NEWS

Court Rejects The Bail Petition Of TMC MP Tapas Pal In Rose Valley Chit Fund Scam

Thousands of small investors were allegedly cheated.

31/12/2016 7:13 PM IST | Updated 31/12/2016 7:14 PM IST
ANI

BHUBANESWAR -- The special Chief Judicial Magistrate Central Bureau of Investigation Court on Saturday rejected the bail plea of Trinamool Congress (TMC) MP Tapas Pal, sending him to three days of CBI remand in connection with Rose Valley Group chit fund scam.

The court's decision came a day after Pal was arrested by the CBI for his alleged involvement in the scam, in which thousands of small investors were allegedly cheated.

Paul was questioned for hours by the CBI before his arrest. His house was also raided.

He was a director in two companies of the Rose Valley, a leisure and entertainment group, that has been accused of illegally accumulating Rs.17,000 crores in small savings through a Ponzi scheme. The group has been under investigation for almost two years.

The TMC has, however, earlier in the day, termed the CBI's action as a 'political vendetta'.

"He did a contract with 'Rose Valley' like he does with film actors, sportspersons and the film industry. A BJP member also has an association with Rose Valley. So, when will he be arrested? This is pure political vendetta," TMC leader Derek O' Brien told ANI.

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