ED Secures Rs 19.40 crore Restitution for Rose Valley Ponzi Scheme Victims

The Enforcement Directorate (ED) has facilitated the restitution of Rs 19.40 crore for victims of the Rose Valley Group Ponzi scheme as directed by a special PMLA court. The amount has been transferred to the Asset Disposal Committee (ADC) account for distribution to defrauded investors. The restitution marks a significant step toward compensating affected claimants.

The Enforcement Directorate (ED) has secured the restitution of Rs 19.40 crore for victims of the Rose Valley Group Ponzi scheme, following an order from a special PMLA court in Kolkata, officials confirmed on Friday.

According to a statement by the ED, the amount has been transferred to the Rose Valley Asset Disposal Committee (ADC) account as per court directives issued on July 24 and August 17. The ED had earlier requested the Assets Disposal Committee formed by the high court to seek restitution of properties attached or seized under the provisions of the Prevention of Money Laundering Act (PMLA).

Despite resistance from Rose Valley promoters, the ED and ADC successfully obtained an order to release the attached properties for restitution to bona fide investors. The Rose Valley Group had reportedly amassed substantial deposits from the public under false promises of high returns. Identified properties worth Rs 12 crore and Rs 1,200 crore were attached during the investigation. This Rs 19.40 crore restitution marks a pivotal step towards compensating more victims, as outlined in the second charge sheet.

(With inputs from agencies.)