Rose Valley chit fund scam: TMC MP Sudip Bandyopadhyay gets bail

Published on By prameya news7 (author)

Bhubaneswar : In a major relief to Trinamool Congress MP Sudip Bandyopadhyay, the Odisha High Court on Friday granted him conditional bail in connection with the Rose Valley Group chit fund scam. The court, which had reserved its verdict on May 8, granted him bail against two sureties of Rs 50,000 each and directed him to deposit Rs 25 lakh in the court registry.

The Central Bureau of Investigation, which is probing the chit fund scam, arrested the four-time Lok Sabha member from Kolkata on January 3. Bandyopadhyay had moved the High Court on February 9 seeking bail after his bail plea was rejected by the Khordha district and sessions court on February 4.

Bandyopadhyay, who is being treated in a city-based hospital, cited his critical health condition in his bail plea. The MP has claimed that no money belonging to Rose Valley Group has been directly transferred to his account. CBI has, meanwhile, argued that Bandyopadhyay and the management of Rose Valley Group had influenced investors and his release can influence witnesses.

West Bengal Chief Minister Mamata Banerjee, who has termed the arrest of TMC leaders in chit fumd scams as “vendetta politics” by the Centre, visited the MP last month. Another TMC MP, Tapas Pal, continues to be in Bhubaneswar jail in the Rose Valley scam case.

The Rose Valley Group is alleged to have cheated investors from West Bengal, Tripura, Assam, Odisha, Jharkhand and Maharashtra more than Rs 17,000 crore with false promises of paying high rates of interest.