Chit Fund scam Probe : CBI Raids Premises Of Rose Valley Firm In Bhubaneswar

By B C Jena
04 March, Bhubaneswar (odibizinfo)

CBI Wednesday raided the Kolkata based Rose Valley Group in its 43 offices across the country , including one in Odisha, in connection with the multi-crore chit fund scam.

CBI personnel raided the four flats in the floor of the Jagannath Complex in Kharavel Nagar , Bhubaneswar and seized several documents, computers and other papers.

The probe into the Chit Fund Scam and raids have been conducted by CBI in compliance of the Supreme Court order May last year.
According to CBI sources , CHI sleuths have seized some important documents along with some Photographs of Odisha Chief Minister Naveen Patnaik along with a senior Rose Valley Executive from the flats.

The Rose Valley premises in 43 locations across the country raided by the CBI were 27 in West Bengal, seven in Tripura and one each in Assam, Delhi, Uttar Pradesh, Maharashtra, Bihar, Jharkhand, Chhattisgarh and Tamil Nadu, a CBI release said.
Searches were also conducted in the residential premises of Rose Valley Group chairman Gautam Kundu, MD Shibamoy Dutta and formers directors of the company including Abir Kundu, Ramlal Goswami, Ashok Kumar Saha and Trinamool Lok Sabha MP Tapas Paul, the release added.

Earlier on February 25 last the Special Court at Cuttack hearing the Chit Fund scam related cases had ordered the Odisha Government to confiscate Rose Valley Chit fund company property worth Rs.64 crore spread over the state under Odisha Protection of Interests of Depositors (in Financial Establishments) Act,2011.

The Enforcement Directorate (ED) had attached 2,631 bank accounts of the ponzi firm in West Bengal, Odisha, Jharkhand, Tripura, Assam and Himachal Pradesh in Nov 2014.
The ED had frozen Rs.295 crore lying in these bank accounts under the provisions of the Prevention of Money Laundering Act (PMLA).