First-Ever Rose Valley Fraud Restitution Begins for 7,000 Investors

Restitution for victims of the Rose Valley fraud has commenced, with over 7,000 investors receiving Rs 10,200 each. The process follows a court order allowing the release of funds seized from the fraudulent group. The initiative aims to systematically repay all defrauded investors, highlighting effective collaboration between authorities.

In a landmark move, restitution has begun for the victims of the notorious Rose Valley fraud, as over 7,000 investors each received Rs 10,200. The reimbursement process follows a court order issued under the Prevention of Money Laundering Act, directing the release of Rs 19.40 crore for claimant payouts.

A special event marked the restitution's commencement in Kolkata, where the Asset Disposal Committee and Enforcement Directorate collaborated to facilitate the repayments. ADC's Justice Dilip Kr Seth (Retd.) lauded the teamwork that enabled successful asset attachment and navigating legal challenges against Rose Valley's promoters.

With a total of 28.10 lakh claims filed, the restitution process is set to continue, aiming to restore funds to all defrauded individuals. Movable and immovable assets worth over Rs 1,500 crore have been seized in this comprehensive crackdown to bring justice to the affected investors.

(With inputs from agencies.)