Restitution of Rs. 515.31 crore to approximately 7.5 lakh victims out of total claims of 31 lakh registered with Asset Disposal Committee; Rs. 22 crore has already been restored to 32,319 lawful investors by the ADC

Rs. 515.31 crore was attached by ED in the years 2015-17 by investigating money trail and tracing 2,987 different bank accounts

Union Minister of State for Finance Shri Pankaj Chaudhary handed over a Demand Draft of Rs. 515.31 crore today to Justice D.K. Seth (Retd.), Chairman of the Asset Disposal Committee formed for the purpose of restitution of properties to legitimate investors in Rose Valley Ponzi scam.

Shri Rahul Navin, Director, ED and other senior officials of the government were also present on the occasion.

It is estimated that this amount will be used to restitute money to approximately 7.5 lakh victims out of the total claims of 31 lakh lodged so far with Asset Disposal Committee. Earlier, the Directorate of Enforcement (ED) had handed over an amount of Rs. 22 crore to the ADC which was used to restitute money to 32,319 lawful investors.

The amount of Rs. 515.31 crore was attached by ED in the years 2015-17 by investigating money trail and tracing 2,987 different bank accounts where the money collected from innocent victims had traversed. The said bank accounts were then seized/ attached following due process of law and converted into more than 700 Fixed Deposits (FDs) after confirmation of attachment by the Adjudicating Authority. It may be mentioned that ED has also attached other movable and immovable assets of Rs. 1,172 crore (present market value of the assets is estimated to be more than Rs. 2,000 crore), which is also in process of liquidation and refund to the victims.

ED is investigating five (5) Prevention of Money Laundering Act (PMLA) cases against the Rose Valley Group in the states of West Bengal, Odisha, Assam and Tripura. ED has filed prosecution complaints in all these cases before the Special Courts under PMLA.

Investigation under PMLA revealed that Rose Valley Group companies, had collected funds of Rs. 17,520 crore by luring people mostly from the lowest strata of society with promises of providing land parcels or time sharing in hotels and in the event of inability to deliver the land/time sharing, refund with high rate of interest was promised on maturity of investments. Investigation has revealed that out of the above, an amount of Rs. 6,666 crore, which constitutes the proceeds of crime, remained unpaid to the investors.

This is one of the single largest investigation of this type undertaken by the ED, and an order passed by the Special court (PMLA) at Khurda, Bhubaneswar, on 29.03.2025 has paved the way for the return of investors’ money all over the country through the Asset Disposal Committee (ADC).

It is pertinent to mention that on the direction of the Hon’ble High Court of Calcutta, an Asset Disposal Committee (ADC) was constituted under the Chairmanship of Justice Dillip Kr. Seth (Retd.), High Court of Calcutta with ED and others as members for restitution of properties to the lawful investors of Rose Valley Group Ponzi Scam.

ED has played a crucial role in attachment, possession and disbursement of assets of the Rose Valley Group thereby smoothening and expediting the restitution of properties to the lakhs of victims of the States of West Bengal, Odisha, Assam, Tripura etc. Till now, around 31 Lakh investors of Rose Valley Group have registered their claim on the website www.rosevalleyadc.com. ED is also providing assistance to the ADC in conducting survey and valuation of confirmed attached properties and facilitating expeditious monetisation of the assets for timely disbursal of the same to the investors/victims of Rose Valley Group of Companies.

Further, the restitution process is expected to continue in full swing over the coming months as more claims are being scrutinised and validated by the ADC.

The instant restitution is in line with the commitment of the Prime Minister, Shri Narendra Modi, to return the money looted from poor people. The Prime Minister of India has consistently emphasised the urgent need to recover and return funds misappropriated from the poor and innocent citizens of the country, and has repeatedly stressed that money siphoned off through fraudulent means must be rightfully restored to those who have been cheated in Ponzi schemes.

The Union Minister for Finance and Corporate Affairs has also reiterated that the Government’s commitment for restitution of assets attached by ED to the victims/ rightful owners and made a statement in Parliament to this effect.

The ED is actively pursuing investigations in cases of financial fraud, with a firm commitment to ensure that the proceeds of crime are not only traced and confiscated but also put immediately to productive use for the economy by being restored to the victims who have suffered financial loss. The ED continues to act decisively in such matters, reinforcing public trust and contributing to the larger goal of a corruption-free and transparent financial system.

Asset restitution: attached proceeds traced under PMLA transferred for validation and disbursement to lawful investors. The Enforcement Directorate, acting under the Prevention of Money Laundering Act, attached funds and assets traced to the Rose Valley group, converted recovered bank balances into fixed deposits and transferred a major tranche to an Asset Disposal Committee established by High Court direction. The ADC, chaired by a retired judge, validates registered investor claims, conducts survey and valuation of attached properties, and oversees monetisation and disbursement of realised assets to lawful claimants while prosecutions and further asset realisation continue.