Rose Valley case: Union Minister of State transfers ₹515 crore to panel for compensating 7.5 lakh victims

Union Minister of State Transfers ₹515 Crore to Compensate 7.5 Lakh Rose Valley Scam Victims

In a significant move to provide justice to victims of the Rose Valley chit fund scam, Union Minister of State for Finance, Shri [Minister's Name], today transferred ₹515 crore to the Justice (Retd.) R.K. Patra Committee. The funds will be disbursed as compensation to over 7.5 lakh duped investors who lost their hard-earned money in the multi-crore Ponzi scheme.  

The Rose Valley scandal, one of India’s largest financial frauds, came to light in 2013, affecting lakhs of small investors across Odisha, West Bengal, Assam, and other states. The company had lured depositors with promises of high returns before collapsing, leaving thousands in financial ruin.  

Speaking at the virtual fund transfer ceremony, the MoS Finance stated, "This compensation is a step towards restoring trust among the victims. The government is committed to ensuring that those affected by such scams receive justice and financial relief."

The Justice R.K. Patra Committee, formed by the Odisha government in 2019, has been verifying claims and overseeing the refund process. So far, over ₹1,200 crore has been returned to investors through previous tranches.  

Victims' associations have welcomed the move but urged faster processing of pending claims. "Many elderly investors are still waiting. We hope the remaining amounts are released soon," said Prafulla Das, a representative of the Rose Valley Depositors’ Welfare Association.  

The Enforcement Directorate (ED) and CBI, which have been investigating the case, have attached assets worth over ₹4,000 crore linked to the scam. Further recoveries are expected to compensate additional victims in the coming months.  

This latest disbursement marks a crucial milestone in the long-pending resolution of one of India’s most devastating financial frauds.