ED Secures Major Legal Victory in Rose Valley Chit Fund Scam, Charges Framed Against Key Accused
(Judicial Quest News Network)
In a significant development, the Enforcement Directorate (ED) Bhubaneswar Zonal Office has achieved a major legal milestone with the framing of charges by the Hon’ble Special Court (PMLA) at Khurda, in the multi-state Rose Valley chit fund scam. This decision paves the way for the restoration of more than Rs. 400 Crore worth of properties, including interest, to the legitimate claimants, following years of investigation.
The case dates back to 2014 and 2015, when the ED attached movable properties worth Rs. 332 Crore (current value exceeds Rs. 400 Crore) through provisional attachment orders. In 2016, a Prosecution Complaint was filed against key figures Gautam Kundu and Shibamoy Dutta, the promoters of the Rose Valley Group. On January 15, 2025, the Special Court framed charges against the accused, bringing hope for defrauded investors to reclaim their lost assets.
The Rose Valley Group case is being investigated across multiple ED zones, including Kolkata, Guwahati, and Agartala. In Kolkata, properties valued at Rs. 1,172.68 Crore—comprising Rs. 147.64 Crore in movable assets and Rs. 1,025.04 Crore in immovable assets—have been attached, with restitution processes underway. Notably, in one case, Rs. 19.40 Crore, including interest, has already been handed over to the Asset Disposal Committee (ADC) for restitution to the victims.
In Guwahati, assets worth Rs. 38.30 Crore have been secured, and in Agartala, properties valued at Rs. 8.01 Crore are under attachment. The ED is actively working to expedite the restitution process for these assets to the rightful claimants.
Since September 2024, the Bhubaneswar Zonal Office has also framed charges in nine other significant cases involving bribery, extortion, chit fund scams, bank frauds, narcotics, and illegal wildlife trade. The total value of attached properties in these cases stands at approximately Rs. 160 Crore. Furthermore, the office has filed 75 Prosecution Complaints (chargesheets) to date, continuing its efforts to ensure justice and restitution for affected victims.
