assets worth approximately Rs 12 crore to investors defrauded in the Rose Valley Ponzi scheme. The court has identified 14 fixed deposits to be disbursed to bona fide claimants. This restitution process, monitored by a retired Calcutta High Court judge, aims to return assets to affected investors.

A special PMLA court in Kolkata has mandated the restitution of assets worth around Rs 12 crore to investors defrauded by the Rose Valley Group in a Ponzi scheme more than a decade ago. Officials confirmed the directive on Monday.

The court has identified 14 fixed deposits totaling Rs 11,99,35,385.60, which are to be handed over to the Assets Disposal Committee (ADC) led by retired Calcutta High Court judge Justice Dilip Kumar Seth. These assets will be disbursed to legitimate claimants on a pro-rata basis, as directed by the committee or the court.

The Enforcement Directorate (ED) had previously attached these deposits under the anti-money laundering law after booking a case against the Rose Valley Group, its chairman Gautam Kundu, and others in 2014. The trial is ongoing.

(With inputs from agencies.)