Port Blair, May 12: According to a PTI report, two officials of a chit fund group, Rose Valley have been arrested in Agartala and the office closed down following a raid on Saturday. A team of officials led by Sub-divisional Magistrate (SDM) Manik Lal Das and a contingent of state police and paramilitary Tripura State Rifles (TSR) raided Rose Valley’s office at Mantribari Road here and seized the documents. Regional director of the company, Ashok Saha and another functionary were arrested and brought to West Agartala police station for interrogation, sources said.
Though no case of fraud and illegal money transaction by Rose Valley branch of A & N Islands has been received from public in these Islands, but investors are worried. Public request the Police Department to keep an eye on every Chit Fund Companies in Andaman so that no one is cheated in these Islands, as it has happened in Mainland India.
Few days back in a notice the Administration had advised the general public of these Islands to be cautious in investing their hard earned money in non-registered non-banking financial institutions and ensure the credential and legality of the institutions before any investment. General public were also advised by Administration to provide information about functioning of any such chit fund company/non-banking financial institutions if they have any doubt about the functioning and credentials of the same.
