First Phase of Rose Valley Scam Refunds Initiated by Asset Disposal Committee

The Asset Disposal Committee has initiated the first phase of refunds for the victims of the Rose Valley Chit Fund scam. A total of 7,346 depositors have received Rs 10,200 each, amounting to Rs 5.12 crore. This marks a significant step towards justice for the defrauded investors.

The Asset Disposal Committee has launched the first phase of compensations in the Rose Valley Chit Fund scam, distributing Rs 10,200 each to 7,346 depositors. This initial payout, totaling Rs 5.12 crore, highlights the committee's efforts to provide relief to the defrauded investors.

Presided over by Justice Dilip Kr Seth (Retd.), the event was attended by senior officials from the Enforcement Directorate (ED) Kolkata. Justice Seth acknowledged the ED's critical support in recovering assets, emphasizing the collaboration's role in surmounting legal hurdles and advancing the cause of the claimants.

Following a court order releasing Rs 19.40 crore to the ADC, the refunds represent a systematic repayment scheme. As more claims are processed, additional payments will follow. So far, the ADC has processed 31,352 claims and attached significant assets across multiple states.

(With inputs from agencies.)