Raniganj branch of Rose valley gave away cheques

The crisis stemming from the collapse of the Saradha Group – one of eastern India’s biggest deposit-taking chit fund companies has left other chit fund companies across the state under scanner. On 22nd April (Monday), the Raniganj office of another large chit fund company, Rose Valley witnessed huge demonstrations by investors, demanding their money back.

investors-demonstration-rose-valley
Investors demonstrate outside the Raniganj office of Rose Valley

From yesterday, (23rd April) Raniganj office of Rose Valley started giving cheques to investors after hundreds of them made a beeline at the company’s Raniganj branch.

Day before yesterday, over 100 depositors from Raniganj and neighbouring Jamuria had demonstrated inside the Rose Valley office and even damaged the company’s office, before police team intervened.

Branch manager of Rose Valley’s Raniganj office, Jayanta Banerjee said: “We gave out 500 cheques today. All payments were made for schemes that are yet to mature. We will continue to give cheques to those who demand money.” Another Rose Valley official said cheques of Rs 10,000 to Rs 50,000 were given out. “This process will continue for the next few days, till the depositors keep coming.”

Many investors expressed happiness but some of them said their fears would remain till the cheques were honoured.
Several investors said they did not want to wait for their policies to mature. “We would have got the interest had we waited but we don’t want to take the risk,” an investor said.

A retired Eastern Coalfields Ltd employee said: “I got a cheque of Rs 30,000 today. This is the principal amount I had invested in a scheme a year ago. The policy would have matured a year later but I don’t want to wait.”

Market regulator Securities and Exchange Board of India or SEBI is investigating at least five other such companies in West Bengal for alleged fraud, including Rose Valley, a group that has raised Rs. 4000 crore and a collapse of which will lead to a bigger crisis than the Saradha bust.

Meanwhile, CPM workers on Tuesday morning blocked NS Bose Road in Raniganj after one of their colleagues was beaten up allegedly by Trinamool activists for demonstrating outside the Rose Valley office on Sunday.

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