Rose Valley chit fund scam: CBI takes Sudip Bandyopadhyay to Bhubaneswar; TMC preps for nationwide protest

03 January 2017, 11:12 PM

The CBI on Tuesday arrested Trinamool Congress parliamentary party leader in the Lok Sabha Sudip Bandyopadhyay in connection with the alleged Rose Valley chit fund scam, the second of a party MP within a week.

Bandopadhyay, who arrived at the CBI office in Kolkata at around 11 am, was subjected to more than four hours of intensive interrogation by CBI, after which he was arrested.

The TMC MP had been summoned thrice earlier by the investigation agency.

His arrest in the alleged Rose Valley scam came close on the heels of the arrest of another Trinamool Congress MP Tapas Pal on Friday. Paul, an actor-turned politician, is now in the CBI custody in Bhubaneshwar.

Aslo read | Rose Valley chit fund scam: TMC MP Sudip Bandyopadhyay faces CBI grilling

On reaching the CBI office on Tuesday, Bandopadhyay told waiting reporters that he had come to face interrogation and know what the charges were against him.

The TMC chief and West Bengal Chief Minister Mamata Banerjee termed the arrest as 'vindictive politics'. Banerjee announced that she will stage a sit-in protest against Central Govt to oppose Bandyopadhyay's arrest. An emergency meeting of the party's parliamentary committee has been called as well. 

Also read | Arrested TMC leader Tapas Pal undergoes medical tests after complaining of health problems

As it happened: 

#CBI isssues statement on TMC leader's arrest: 

"The Central Bureau of Investigation has today (Tuesday) arrested a Member of Parliament in an on-going investigation of a Chit Fund case.

"The instant case was registered on June 5, 2014 under section 420/408/409/120-B/34of IPC and Sections 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978, on the orders of the Hon’ble Supreme Court dated May 9, 2014 passed in Writ Petition No 401 of2013 and 413 of 2013 against then Chairman of a private Group of Companies and others on the allegations that the said company had collected around Rs 17,000/- crore illegally from general public after enticing them with false promise of paying higher rate of interest.

"After investigation, chargesheet was filed on Jan 1, 2016 under section 420,409, 120B of IPC and 4 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 against four persons including then Chairman; then Managing Director; then Director and Ex Director of said Group of Companies and three private companies of said Group. Further investigation is continuing as per provisions of Section 173(8) CrPC to examine the roles of other accused persons to find out aspects of larger conspiracy and money trail.

"The arrested accused will be produced before the Competent Court." 

#TMC MP Idris Ali denied any possibility of an attack on BJP office by party supporters, "I have no knowledge of any such attack, TMC can't do any such thing."


#
Derek O'Brien says, "Wednesday at 2.30 we will protest in Delhi,  we will be protesting at Parliament. We will not stop. Our leader Mamta Banerjee has said we will protest everywhere against this political vendetta," he added. 

#BJP office attacked again, stone pelting begins: Reports

#TMC MLAs & MPs including Saugat Roy, Dinesh Trivedi & Partha Chatterjee reach Kolkata's CBI Office to stage protest against Bandopadhyaya's arrest (Read full story here)

#Breaking: BJP office in Kolkata attacked by TMC students' wing after TMC MP Sudip Bandyopadhyay's arrest

#Sudip Bandhopadhyay booked under IPC section 420 (cheating), 409 (criminal breach of trust) and 120b (criminal conspiracy)

#Tomorrow (Jan 4) will protest in Kolkata over arrest (of TMC MP Sudip Bandhopadhyay). On 9 Jan protest to start in 10 states on demonetisation: WB CM

#TMC MP Sudip Bandhopadhyay will be taken to Bhubaneswar (Odisha) by CBI on Tuesday night

#We strongly condemn the political vindictive attitude of Narendra Modi and Amit Shah: Mamata Banerjee

#For no reasons arrests have been made. Only reason is Note Bandi: Mamata Banerjee

#We will be with the people. This is not only financial emergency. This is full-fledged emergency: Mamata Banerjee

#Amit Shah, Narendra Modi should be arrested, PM Modi does not understand Indian politics: Mamata Banerjee, WB CM

#Many political parties are scared, but are not able to speak out. Emergency situation is going on: Mamata Banerjee, WB CM

#People should come out on roads against #DeMonetisation move, people will teach them a lesson: Mamata Banerjee, WB CM

#If they think that after the arrest (of TMC MP Sudip Bandhopadhyay) we won't protest, they are wrong: Mamata Banerjee, WB CM 

#I challenge PM, he cannot do anything, can't suppress the voice of the people: Mamata Banerjee, West Bengal CM

#Will take the legal battle forward, will seek justice from the court: Mamata Banerjee, West Bengal CM on TMC MP Sudip Bandhopadhyay's arrest

#Will protest outside RBI Kolkata on 9th January, and on 10th and 11th January in Delhi: Mamata Banerjee, West Bengal CM

Rose Valley Chit Fund Scam

According to CBI, the West Bengal-based Rose Valley group cheated investors of Rs 17,000 crore, making the chit-fund scam seven times bigger than the Saradha scandal that generated a lot of political heat in the eastern state.

The hospitality-to-real estate group robbed millions of investors, most of them from low-income group, in at least 10 states, including West Bengal, Odisha and Andhra Pradesh, promising exaggerated returns, the reports said. 

First Published: Tuesday, January 03, 2017 03:59 PM
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