Finance ministry hands over ₹515.31 crore to Asset Disposal Committee for refund to victims of Rose Valley Ponzi scam
On April 12, 2025, Union Minister of State for Finance Shri Pankaj Chaudhary handed over a demand draft of ₹515.31 crore to Justice D.K. Seth (Retd.), Chairman of the Asset Disposal Committee (ADC), for restitution to victims of the Rose Valley Ponzi scam. The event was attended by Shri Rahul Navin, Director of the Enforcement Directorate (ED), and other senior officials.
This amount is expected to benefit approximately 7.5 lakh victims of the scam, out of the 31 lakh claims registered with the ADC. Previously, the ED had transferred ₹22 crore to the ADC for compensation to 32,319 legitimate investors.
The amount of ₹515.31 crore was attached by the ED between 2015 and 2017 after tracing funds through 2,987 bank accounts. Money collected from innocent victims had been kept in these accounts.
These accounts were seized following legal procedures and then were converted into over 700 fixed deposits after confirmation by the Adjudicating Authority. Additionally, the ED has attached movable and immovable assets worth ₹1,172 crore (), which are in the process of liquidation for further restitution. Estimated current market value of these assets is over ₹2,000 crore.
Investigations under the Prevention of Money Laundering Act (PMLA) revealed that the Rose Valley Group amassed ₹17,520 crore from investors by promising land parcels or hotel time-shares, or high-interest refunds upon maturity. Of this, ₹6,666 crore remains unpaid to investors. The ED is probing five PMLA cases registered against the group across West Bengal, Odisha, Assam, and Tripura, with prosecution complaints filed in all cases.
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).
The ADC was established under the directive of the Calcutta High Court, and it is chaired by Justice D.K. Seth (Retd.), with the ED and other members, to facilitate the return of assets to rightful investors. To date, around 31 lakh investors have registered claims via www.rosevalleyadc.com. The ED continues to assist the ADC in surveying, valuing, and monetizing attached properties to expedite disbursements.
This restitution aligns with Prime Minister Narendra Modi’s commitment to return funds misappropriated from the poor. The government remains dedicated to recovering and restoring money siphoned through fraudulent schemes to its rightful owners, said a statement by the Union Finance Ministry.
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