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Rose Valley Scam Victims to Get Back Deposits

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Bhubaneswar:14/3/25:In a significant development, the Directorate of Enforcement (ED) Bhubaneswar Zonal Office has successfully facilitated the release of Rs. 450 crore (approximately) in connection with the Rose Valley Group financial scam.

The funds, originally attached as proceeds of the scam, will be restituted to the affected investors following a court order from the Special Court (PMLA) in Khurda, issued on March 7, 2025.

The Rose Valley Group, led by its Managing Director Gautam Kundu, operated a Ponzi scheme that defrauded investors across eastern India, including Odisha, West Bengal, Assam, and Tripura. The funds had been frozen in various bank accounts as part of the ongoing efforts under the Prevention of Money Laundering Act (PMLA) to recover assets from large-scale financial frauds.

“This significant recovery highlights the Directorate’s relentless pursuit to combat economic crimes and ensure justice for the victims,” stated the ED Bhubaneswar Zonal Office.

The restitution process will see the frozen assets released and returned to the lawful claimants and investors affected by the multi-state chit fund scam. This landmark decision underscores the ED’s commitment to addressing financial irregularities and protecting the interests of the public.

Gautam Kundu was arrested in 2015 by the Enforcement Directorate as part of the broader crackdown on financial fraud in the country.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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