A court docket in Kolkata sentenced an official of chit fund firm Rose Valley to seven years in jail for duping buyers of their cash via ponzi schemes floated by the agency.
Choose Anupam Mukhopadhyay of City Periods Courtroom additionally imposed a high-quality of Rs 2.5 lakh on Arun Mukhopadhyay, who was a director within the Rose Valley group.
The court docket convicted Arun Mukhopadhyay after he admitted that he was responsible through the listening to.
Lawyer for the depositors Arindam Das stated that 1000’s of individuals have been duped by the Rose Valley Group, which had arrange a number of corporations to run their chit fund operations.
In accordance with the court docket, Arun Mukhopadhyay, who was arrested after the rip-off was unearthed in 2013, was in custody for 3 years earlier than being launched on bail, and this era of incarceration will probably be included within the whole jail time period of seven years that he has to serve.
A number of accused, together with Rose Valley group chief Gautam Kundu, have thus far been arrested in reference to the chit fund rip-off being probed by the Central Bureau of Investigation and the Enforcement Directorate.
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