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Rose Valley chit fund scam amount almost Rs 60,000 crore, several political leaders under scanner

Apr 02, 2015 08:59 PM IST India India

Kolkata: After the Saradha multi-crore chit fund scam, West Bengal has been struck by another ponzi scheme. The Rose Valley chit fund company has duped over 1 crore people and leaders from different political parties have now come under the scanner.

Rose Valley chit fund scam is believed to be the biggest ponzi fraud in India and the amount could exceed Rs 60,000 crore. The scam itself is at least seven times bigger than Saradha scam.

Thirty-five-year-old Raju Pal, a Rose Valley agent, is running helter-skelter at a state run hospital in Kolkata. His 65-year-old father has suffered a cardiac arrest after investors attacked his house and insulted his family for allegedly cheating them. The company has stopped paying its depositors for over a year now leaving Raju with a financial burden of over Rs 15 lakh on his shoulders.

"My father is in critical condition and doctors say that we need about Rs 1 lakh for his treatment. But I have no clue on how to arrange that kind of money," said Raju Pal.

Pal is one of the over 1 crore affected depositors and agents in West Bengal after prohibitory orders were imposed on Rose Valley's illegal ponzi businesses and its chairman, Goutam Kundu, was arrested by the Enforcement Directorate.

It seems that besides the Trinamool Congress which has already been dragged into the murky businesses of the Saradha Group, other parties too would have difficulty in steering clear of the fresh waves of scams which are now hitting Bengal.

In one of the videos, Union Minister Babul Supriyo of teh BJP is seen sharing stage with Goutam Kundu at the inauguration of a company hotel a few years ago. The BJP defended Supriyo saying he was unaware of Rose Valley's true intentions back then and had not taken any financial benefits from the company.

West Bengal BJP President Rahul Sinha said, "He went there as a celebrity upon invite of the company. Celebrities do such things quite often and it is natural for them to do so."

The Congress' allegations against Tripura Chief Minister Manik Sarkar supporting a Rose Valley project back in 2008 have also raised uncomfortable questions for the Left.

CPI-M MP Ritabrata Banerjee said, "If and only if some of our people or any of our people are involved in any scam, the CPI-M is free to any enquiry, is free to any probe."

The TMC now thinks it would not be the only party to be singed by the people's anger.

TMC MP Saugata Roy said, "People can see now that others are involved too. Congress ministers, CPIM chief minister, BJD MPs, all are singed."

Many feel the revelations so far are only the tip of an iceberg and more skeletons will keep tumbling out of the closet even as investigations proceed.