ED Secures Landmark Victory: Rs. 450 Crore from Rose Valley Scam to Be Released to Victims
(Judicial Quest News Network)
In a landmark legal development, the Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has successfully facilitated the release of Rs. 332.76 Crore in proceeds of crime—currently valued at approximately Rs. 450 Crore—previously attached in connection with the massive multi-state Rose Valley Chit Fund Scam. The funds, held as fixed deposits in various bank accounts, were seized from the Rose Valley Group of Companies, managed by Gautam Kundu. This major decision by the Hon’ble Special Court (PMLA) at the District and Sessions Court Complex in Khurda will pave the way for the restitution of the assets to the rightful claimants and investors across multiple states, including Odisha, West Bengal, Assam, and Tripura.
On March 7, 2025, the Special Judge CBI-I cum Special Judge under PMLA at Khurda issued an order granting the application of the Asset Disposal Committee (ADC) of Rose Valley to release the attached movable properties, marking a significant step in the restitution process for thousands of investors across the country.
This is the largest asset restitution exercise ever undertaken by the ED’s Bhubaneswar Zonal Office and is a key milestone in the ongoing efforts to return the defrauded money to victims of the Rose Valley Ponzi scheme. The funds, which include interest, will now be distributed to investors through the Asset Disposal Committee, set up under the direction of the Hon’ble High Court of Calcutta. The committee, chaired by Justice Dillip Kr. Seth (Retd.), is responsible for overseeing the restitution of properties to the affected investors.
ED Kolkata has played a pivotal role in ensuring the attachment, possession, and disbursement of assets from the Rose Valley Group, facilitating the speedy return of funds to victims in states like West Bengal, Odisha, and Assam. To date, around 31 lakh investors have registered claims on the website www.rosevalleyadc.com, with the ADC processing over 32,000 claims and disbursing approximately Rs. 22 Crore to rightful investors.
The restitution process is set to continue at full speed in the coming months as the ADC continues to validate and scrutinize new claims. Investors who have not yet lodged their claims are urged to do so immediately by visiting www.rosevalleyadc.com, uploading necessary documents, and ensuring their participation in the restitution process. Those who have already registered need not resubmits their claims.
