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Rose Valley chit fund scam: accused Santosh Kumar Bhowmik manages to escape from Tripura; CBI team likely to arrive soon for further investigation
TIWN
Rose Valley chit fund scam: accused Santosh Kumar Bhowmik manages to escape from Tripura; CBI team likely to arrive soon for further investigation
PHOTO : CBI special team raided Rose Valley Agartala office. TIWN File Photo

AGARTALA, March 14 (TIWN): In a new twist in the Rose Valley chit fund scam one agent namely Santosh Kumar Bhowmik resident of Champaknagar who was picked by the Central Bureau of Investigation (CBI) officials for interrogation on March 4th was found absconding from the state. According to highly placed sources, at present the Central Bureau of Investigation (CBI) officials are examining the papers and documents which they have collected during the raid at head office of chit Fund Company Rose Valley on March 4. A section of Ministers and ruling party MLAs are also trying their best to hush-up the Rose Valley chit fund issue, the source added. It is to be mentioned here that after the raid conducted by Central Bureau of Investigation (CBI) officials on March 4. A section of CPI (M) leaders and Ministers are having sleepless nights due to their alleged involvement with the Rose Valley chit fund scam.

After examining all the papers and documents the Central Bureau of Investigation (CBI) officials will arrive in the state to interrogate the people those were engaged with the Rose Valley chit fund. In the upcoming days the Central Bureau of Investigation (CBI) officials will conduct a series of raids in houses of the agents of Rose Valley chit fund, the source added.

It is to be mentioned here that earlier, two persons Rose Valley Director Ashok Saha and Branch Manager Anupam Bhattacharjee were also arrested for collecting money without any valid permission from RBI or SEBI.

Rose Valley has been biggest chit fund operator in Tripura and has presence even in remote tribal areas. The company was first raided in 2011.

According to official figures, the Rose Valley had collected Rs 196 crore during the past three years, out of which an amount of Rs 86 crore has been returned on maturity. The Rose Valley authorities could not give any explanation where the remaining money is.

The Kolkata based chit fund company has several branch offices in West Bengal while over twelve thousand agents are working in the ‘down line’.

India's market regulator, Securities and Exchange Board of India (SEBI), had earlier banned the Kolkata-based Rose Valley and several other non-banking financial companies (NBFCs) from accepting deposits from the public.

Earlier, MLA Ratan Lal Nath alleged that the state government had sent 37 cases related to NBFC cheating in 2013 but in case of Rose Valley, Sarada Gro-up of Finance and Waris Group of Industries, the original FIR did not mention the amount of money and against 29 others the amount was shown very low. In 2014, when again CBI was requested to take up the remaining 32 cases, there too was no mention of the estimated amount cheated by the companies.
“It was a calculated move of the ruling left front government because name of many CPI-M leaders are involved in NBFC deals. Moreover, in case of Rose Valley, Sarada Group of Finance and Waris Group of Industries Chief Minister Manik Sarkar himself was involved in the promotion of them in Tripura,” he alleged.
He alleged that Rose Valley, having the largest NBFC network in the state has collected more than Rs 750 crore taking license from the state government. Altogether about Rs 1,500 core was cheated by 97 NBFCs including Rose Valley, Sarada Group and Waris but the state government has failed to take any action against them.”Unfortunately, by the time most of the NBFCs have left the state selling out their properties, neither CBI nor the state government could ensure the repayment of the commoners’ money so far,” he alleged.

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