Rose Valley Hotels and Entertainment Ltd. and its former directors are allegedly involved in a Ponzi scheme to defraud the public. The company, which was founded in 1999, collected a large sum of money from the public by offering fictitious schemes (such as vacation plans) and then failed to pay the returns.
SEBI had requested that the company return all investors’ funds with the promised interest rate. The company claims that approximately 10500 crores of the 17520 crores raised by Rose Valley have been returned to investors. However, the settlement is not yet complete. The company has failed to comply with SEBI’s directives to reimburse investors who had deposited funds in fraudulent holiday membership plans.
In addition, the court has ordered the authorised committee to distribute Rs. 92,08 crores to 2,38,477 identified investors. The court also ruled that investors who deposited less than Rs. 7,000 into the scheme will receive a full refund. Those who have invested more than Rs. 7,000 but less than Rs. 10,000 will receive Rs. 7,000 plus 52 percent of the remaining amount over Rs.
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Since the amount collected was insufficient to repay all investors, the markets regulator SEBI recently ordered the attachment of bank accounts, shares, and mutual funds belonging to Rose Valley Hotels and its former directors in order to recover investor dues exceeding Rs. 5000 crores.
Prior to initiating the refund procedure, the Revenue Inspectors will verify the investors at the Panchayat level, and then the funds will be disbursed via online payment methods. The refund funds will be deposited into the investors’ bank accounts.
According to the Enforcement Directorate (ED), individuals who have not yet received their refund money may contact the asset disposal committee (established in 2015) to recover their dues. Visit the official website of Justice S.P. Talukdar for more information or to apply for a refund online.