CID visits Rose Valley office State govt prefers prolonged inquiry

Times News
Agartala, June 23: CID, police and Finance officials have at last raided into the chit fund stalwart, Rose Valley Group of Companies this evening. The move came after a cluster of chit funds, allegedly defiant of RBI, SEBI regulations about non-banking financial firms’ role, raised questions about the silent stand on the biggest Non-Banking Financial Company of the state.However, the raid hasn’t done enough good than publicity. After 4 hours of steady ‘questioning’, the probing team under the leadership of ASP Kamal Chakraborty simply left Rose Valley office at Mantribari Road here seizing a few documents. No arrests have been made; neither the office has been sealed. The state seems to prefer prolonged inquiry on the issue rather than any immediate steps.A good count of NBFIs have been sealed in the past few weeks by the probing team of the state government including Waris Finance International Limited, Weird Industries, Matribhumi Group of Companies, Golden Pariwar Group, Ruby Star Group of Companies, Anusandhan Society, Ikawa Group et al. But raid on Rose Valley Group was something everybody was sure about not to happen. The surprising act has, however, incited serious questions among many.The probing team raided into the office of I-Nova Group of Companies and Vibgyor group of Companies wherefrom two officials have been arrested from each office. Pradip Kumar Sharma and Debashish Saha have been arrested from the I Nova Group office here while have been arrested from the Vibgyor group. The team reached Rose Valley Group at about 4 pm this afternoon. Questioning continued till 8 pm and it was surprisingly ‘found out’ that Rose Valley is eligible to continue with the chain marketing business though not being in possession of RBI license, SEBI license and other necessary documents.An official of the probing team even said, “We have got nothing to say about the chain marketing business of yours”. However, the CID sleuths raised questions about the status of the firm’s real estate business. Nearly all collection and liabilities statements of Rose Valley Real Estate and Constructions Limited have been seized alongwith few other documents namely provisional certificate issued in the names of Niyati Roy Barman, Sumitra Acharjee and blank option forms with request of booking detail and application forms of Rose Valley real estate business. Surprisingly though, nobody has been arrested and the office has been given a green nod to continue. Prolonged investigation into the issue has been assured by the sleuths anyway.It seems that the state government is not in the mood to take any hard decision on the firm. Rumors have spread that the bengal line of national platform of leftist politics has given a strong pressure on the state to give Rose Valley a free passage. However, these rumours haven’t been confirmed anywhere.Meanwhile, it has been found out those state administrative big wigs namely Higher Education Director Mr. Kishore Ambuly and West Tripura District Magistrate Mr. Santanu Das have got flats in the Rose Valley enclave themselves. There’s genie inside the charm itself, it seems!CID sleuths have claimed that Rose Valley hasn’t got enough assets to face any crisis situation in case the company fails and the real estate investors have to be paid back. The company is having a liability of around Rs. 330 crores 73 lakhs abruptly though they haven’t got any liability statements as such.Anyway, the strange attitude of the ‘heroic’ CID team towards Rose Valley has brought tumultuous laughter in the lips of nearly a thousand Rose Valley agents who gathered in front of the Rose Valley office here this evening. Serious discontent is mounting up among the employees pf the other chit funds on the other hand. The role of the state government in the issue is what everybody waits for. Source: Tripura Times