Kolkata, Oct 4 (PTI) The Asset Disposal Committee (ADC) has initiated repaying the defrauded depositors of ponzi firm Rose Valley, which collapsed in 2013.
The Enforcement Directorate (ED), currently probing the scam, has so far facilitated a refund of Rs 19.40 crore by auctioning some of the firm’s assets, which were attached under the Prevention of Money Laundering Act (PMLA).
The ADC was set up by Calcutta High Court and is chaired by retired Justice Dilip Kumar Seth.
He noted, “So far, nearly 29 lakh applications have been submitted to the ADC by the depositors. We have initiated repayments to a section of the defrauded investors.” The ED has arrested several people connected to the scam, including the firm’s owner, Gautam Kundu. PTI DC MNB
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