India, March 15 -- A special PMLA (Prevention of Money Laundering Act) court in Odisha has allowed the Enforcement Directorate (ED) to release movable assets worth Rs.450 crore for restitution to around 3.1 million investors across the country who were allegedly defrauded in a multi-state chit fund fraud.

The fund was allegedly perpetuated by the Rose Valley Group of Companies and operated through its managing director Gautam Kundu. The restitution will help clear the decks for the return of investors' money across the country, especially in the eastern region, including the states of Odisha, West Bengal, Assam and Tripura, ED sources said.

The assets, which were held in the form of fixed deposits in various bank accounts, were attached...