Rose Valley Group Ponzi scheme: ED facilitates restitution of Rs 19.40 cr to defrauded investors


PTI, Aug 30, 2024, 6:50 PM IST

The Enforcement Directorate has facilitated the restitution of Rs 19.40 crore to the defrauded investors of the Rose Valley Group Ponzi scheme on the orders of a special PMLA court in Kolkata, officials said on Friday.

In a statement, the ED said the amount has been transferred to the Rose Valley Asset Disposal Committee (ADC) account according to the court directives on July 24 and August 17.

“The ED had requested the Assets Disposal Committee, constituted by the high court, to seek restitution of properties attached or seized by the ED under the provisions of the Prevention of Money Laundering Act (PMLA).

“In compliance, the ADC filed an application under Section 8(8) of the PMLA before the Special Court,” the ED statement said.

Despite opposition from the Rose Valley promoters, the ED and ADC were successful, resulting in an order to release the attached properties for restitution in favour of bona fide investors, the statement said.

It is alleged that Rose Valley Group had amassed substantial deposits from the public under false and fraudulent promises of high returns and land allocations.

During its investigation, the ED identified and attached several properties belonging to the Rose Valley Group.

“The ED booked two cases under the PMLA: the first involves properties worth Rs 12 crore, and the second concerns properties with a deed value of approximately Rs 1,200 crore,” the statement said.

The successful release of Rs 19.40 crore marks a pivotal step towards further restitution of additional properties, as outlined in the second charge sheet.

The special Prevention of Money Laundering Act (PMLA) court has directed that Rs 19.40 crore be disbursed to the bona fide claimants on a pro-rata basis or as instructed by the ADC or the court, the statement said.

“Claimants receiving the restitution are required to execute a bond to refund or reimburse the amount if so directed at any subsequent stage of the proceedings or upon conclusion of the trial. Furthermore, all claimants must comply with the instructions issued by the ADC regarding the disbursement process,” the statement said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN

Three convicted for 2016 Kollam collectorate blast case

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Lone tusker spotted on NH-166 near Karkala, disrupts traffic

Lokayukta police summon Karnataka CM Siddaramaiah for questioning in MUDA case on Wednesday

Not ‘kaun banega mukhyamantri’ contest; MVA to name CM pick after polls: Jairam Ramesh

Related Articles More

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Three convicted for 2016 Kollam collectorate blast case

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused

Police rescue 70 cattle after gunfight with cow smugglers in Rajasthan’s Bharatpur

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN

Three convicted for 2016 Kollam collectorate blast case

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.