January 16th 2025.
The special court under the Prevention of Money Laundering Act in Bhubaneswar has taken a major step towards bringing justice to those involved in the Rose Valley chit fund scam. According to a press release by the ED's Bhubaneswar Zonal office, charges have been framed against individuals and entities involved in the multi-state scam. This is a significant development in the ongoing investigation.
The Enforcement Directorate had previously attached movable properties worth Rs 332 Crore in 2014 and 2015 through provisional attachment orders. However, the value of the attached properties has now increased to over Rs 400 Crore, including interest. This is a positive sign for the victims who were defrauded in this scam.
In 2016, a Prosecution Complaint was filed against Gautam Kundu and Shibamoy Dutta, the promoters of Rose Valley Group. Recently, on 15.01.2025, the Special Court framed charges against the accused, which opens the door for restoring the attached properties to their rightful owners with the court's approval. This is a major milestone in the quest for justice and protecting the rights of those who were deceived.
It is worth noting that the ED's Kolkata Zonal Office, Guwahati Zonal Office, and Agartala Sub Zonal Offices were also investigating the case against Rose Valley Group. In Kolkata Zone, Rs. 12.36 Crore, along with accrued interest of Rs. 19.40 Crore, has already been handed over to the Asset Disposal Committee formed by Calcutta High Court. Further properties worth Rs. 1,172.68 Crore, including movable assets of Rs. 147.64 Crore and immovable assets valued at Rs. 1,025.04 Crore, have also been attached by ED Kolkata and are in the process of being returned to the victims. The value of the immovable property, which was originally purchased for over Rs. 1,000 Crore, is likely to be even higher now.
Similarly, in Guwahati, assets worth Rs. 38.30 Crore have been secured, while in Agartala, immovable properties worth Rs. 8.01 Crore have been attached. The ED is working diligently to expedite the framing of charges in these cases and is closely collaborating with the one-man Asset Disposal Committee to quickly monetize and return the assets to the rightful claimants and victims of the fraud.
It is worth mentioning that since September 2024, the special court in Bhubaneswar has also framed charges in 9 other cases. These cases include various offenses such as bribery, extortion, chit-fund scams, builder-investor disputes, bank frauds, narcotics trade, and illegal wildlife trade. The total value of confirmed properties attached in these cases is approximately Rs 160 crore. Additionally, the ED's Bhubaneswar Zonal office has filed 75 Prosecution Complaints at the Special Court to date.
This is a significant progress in the fight against financial crimes and fraudulent activities. The ED is committed to bringing justice to the victims and ensuring that those involved in such scams are held accountable for their actions.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
