CBI raids Rose Valley office

BHUBANESWAR: The CBI on Wednesday raided the office of Rose Valley Group at Kharavel Nagar here in connection with the multi-crore chit fund scam. It seized a photograph, featuring Odisha chief minister Naveen Patnaik and company officials. "The photo was taken when the company was giving a cheque for the Chief Minister's Relief Fund," said a CBI officer. "A possible political nexus is being probed," the officer said.
The West Bengal-based company faces allegations of duping more than 1,25,000 investors of over Rs 100 crore in Odisha. The state Crime Branch started investigating Rose Valley's businesses in June 2013, four years after the company started its operations in the state.
On November 27, 2014, the Enforcement Directorate (ED) attached the company's 2,807 bank accounts containing Rs 295 crore in different states.
Earlier, the Crime Branch proposed attachment of Rose Valley's assets that included Rs 51 crore kept in different frozen accounts, Rs 47 lakh in cash, 15 acre of land in Bhubaneswar and Balasore, a sprawling commercial space at Jatni and a building at Kharavela Nagar.