Rose Valley Chit Fund Scam: Absconding Regional Manager Arrested From WB

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Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested Bikramjit Bhowmik, Regional Manager of the Rose Valley Group of companies of Odisha region, from West Bengal.

Accused Bikramjit Bhowmik was absconded since registration of the case in May, 2013, evading police arrest.

He was arrested from Midnapur on Monday and has been produced before the Balasore OPID court after being brought to the State on a transit remand.

On May 28, 2013, the EOW took charge of the investigation by registering a case. During investigation, it was revealed that the company had collected crores of rupees from several investors of Odisha with false promise of high rate of interest.

Investigation revealed that Rose Valley Group of companies are registered with ROC, Kolkata. Initially, the company collected public deposits for its construction company. But since 2010, the company collected the deposits against different money circulation schemes, by opening its branch offices in different parts of West Bengal and Odisha including a branch office at Soro, Balasore.

It collected crores of rupees from the depositors of all over Odisha and cheated the investors by duping an amount of Rs 2.82 crores approximately, involving numerous investors in Soro branch.

Earlier, several persons including Gouatam Kundu and Sibamoy Dutta, the Chairman and Managing Directors, respectively of the Rose Valley Group of Companies were arrested in connection with the case.

“Bank balance to the tune of over Rs 83 crores as well as land and building worth over Rs 11 crore in the name of Rose Valley Group of Companies have been attached under the provision of section 3 OPID Act, 2011,” said the EOW.

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