Bhubaneswar: In a significant development, the Special Court (PMLA), District and Sessions Court Complex, Khurda, here on Wednesday framed charges against key individuals and entities involved in the infamous Rose Valley chit fund scam, marking a critical step toward justice for thousands of defrauded investors. This milestone was achieved through the efforts of the Enforcement Directorate (ED), Bhubaneswar Zonal Office.
The ED had attached moveable properties worth ₹332 crore (presently valued at over ₹400 crore, including interest) in 2014 and 2015 under provisional attachment orders. A Prosecution Complaint was filed in 2016 against the Rose Valley Group’s promoters, Gautam Kundu and Shibamoy Dutta.
According to an official statement, the charges framed by the Special Court will facilitate the restitution of the attached properties to legitimate claimants, pending court approval. This marks a significant step toward safeguarding the rights of defrauded investors.
The Rose Valley Group scam has also been investigated across ED offices in Kolkata, Guwahati, and Agartala. Notable recoveries in these zones include assets worth ₹1,172.68 crore in the Kolkata Zone, including ₹147.64 crore in moveable properties and ₹1,025.04 crore in immovable assets, with ₹19.40 crore, including interest, already restituted to victims through the Asset Disposal Committee formed by the Calcutta High Court. The Guwahati Zone has secured assets worth ₹38.30 crore, while the Agartala Sub-Zonal Office has attached immovable properties worth ₹8.01 crore. The combined efforts across zones highlight a coordinated push to expedite asset monetization and victim restitution.
The Bhubaneswar Zonal Office has been instrumental in framing charges in nine other high-profile cases since September 2024. These cases span diverse areas, including bribery scandals, extortion, chit fund frauds, builder-investor disputes, bank frauds, narcotics trade, and illegal wildlife trafficking. The total value of confirmed attached properties in these cases stands at approximately ₹160 crore.
As of now, the Bhubaneswar Zonal Office has filed 75 Prosecution Complaints (chargesheets) at the Hon’ble Special Court (PMLA). Efforts are ongoing to expedite the framing of charges in remaining cases and ensure the restitution of properties to rightful claimants.
