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

The CBI, which is probing the Rose Valley chit fund scam, arrested the four-time Lok Sabha member from Kolkata on January 3.

Written by Debabrata Mohanty | Bhubaneswar | Updated: May 20, 2017 2:51 am
sudip bandhopadhyay bail, tmc mp bail, sudip bail, sudip bandhopadhyay bail, rose valley chitfund scam, india news TMC leader Sudip Bandopadhyay has been asked to submit his passport. (Source: File Photo)

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.

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  1. T
    May 19, 2017 at 5:41 pm
    if Sudip health is critical why he needs to be in politics to serve people let be a honourable man like Mithun rather than Madan. also how will Sudip deposit Rs 25 L in registry as his known source of income may not be that much so he has collect booty from the likes of Rose Valley, Sarada , Narada etc
    1. D
      May 19, 2017 at 3:08 pm
      Now,this corrupt douche will again say it is conspiracy,vendetta etc. Mujahid Mamata Bano us running a corrupt islamic govt in WB and ruing it.
      1. Raman Vr
        May 19, 2017 at 2:33 pm
        What is the meaning of money not being directly transferred?
        1. Debasish Chakraborty
          May 19, 2017 at 2:00 pm
          DIDI - MODI Bhalo Bhalo ....CBI ...ED Gadda me dalo .....
          1. L
            l s
            May 19, 2017 at 1:49 pm
            Go Sir, go. This is India, where sincere and honest people are in prisons, while corrupt and theives are roaming freely. Great hunting.
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