Chitgate: Rose Valley honchos remanded to CBI custody

Bhubaneswar: The CBI special court here today granted CBI a seven-day remand of Shibamoy Dutta, Managing Director (MD) of Rose Valley group and Director Ashok Kumar Saha for their alleged involvement in the multi-thousand crore chit fund scam.

Earlier the central investigating agency had arrested both the accused for their active involvement in cheating the general public and misappropriation of public funds.

In Odisha, the Kolkata based Rose Valley Group has duped the gullible investors through its 65 branches.

Acting on the 25 cases registered against the ponzi company, the state crime branch, which was probing the scam before the investigation was taken over by the CBI on the Supreme Court direction, had raided the company’s offices in June 2013.

The Economic Offences Wing (EOW) of the state crime branch in June last year had moved the finance department for confiscation of properties of the firm.

The property details included 17 acres of land in Balasore and Puri, bank deposits worth Rs 53 crore.