Intensifying its crackdown on chit fund fraudsters, the Economic Offences Wing (EOW) of Odisha arrested Rose Valley Group’s regional manager for alleged involvement in defrauding the investors to the tune of Rs 2.82 crore.

Odisha region manager of Rose Valley Group Bikramjit Bhowmik, a native of Purba Medinipur district in West Bengal, was on the run since a fraud case was registered against him in 2013. The fugitive economic offender was nabbed from Midnapore in West Bengal yesterday. He was produced before a court in Tamluk in the neighbouring state. Brought on transit remand, the accused was later today produced before the Odisha Protection of Interests of Depositors (OPID) Court at Balasore.

The Rose Valley Group of Companies, registered with the Registrar of Companies at Kolkata, had collected crores of rupees from unsuspecting and gullible depositors across Odisha, mostly in the Balasore district.

Initially, the company used to collect public deposits for its construction company. Later pledging the investors of high return in short term and long term deposits, the dubious company had spread its wings since 2010, collecting crores of rupees by way of attractive money circulation schemes. It had set up its branches in Odisha and neighbouring Bengal. The glib-talking management and agents of the fraud agency later shut its operation, taking the depositors for a ride.

The EOW had taken up the investigation of the chit fund scam after the Soro police in Balasore district transferred the fraud case to it on 28 May 2013.

Earlier the EOW had arrested Gouatam Kundu and Sibamoy Dutta, the Chairman & Managing Directors of the Rose Valley Group of Companies. Besides Badal Chandra Kar, the then Branch Manager of Soro Branch of the Company was also put behind the bars. A bank balance to the tune of Rs 83 crore, landed properties and buildings worth more than Rs 11 crore were also attached under OPID Act by the EOW. The investigating agencies had also filed four charge sheets in connection with the Rose Valley chit fund scam, added EOW officials.