In a major step toward justice for victims of the Rose Valley scam, Union Minister of State for Finance, Shri Pankaj Chaudhary, on April 12, 2025, handed over a demand draft worth ₹515.31 crore to Justice D.K. Seth (Retd.), Chairman of the Asset Disposal Committee (ADC). The event was also attended by Shri Rahul Navin, Director of the Enforcement Directorate (ED), along with senior officials. This significant disbursal is expected to benefit nearly 7.5 lakh victims of the massive financial fraud. In total, over 31 lakh investors have registered claims with the ADC, which was formed on the directive of the Calcutta High Court to oversee asset recovery and restitution. Previously, ₹22 crore had been transferred to the committee, which helped compensate 32,319 legitimate investors.
The latest amount was traced and attached by the ED between 2015 and 2017. The funds were scattered across 2,987 bank accounts and subsequently seized following legal procedures. These funds were later converted into over 700 fixed deposits after confirmation from the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). In addition to the ₹515.31 crore, the ED has attached movable and immovable assets worth ₹1,172 crore, with an estimated market value exceeding ₹2,000 crore. These assets are now in the process of liquidation to facilitate further payouts to scam victims.
The Rose Valley Group was found to have collected ₹17,520 crore from investors under false pretenses promising land parcels, hotel time-shares, or high returns on maturity. However, ₹6,666 crore remains unpaid to investors. Investigations revealed massive fraud, and five separate PMLA cases have been filed against the group across West Bengal, Odisha, Assam, and Tripura. The ED has filed prosecution complaints in all these cases. A recent order passed on March 29, 2025, by the Special Court (PMLA) at Khurda, Bhubaneswar, has further enabled the return of investor money through the ADC.
The Union Finance Ministry on providing demand draft to the Rose Valley scam stated that this initiative reflects Prime Minister Narendra Modi’s commitment to restoring funds looted from the poor and middle-class investors. “The government is committed to ensuring that every rupee siphoned off by fraudulent schemes is returned to its rightful owners,” the statement added. With the active cooperation of the ED and ADC, and continuous surveying, valuation, and monetization of attached properties, the process of disbursing compensation is expected to gain further momentum in the coming months.
