New Delhi, July 16 (IANS) In a major step toward justice for victims of financial fraud, the Asset Disposal Committee (ADC), chaired by retired Justice Dilip Kr Seth, has announced the eighth phase of fund disbursal in the Rose Valley chit fund scam.

A total of Rs 10.05 crore has been distributed to 11,883 depositors, bringing the cumulative pay-out to Rs 55.45 crore across 72,760 verified claims of total 2,32,387 scrutinised in eight phases.

The sixth phase stands out as the largest in terms of both claim volume and payout, with over 21,000 recipients receiving Rs 17.26 crore.

The disbursal reflects the phased restitution efforts undertaken by the Asset Disposal Committee in the Rose Valley chit fund case, showing a steady expansion in outreach and financial recovery.

The eighth phase maintains this momentum, channelling over Rs 10 crore to nearly 12,000 victims.

This progression highlights the growing efficiency of claim verification and asset monetisation, as the committee continues to ramp up disbursal rates through judicial and enforcement collaboration.

The disbursement also demonstrates the scale of the fraud and the state’s commitment to phased justice, turning asset seizures into tangible relief for thousands of defrauded depositors.

The Rose Valley scam, one of the largest Ponzi schemes in eastern India, defrauded thousands of investors across West Bengal, Odisha, Assam, and Tripura with promises of high returns through dubious financial instruments.

The Directorate of Enforcement (ED), Kolkata, has played a pivotal role in the recovery process, facilitating the attachment and monetisation of assets belonging to the Rose Valley Group.

According to official data, the ED has successfully attached movable assets worth Rs 494 crore and immovable properties valued at Rs 1,069 crore.

West Bengal alone accounts for Rs 1,184 crore in attached assets, underscoring the scale of the fraud and the agency’s aggressive pursuit of restitution.

The ADC has been systematically scrutinising claims and disbursing funds in phases. The latest round marks a significant acceleration in the process, with nearly 30,000 claims reviewed in this phase alone.

The committee is expected to continue its work in the coming months, validating additional claims and releasing further compensation to affected investors.

The Rose Valley scam came to light in the early 2010s, following investigations that revealed the company had collected thousands of crores from unsuspecting depositors through unauthorised collective investment schemes.

The ED’s investigation, which involved extensive forensic audits and property surveys, has been instrumental in tracing the proceeds of crime and initiating legal action against key operatives of the group.

The restitution process is being closely monitored by judicial and enforcement authorities, with a focus on transparency and speed. Victims, many of whom belong to economically vulnerable communities, have waited years for relief.

The current disbursal marks a turning point in the long-standing effort to restore public trust and ensure accountability in financial governance.

As the ADC continues its work, the Rose Valley case remains a cautionary tale about the dangers of unregulated investment schemes and the importance of robust enforcement mechanisms.

–IANS

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