Bhubaneswar: In a significant development, the Special Court (PMLA) at the District and Sessions Court Complex in Khurda has approved the release of Rs 450 crore in proceeds of crime (Rs 332.76 Crore of Proceeds of Crime having present value Rs. 450 Crore (approx.)) originally attached by the Directorate of Enforcement (ED), Bhubaneswar Zonal Office, in connection with the multi-state Rose Valley Group chit fund scam.
According to an official press release, the Court’s order, dated March 7, 2025, allows the transfer of these funds—held as fixed deposits in various bank accounts—to the Asset Disposal Committee (ADC) for restitution to legitimate investors.
The Rose Valley Group, operated by its Managing Director Gautam Kundu, ran a Ponzi scheme across Odisha, West Bengal, Assam, and Tripura, defrauding thousands of investors. The ED’s action marks one of the largest single recoveries of investor funds in Odisha, ensuring that affected individuals receive their rightful dues.
This restitution process follows the directive of the Calcutta High Court, which constituted the ADC under the chairmanship of Justice Dillip Kr. Seth (Retd.) and includes the ED as a key member. The committee has been instrumental in verifying claims, valuing assets, and expediting disbursement. So far, over 31 lakh investors have registered their claims on the official website www.rosevalleyadc.com, with 32,319 claims already processed, leading to ₹22 crore in disbursed funds.
The ED, particularly its Kolkata office, has played a crucial role in securing and distributing the assets of Rose Valley Group, thereby accelerating the restitution process. With more claims under verification, the disbursal is expected to gain further momentum in the coming months.
Victims who have yet to file claims are urged to do so immediately by visiting www.rosevalleyadc.com and submitting the necessary documents. Those who have already registered do not need to reapply.
