Depositors ransacked two chit fund offices in Durgapur

In two separate incidents, depositors attacked two chit fund offices in and around Durgapur yesterday as both the companies defaulted on payment of maturity and assured pre-maturity sums.

Rose Valley Hotel in Durgapur

Nearly 60 depositors including women from the minority community raided the Rose Valley branch in Panagarh near Durgapur yesterday, as the chit fund operator refused “assured” payment of pre-maturity sum. The company had had issued token slips to the depositors two months back after receiving papers that they would be refunded their deposits by 10 July.

But in spite of the deadline having passed, the company has not been able to pay the maturity sums. Depositors like Mrs Raushana Sheikh of Molla Para and Imran Khan of Pathan Para localities complained that Rose Valley officials, after issuing tokens had assured the sums would be refunded before Ramadan.

Mrs Sheikh alleged: “We have made frequent trips to the branch here but the fund managers are playing hide and seek.”
The infuriated depositors raided the office and the police took the branch manager Swarup Ganguly and a section of depositors to the Kanksa Police Station. Police said the company has issued a fresh date for repayment on 25 July.

Market regulator Sebi on July 10, has barred Rose Valley Hotels & Entertainments (RVHEL), an arm of the Kolkata based Rose Valley Corp, from raising money from the public, disposing of or transferring any of its assets and diverting funds. Sebi has alleged that the Rose Valley group company did not take its permission to raise money through collective investment schemes (CIS), which are under the regulator’s purview. Sebi has issued a showcause notice to the company and its directors.

At the Durgapur City Centre branch of Bardhaman Sanmarg – another NGO turned chit fund, the depositors raided the offices and attacked the officials.

Depositors like Somnath Ruj, Barnali Kundu, Alpana Singh alleged that the firm has not been disbursing their matured amounts.

Mr Ruj later lodged an FIR with the Durgapur PS demanding penal measure against the branch authority.

Mr Ruj said: “I have deposited Rs 1.56 lakh in the company shouldering a monthly installment of Rs 14200. Now the company is dodging us at the time of payment.” He lodged an FIR bringing specific charges against company’s agents Surajit Mondal and Shipra Mondal.

Surprisingly, both the incidents took place on a day when Sudipto Sen, CMD of Saradha group, the chit fund company which has allegedly defrauded lakhs of depositors, was granted bail in connection with the first and most crucial case that was lodged against them. His associates Debjani Mukherjee, Arvind Chowhan and Manoj Nagel were granted bail. However they will not be able to walk free as several other cases of cheating and fraud are lodged against them.

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