Sikkim Rose Valley office sealed

The Telegraph

NIRMAL MANGAR

Gangtok, May 6: Police on Saturday searched and then sealed a office of Rose Valley, a money-mobilsing company, in Gangtok.

The police took away the hard disk of a computer of the Calcutta-based company.

The search warrant was issued by the district collectorate (east) A.K. Singh on Saturday after a request was placed by S.R. Shenga, the police inspector of Sadar police station.

“No one was present in the office when the raid was conducted. The police had to break the lock. Some documents related to the money-collection business were found,” said Manoj Tewari, the superintendent of police (East).

“We have a suspicion that the company is luring and collecting money from people in Sikkim and violating the Sikkim Protection of Interests of Depositors Act 2010,” Tewari said.

A bill was passed in the Sikkim Assembly in 2010 after fraudulent financial institutions had duped investors who had invested money in companies, which promised high rate of interests.

Rose Valley, which was set up in 2008, also has its district office at Geyzing in west Sikkim and at Namchi in south Sikkim.

“A preliminary investigation is on and we are trying to collect more information on the agents and the depositors. We have also told the police in Geyzing and Mangan to find the offices of the company in these places,” said a senior police officer.

An agent of the company said on condition of anonymity that the company was no longer in the business of collecting money after the Act was implemented in Sikkim.

“The company is not collecting money anymore and is paying back the maturity amount to the depositors. The investors were asked to deposit a monthly amount of Rs 90 for a period of five years on an interest of eight per cent per annum,” said the agent.

He claimed that almost 99 per cent of the depositors had got back their investments with interest at the time of maturity.

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