ADC begins 1st phase of refunds for Rose Valley Chit Fund victims, disburses Rs 5 crore
Oct 04, 2024
Kolkata (West Bengal) [India], October 4 : The Asset Disposal Committee (ADC) marked a major step in providing relief to the victims of the Rose Valley Chit Fund scam as it began the first phase of refunds.
A total of 7,346 depositors have received repayments of Rs 10,200 each, totalling Rs. 5.12 crore. This initial phase of the long-awaited restitution process reflects the ADC's commitment to ensuring justice for defrauded investors.
The event, chaired by Justice Dilip Kr Seth (Retd.), Chairperson of the ADC, was attended by officials from the Enforcement Directorate (ED), including the Joint Director and Assistant Director from ED Kolkata. During the event, Justice Seth expressed gratitude to the ED for its pivotal role in helping recover and disburse the assets.
"Justice Dilip Kr Seth (Retd.) praised the continued cooperation between the ADC and the ED, underscoring the ED's critical role in identifying and attaching the properties of the Rose Valley Group. This collaboration has been instrumental in overcoming legal challenges posed by Rose Valley promoters and convincing the court of the merits of the claimants' case, ultimately paving the way for successful efforts for restitution", the ADC's official statement read.
The refunds follow a recent court order allowing the release of Rs 19.40 crore to the ADC, kickstarting a systematic repayment plan. These funds, along with future recoveries, will be disbursed on a pro-rata basis or as directed by the Special Court (PMLA), Kolkata. The restitution process is expected to continue over the coming months as more claims are verified and processed by the ADC.
According to the statement, to date, the ADC has processed 31,352 claims, out of the total 28.10 lakh claims lodged by defrauded investors.
So far, it has attached movable properties worth Rs 494 crore and immovable properties valued at Rs. 1,069 crore, located across West Bengal, Odisha, Assam, and Tripura. West Bengal alone accounts for Rs. 1,184 crore in attached assets, the ADC statement added.
