Sudip Bandyopadhyay, Trinamool Lok Sabha face, arrested in chit fund case

According to sources, the MP has been accused of cheating, conspiracy and criminal breach of trust. Bandyopadhyay is alleged to be involved in the financial transactions of the Rose Valley group, which was purportedly running a ponzi scheme.

Sources said he was questioned about his proximity to Rose Valley CMD Gautam Kundu, and about a trip to Europe which was allegedly sponsored by Rose Valley. He was also asked about his presence at a Rose Valley programme at the Netaji Indoor Stadium here. “A few documents with his signatures were shown to him, which clearly established his involvement. He could not defend himself,” said an official involved in the investigation.

The MP will be produced before a Bhubaneswar court on Wednesday. “We want him in remand so that we can interrogate him further,” said an official. Sources said Bandyopadhyay and Paul may be brought face-to-face for interrogation. “It is important to corroborate the statements of those arrested,” said the official.

The alleged ponzi scheme being investigated by the CBI is said to have defrauded depositors to the tune of Rs 17,000 crore. CBI and ED officials have maintained that the Rose Valley scam is “six times” bigger than the Rs 2,460 crore Saradha scam.