look news india
New Delhi: For the first time, the ED will return the scam money to the victims. It will start by distributing about Rs 12 crore deposited in the fixed deposits of Roseville Group companies to 22 lakh small depositors in Kolkata. These depositors were lured by the accused companies with high compensation, but these promises were never fulfilled.
In a first, a special PMLA court in Kolkata on July 24 decided to hand over nearly Rs 12 crore and 14 attached FDs seized in the Rosewell scam to a court-monitored asset settlement committee (ADC). The court also said the amount will be distributed to genuine claimants who have been defrauded, on a proportionate basis or as directed by the ADC or the court.
The Kolkata court has adopted this route under provision 8(8) of PMLA. Under this, the confiscated properties seized by the ED can be handed over to a victim. The ED will have to take possession of such confiscated property and prepare a panchnamu, which can be used as a witness during the trial.
The verdict in the Rosevelli case was preceded by a Calcutta High Court decision in which the court had constituted an ADC, headed by Justice Dilip Kumar Seth, to conduct a public auction of the properties of the accused company based in West Bengal and confiscate the proceeds from the sale.
While giving this historic verdict, the court also kept in mind the possibility of acquittal of the accused. Their answer was also that whatever be the outcome of the case, the main goal is to get the investors their money back. The court justified it by saying that this money should be returned to the bankrupt investors and depositors, there will be no benefit in keeping it as NPA for a long time, money laundering cases take time to complete.
