Rose Valley Ponzi case: Odisha court releases Rs 332.7 crore to repay investors

KOLKATA: A special court in Khurda, Bhubaneswar on Thursday released Rs 332.7 crore proceeds of crime (principal amount) held as fixed deposits in various bank accounts in connection with the Rose Valley Ponzi probe.

The amount will be used to repay claims of depositors who had invested money in the company.

In a statement, ED said the present value of the attachment was around Rs 450 crore. The court, in its order, allowed the application by the asset disposal committee (ADC) to release the movable property under possession of ED.

The ADC, formed under the supervision of retired Justice Dilip Kumar Seth, has so far returned more than Rs 21 crore to 32,319 depositors in five phases. According to ED estimates, nearly 31 lakh investors of Rose Valley Group have registered their claims.