Two of the party’s big leaders — Tapas Pal and Sudip Bandyopadhyay from All India Trinamool Congress (TMC) party — allegedly linked to the Rose Valley scam were recently arrested by the CBI.
Rose valley case: It is a chit fund scam where two entities Rose Valley Real Estates and Constructions and Rose Valley Hotels and Entertainment, managed to pool in Rs 18000 crores from investors as installments for property purchases promising extraordinary returns of 21%.
Rose Valley, as per the ED estimates reportedly collected more than Rs. 15,000 crore from depositors across India, especially west Bengal, Assam and Bihar
In March 2015, the ED arrested group’s chairman Gautam Kundu after interrogation at his salt lake office in Kolkata, however the all India small depositors association pegs the amount at close to Rs 40,000 crore - 16 times the size of the Saradha scam huge amounts were allegedly siphoned off and transferred to other accounts
Rose Valley hotels & entertainment reportedly owns nearly 23 properties across India
SEBI had prohibited the sale of real estate by Rose Valley in January 2011 and the state government had followed suit.
There are as many as 30 companies under the Rose Valley banner on paper, which includes companies such as Rose Valley Airlines, Rose Valley Microfinance, Rose Valley Fashion, Rose Valley Consultancy, Rose Valley Beverages, Rose Valley Infotech and Rose Valley Housing Finance, chairman also became a corporate agent of the LIC
Attracted to the false promise of high returns, unsuspecting people kept pouring in money, often their lives' savings, into such schemes.
Rose Valley was having a smooth run until 2012, when IRDAI raised objections on the way company was being operated
Other fraudulent monetary schemes:
Chit Funds: A chit fund is a type of saving scheme run by an individual or an institution.
Subscribers pool instalments to the chit fund. After a period, each subscriber gets the entire pooled fund after a discount cut by the chit fund.
The benefit of chit fund is that a subscriber can get a large amount of money in a short time.
As per Supreme Court, Chit funds are a part of concurrent list, Chit funds are registered by the State governments. The unregistered ones are usually termed illegal.
The Prize chits and Money Circulation (Banning) Act 1978 usually defines the illegal Chit funds.
Ponzi scheme: It is an illegal investing scam promising high rates of return to investors.
It has no underlying assets i.e. it generates returns for older investors by acquiring new investors and not by earning returns/revenue by any assets like property etc.
Pyramid Scheme: It is an illegal scheme similar to Ponzi scheme.
While in a Ponzi scheme, participants believe of earning returns from any asset, participants in a pyramid scheme are aware that they earn money by finding new investors.
Reasons of such scams
Steps taken by the government
Direct Selling and Money Circulation guidelines 2016
Conclusion: The basic aim of such saving and investment schemes is to dupe investors fraudulently. Therefore there is a need to resolve both the supply side problems like regulation deficit etc. along with demand side problems like poor awareness, to curb the financial losses to the economy due to these schemes.
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