There is a big relief news for people who have lost money in chit funds and other deposit schemes. The government investigation agency ED is preparing to distribute the money seized in these scams to the victims. According to a TOI report, the Enforcement Directorate is going to distribute an amount of around Rs 12 crore among the 22 lakh victims who had invested in Calcutta-based Rose Valley Group companies. This company lured depositors with high returns.

A special PMLA court constituted in the case had on July 24 told the ED in Kolkata to transfer the Rs 11.99 crore seized after the Roj Valley scam to the Asset Disposal Committee. ED has got these rupees by attaching 14 properties of the company. The court has asked this amount to be distributed among the aggrieved customers.

PM Modi promised
The Enforcement Directorate is busy implementing this court order. Along with this court decision, the ED will also fulfill the promise of Prime Minister Narendra Modi, which he made during the Lok Sabha elections. In fact, the government agency ED confiscates money received from fraudsters and scams across the country.

What is Roj Valley Chitfund Scam?
The Rog Veli scam in West Bengal in 2013 is a major financial scam. The scam was bigger than the Sarada scam and collected Rs 17,520 crore from investors across India under the Enforcement Directorate. The All India Small Depositors Union estimated this amount at Rs 40,000 crore, while some reports put the amount at over Rs 60,000 crore.

ED and market regulator SEBI are also taking action in the Roj Valley scam. SEBI is auctioning the properties of the companies to recover the money collected from people through illegal schemes by these companies.