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Rose Valley Group's Former Odisha Manager Arrested In Chit Fund Case

The Rose Valley group allegedly cheated thousands of depositors, promising abnormally high returns on investments in its illegal schemes.

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The Odisha Police has arrested a former manager of Rose Valley Group of Companies from neighbouring West Bengal in connection with its probe into the multi-crore chit fund scam.

Sleuths of Economic Offences Wing of the Crime Branch apprehended Bikramjit Bhowmik, the former regional manager of the company, from Bengal's Medinipur on Monday and he was produced before the Tamluk CJM for transit remand, an official said.

The Rose Valley group allegedly cheated thousands of depositors, promising abnormally high returns on investments in its illegal schemes.

Bhowmik was absconding since a case against the chit fund firm was registered in May 2013, the official said.

Taking to Twitter, the Economic Offences Wing said, “EOW arrested the regional manager of Rose Valley Company in a multi-crore fraud case from Midnapore (Medinipur), West Bengal. This refers to EOW case no 15/2013. Further investigation is on.” Bhowmik will be produced in a court in Odisha’s Balasore district, the official said.

The company is under the concurrent probe of the Central Bureau of Investigation (CBI) and the Enforcement Directorate for allegedly defrauding investors.

Earlier, the company’s chairman Gautam Kundu and former managing director Sibamoy Dutta were arrested in this case.

(PTI)


Tags assigned to this article:
chit fund scam Rose Valley Group