Rose Valley Chit Fund Case: Investors can approach the asset disposal committee for a refund
Rose Valley Hotels and Entertainment Ltd. and its former directors are accused of allegedly cheating the public through a Ponzi scheme. Set up in 1999, the company had collected a huge sum of money from the public by offering fictitious schemes (such as holiday plans) and defaulted on the returns.
SEBI had asked the company to refund the money of all investors with an interest rate promised to them. The company claims that out of Rs. 17520 crores raised by Rose Valley, around Rs. 10500 crores has already been returned to investors. However, the settlement has not been done in full. The company has failed to comply with SEBI’s directions to refund the investors who had parked money in holiday membership plans as it declared those schemes as fraud.
Also, the court has directed the authorized committee to disburse the total fund of Rs. 92.08 crores among 2, 38,477 identified investors. The court has also stated that the investors who have deposited Rs. 7000 or less in the scheme will then get a full refund. People who have invested more than 7000 but less than 10,000 will get 7000 with 52% of the remaining amount over and above Rs. 7000.
Since the amount collected was not sufficient to repay all the investors, recently, the Markets regulator SEBI ordered the attachment of bank accounts along with shares and mutual funds of Rose Valley Hotels and its then directors to recover investor dues worth over Rs. 5000 crores.
Before the initiation of the refund process, the Revenue Inspectors will verify the investors at the Panchayat level first and then the fund disbursal will take place through online modes of payment. The refund money will be deposited in the bank accounts of the investors.
According to Enforcement Directorate (ED), people who still have not received their refund money are free to approach the asset disposal committee (set up in 2015) to recover their dues. For more information, visit the official website of Justice S.P. Talukdar or apply for a refund online.
One thought on “Rose Valley Money Refund News 2023”
My mom disposed monthly money some 5year . But some how the money was never come back and who my money take care she has no more further so . My money was never come back