In a major step towards justice for lakhs of investors affected by the Rose Valley Ponzi scam, Minister of State for Finance, Pankaj Chaudhary, today handed over a Demand Draft of over 515 crore rupees to the Chairman of the Asset Disposal Committee, D.K. Seth.
According to a statement from the Finance Ministry, this money will help repay nearly 7.5 lakh victims of the scam. So far, over 31 lakh claims have been lodged with the committee.
The Enforcement Directorate is currently investigating five separate cases against the Rose Valley Group under the Prevention of Money Laundering Act across West Bengal, Odisha, Assam, and Tripura. Charges have already been filed in special courts.
Investigations show that the group collected over 17,500 crore rupees from the public by promising land, hotel timeshares, and high-interest returns. Many victims came from economically weaker sections of society. Out of the total funds raised, more than 6,600 crore rupees were never returned to the investors.
Officials say this is one of the largest investigations of its kind handled by the Enforcement Directorate.
