New Delhi: The Union government today transferred Rs. 515.31 crore to the Asset Disposal Committee to aid 7.5 lakh victims of the Rose Valley Ponzi scam’s false profit promises.
Union Minister of State for Finance Pankaj Chaudhary handed a demand draft of Rs. 515.31 crore to Justice D.K. Seth (Retd.), Chairman of the Asset Disposal Committee (ADC), formed to disburse funds to investors misled by the Rose Valley Ponzi scam.
The scheme, active in states like West Bengal, Odisha, Assam, and Tripura, drew in lakhs with deceptive offers of high returns, only to divert their funds. The Enforcement Directorate (ED) traced this amount from 2015 to 2017, examining 2,987 bank accounts tied to the fraud. The funds target 7.5 lakh claimants out of 31 lakh registered on www.rosevalleyadc.com, with Rs. 22 crore already paid to 32,319 verified investors, per official statements.
The ED has managed the attachment and possession of Rose Valley assets, working alongside the ADC to survey and value properties for monetisation. This effort aims to convert seized assets into payments for investors who believed the scam’s false promises across West Bengal, Odisha, Assam, and Tripura. The Rs. 515.31 crore transfer builds on the prior Rs. 22 crore payout, covering a significant portion of verified claims processed so far.
The ADC is reviewing claims submitted online, with further validations planned over the coming months to enable more disbursements. The ED provides technical support for property surveys and valuations, helping prepare assets for sale or allocation efficiently. Set up under Calcutta High Court orders, the ADC processes claims methodically for investors in the affected regions.
The ED’s investigation involved tracking funds through thousands of bank accounts, resulting in the attachment of Rs. 515.31 crore over two years. This process required detailed analysis to identify money collected through the scam’s misleading offers, which left numerous investors with losses. The ADC oversees the restitution, ensuring monetised assets are distributed to verified claimants promptly.
The statements cited Prime Minister Narendra Modi’s remarks on recovering funds from fraudulent schemes. Modi has emphasized returning money to citizens affected by Ponzi scams, highlighting support for those who invested in ventures like Rose Valley. His comments reflect a policy focus on addressing financial losses through restitution.
The Union Minister for Finance and Corporate Affairs had also addressed Parliament, as noted, stating that ED-attached assets are meant for victims or rightful owners. This parliamentary position frames restitution as a key response to schemes like Rose Valley, with the Rs. 515.31 crore transfer as a notable action.
The ED’s work includes tracing and confiscating proceeds of crime while aiding their return to affected investors. The agency stated that this process supports a transparent financial system by using seized assets productively. The earlier payout of Rs. 22 crore to over 32,000 investors shows the ongoing nature of these efforts.
The 31 lakh claims registered on the ADC’s website indicate the scam’s broad impact. The platform allows investors to submit details, which the ADC verifies systematically. The ED’s assistance in surveys and valuations supports the committee in preparing assets for monetisation, a crucial step before further payouts.
The ADC’s valuation process assesses attached properties to confirm their worth, ensuring fair distribution. The statements noted that surveys are ongoing, with the ED contributing to their efficiency. The aim is to deliver funds to investors awaiting their share without delay.
Modi’s remarks, as cited, stress the urgency of recovering funds from fraudulent schemes. He has advocated restoring money to citizens who trusted ventures like Rose Valley, framing it as fairness. The Finance Minister’s parliamentary comments echoed this, noting restitution’s role in handling seized assets.
The ED’s investigations aim to confiscate illicit funds and return them to victims. The agency’s statement outlined its focus on ensuring assets benefit those who lost money, supporting economic stability. The Rs. 515.31 crore transfer, alongside the prior Rs. 22 crore, marks progress in this effort.
The ADC continues to verify claims, managing millions of applications. The ED’s technical support aids this process, ensuring steady progress. The statements did not specify a completion timeline but indicated active efforts across the mentioned states.
The Rose Valley scam’s scale, reflected in the claimant numbers, highlights the challenge of addressing widespread losses. The ADC and ED are working to monetise assets efficiently, with the website as the main channel for claims. The statements emphasized a systematic approach to processing and disbursing funds.
– global bihari bureau
