Charges Filed Against Involved Parties in Multi-State Rose Valley Chit Fund Scandal in Odisha
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Synopsis
The special PMLA court in Bhubaneswar has charged individuals and entities linked to the multi-state Rose Valley chit fund scam, as per a press release from the Enforcement Directorate. The attached properties have exceeded Rs 400 Crore, aimed at restoring funds to defrauded investors.
Key Takeaways
- Charges framed against individuals connected to Rose Valley scam.
- Attached properties now valued at over Rs 400 Crore.
- Prosecution Complaint was filed against Gautam Kundu and Shibamoy Dutta.
- Significant steps towards justice for defrauded investors.
- ED has filed 75 Prosecution Complaints in total.
Bhubaneswar, Jan 16 (NationPress) The special court operating under the Prevention of Money Laundering Act (PMLA) has formally charged individuals and entities implicated in the extensive Rose Valley chit fund scam, as announced by the Enforcement Directorate (ED), Bhubaneswar Zonal office in a recent press release.
The agency revealed that it had previously attached movable assets valued at Rs 332 Crore during 2014 and 2015 through provisional attachment orders concerning this case. Currently, the total value of the attached assets has surpassed Rs 400 Crore, including interest.
According to the ED, a Prosecution Complaint was lodged in 2016 against Gautam Kundu and Shibamoy Dutta, the promoters of the Rose Valley Group. On 15.01.2025, the special court laid down charges against the accused, which facilitates the return of the attached properties to their rightful claimants upon the court’s sanction. This development signifies a significant step towards achieving justice and safeguarding the interests of swindled investors.
The investigation into the Rose Valley Group's case is also being conducted by the ED's Kolkata, Guwahati, and Agartala Zonal Offices. In the Kolkata Zone, Rs. 12.36 Crore in one case, along with accrued interest amounting to Rs. 19.40 Crore, has already been allocated to the Asset Disposal Committee (ADC) established by the Calcutta High Court and has been further disbursed to the victims.
Moreover, properties worth Rs. 1,172.68 crores belonging to the ponzi firm, inclusive of Rs. 147.64 Crore in movable assets and Rs. 1,025.04 Crore in immovable assets, have also been seized by the ED in Kolkata and are currently being processed for restitution. The value of the immovable property, which had a deed value exceeding Rs. 1,000 Crore at the time of acquisition, is projected to be substantially higher today.
In Guwahati, assets totaling Rs. 38.30 Crore have been secured, while in Agartala, immovable properties valued at Rs. 8.01 Crore have been seized. The ED is prioritizing the charge framing in these matters and is collaborating closely with the sole Asset Disposal Committee to expedite the monetization and return of these assets to the appropriate claimants and victims of the fraud.
Importantly, the special court (PMLA) in Bhubaneswar has also established charges in 9 additional cases since September 2024. These cases encompass bribery scandals, extortion, chit-fund scams, disputes between builders and investors, bank frauds, narcotics trafficking, and illegal wildlife trade.
As of now, the total confirmed value of properties attached in these cases is approximately Rs 160 crore. Additionally, it is crucial to note that the ED’s Bhubaneswar Zonal office has submitted 75 Prosecution Complaints (Chargesheets) to the Special Court (PMLA) up to this point.
