Rose Valley scam: ED urges duped investors to approach committee to recover dues

The Enforcement Directorate (ED), probing into the multi-crore Rose Valley ponzi scam case, has urged the duped investors to approach the asset disposal committee appointed by the Calcutta High Court to recover their dues. According to an ED official, the investors, who were promised high returns on their investments by the ponzi firm, are free to approach the committee which was set up following a high court suggestion in 2015.

"In the Rose Valley ponzi scam case, so far the ED has attached properties worth Rs 4,600 crore," an ED official, who did not wish to be named, told PTI. The enforcement agency attached Rese Valley properties worth Rs 2,300 crore in one go, including two dozen hotels and resorts, which till date is the single largest attachment in the case.

The assets are to be sold off via public auction and the proceeds would be used to repay the investors. The ED had registered an FIR against the firm, its Chairman Gautam Kundu and others in 2014 under the Prevention of Money Laundering Act (PMLA).

Kundu was arrested by the agency in Kolkata in 2015. Multiple charge sheets have been filed in the courts in Kolkata and Bhubaneswar by the ED in the case. The group had allegedly floated a total of 27 companies to run the chit fund operations, of which only 6 were active.

(With inputs from agencies.)