ROSE VALLEY PONZI Scam Victims Get Relief

New Delhi

The Indian government has handed over ₹515.31 crore to help people who lost money in the Rose Valley Ponzi scam. The money was given to retired Justice D.K. Seth, who leads the Asset Disposal Committee. This committee is working to return the money to those who were cheated.

The Enforcement Directorate (ED) had found this money between 2015 and 2017. It came from 2,987 bank accounts used by the scam. After legal steps, these accounts were frozen and changed into over 700 fixed deposits.

Union Minister of State for Finance, Pankaj Chaudhary, gave the money to the committee as a demand draft. Around 7.5 lakh people may get their money back from this amount. So far, 31 lakh people have filed claims.

Earlier, ₹22 crore was given to the committee. That amount helped 32,319 people get some of their money back.

The ED has also seized other properties worth ₹1,172 crore, which may now be worth over ₹2,000 crore. These assets are being sold, and the money will be returned to more victims.

The ED is looking into five separate money laundering cases against the Rose Valley Group in West Bengal, Odisha, Assam, and Tripura. The group had collected ₹17,520 crore by promising poor people land or hotel time shares. When they failed to deliver, they promised refunds with high interest. But ₹6,666 crore still remains unpaid.