Odisha: Charges framed against persons, entities involved in multi-state Rose Valley chit fund scam

Bhubaneswar, Jan 16 (IANS) The special court under the Prevention of Money Laundering Act (PMLA) here has framed charges against individuals and entities involved in the multi-state Rose Valley chit fund scam, informed the Enforcement Directorate (ED), Bhubaneswar Zonal office in a press release on Thursday.

As per a press statement, the agency had earlier attached moveable properties worth Rs 332 Crore in 2014 and 2015 through provisional attachment orders in this case. The value of the attached properties is currently at over Rs 400 Crore, which includes the interest as well.

“A Prosecution Complaint was filed in 2016 against Gautam Kundu and Shibamoy Dutta, promoters of the Rose Valley Group. On 15.01.2025, the Special Court framed charges against the accused paving the way for restoring the attached properties to legitimate claimants, with the court’s approval. This marks an important milestone in delivering justice and protecting the rights of defrauded investors,” informed the ED.

The case against Rose Valley Group was also being investigated in the Kolkata Zonal Office, Guwahati Zonal Office and Agartala Sub Zonal Offices of ED. In Kolkata Zone, in one case Rs. 12.36 Crore, along with accrued interest totalling Rs. 19.40 Crore, has already been handed over to the Asset Disposal Committee (ADC) formed by Calcutta High Court and has been further resituated to the victims.

Further properties worth Rs. 1,172.68 crores of the poniz firm, including Rs. 147.64 Crore in movable assets and immovable assets valued at Rs. 1,025.04 Crore have also been attached by ED Kolkata and are in the process of restitution. The value of immovable property, with a deed value exceeding Rs. 1,000 Crore at the time of purchase, is likely to be worth much more today.

Similarly, in Guwahati, assets worth Rs. 38.30 Crore have been secured, while in Agartala, immovable properties worth Rs. 8.01 Crore have been attached. ED is expediting the framing of charges in these cases and is working in close coordination with the one-man Asset Disposal Committee for expedited monetization and restitution of these assets to the rightful claimants and victims of the fraud.

Notably, the special court (PMLA) in Bhubaneswar has also framed charges in 9 other cases since September 2024. These cases relate to bribery scandals, extortion, chit-fund scams, builder investor disputes, bank frauds, narcotics trade, illegal wildlife trade etc.

The total value of confirmed properties attached in these cases stands at approximately Rs 160 crore as of date. It is also important to mention here that ED, Bhubaneswar Zonal office has filed 75 Prosecution Complaints (Chargesheets) at the Special Court (PMLA) to date.

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