West Bengal: ED Allocates Additional Rs 2.29 Crore to Ponzi Scam Victims
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Synopsis
The ED has disbursed Rs 2.29 crore to 3,652 depositors of the Rose Valley Group, completing the fifth phase of refunds. This brings the total refunds to Rs 21.98 crore for over 32,000 victims. The agency continues its efforts to expedite restitution for Ponzi scam victims across multiple states.
Key Takeaways
- ED disburses Rs 2.29 crore to Ponzi scam victims.
- Total refunds now reach Rs 21.98 crore.
- 3,652 depositors benefited in the latest phase.
- Asset disposal committee plays a critical role.
- Restitution process is anticipated to continue.
Kolkata, Feb 28 (NationPress) The Enforcement Directorate (ED) announced on Friday that it has successfully disbursed an additional Rs 2.29 crore in refunds to 3,652 depositors affected by the Ponzi scheme operated by the West Bengal-based chit fund organization Rose Valley Group. This marks the completion of the last phase, the fifth phase, by the asset disposal committee led by Justice Dilip Kumar Seth (retired) alongside ED officials.
With this latest disbursal, the overall refund for 32,319 depositors participating in the Rose Valley schemes has now reached Rs 21.98 crore, according to the ED.
The ED noted that the asset disposal committee has been instrumental in managing the attachment, possession, and distribution of assets belonging to the Rose Valley Group, thus facilitating the return of properties to numerous victims across states like West Bengal, Odisha, and Assam.
“The ED is actively supporting the asset disposal committee in surveying and valuing confirmed attached properties, while also ensuring the swift monetization of assets for distribution to the investors and victims of the Rose Valley group of companies,” stated the central agency.
The agency anticipates that the restitution process will continue in the upcoming months as additional claims are examined and validated by the asset disposal committee.
Furthermore, the agency has successfully attached movable assets valued at Rs 494 crore and immovable properties estimated at Rs 1,069 crore, distributed across West Bengal, Odisha, Assam, and Tripura. Notably, West Bengal alone accounts for Rs 1,184 crore in attached assets.
This announcement from the ED comes a day after the Calcutta High Court mandated the West Bengal government to provide a comprehensive report on ongoing cases against Sudipta Sen, the founder-chairman of another controversial chit fund organization, the Saradha Group.
The state of West Bengal was significantly affected in 2012 when numerous chit-fund rackets were uncovered. The most notable cases included those involving the Saradha Group and the Rose Valley Group, particularly due to the involvement of several high-profile political figures from the ruling Trinamool Congress.
The primary allegations in these cases include the illegal solicitation of public deposits through various multi-level marketing schemes, promising exorbitant returns, only to disappear when it was time to pay those returns.
Many of these chit fund companies were headquartered in West Bengal and raised funds through a multi-tiered network of agents operating in remote villages of West Bengal, Bihar, Jharkhand, Odisha, Punjab, and Haryana.
The operators maintain offices and agent networks in various key cities across these states.
