BHUBANESWAR: The Economic Offences Wing of the Crime Branch has arrested Rose Valley Group's regional manager in connection with a Rs 2.82 crore chit fund scam in the state.
Odisha region manager of Rose Valley Group Bikramjit Bhowmik, a native of Purba Medinipur district in West Bengal, was arrested from the neighbouring state on Monday and produced before the Odisha Protection of Interests of Depositors (OPID) Court at Balasore on Tuesday.
"Accused of duping hundreds of depositors, Bhowmik was absconding after a case was registered in this connection. After his arrest, he was first produced before a court at Tamluk in West Bengal and brought on transit remand to Balasore," said an EOW officer.
Investigations revealed Rose Valley Group of Companies, registered with Registrar of Companies at Kolkata, had collected crores of rupees from unsuspecting depositors across Odisha. The group had cheated several investors and a case in this connection was registered at Soro police station in Balasore district.
The EOW had taken over the investigation of the case from Soro police and had registered a case on May 28, 2013.
"Rose Valley was initially collecting public deposits for its construction company. Later, it started receiving deposits from investors under its various money circulation schemes since 2010. The tainted company had opened its branch offices in different parts of West Bengal and Odisha," the official added.
The agency had earlier arrested the firm's Soro branch manager Badal Chandra Kar while a bank balance amounting to over Rs 83 crore, lands and buildings worth more than Rs 11 crore were attached under OPID Act.
The EOW had earlier filed four chargesheets against the tainted group and its officials, including chairman Gautam Kundu and managing director Sibamoy Dutta.
Kundu was arrested by the Enforcement Directorate (ED) in March 2015 on the basis of a complaint filed by the Securities and Exchange Board of India (SEBI).