Rose Valley fraud: Field investigation to identify investors

Balasore: The administration has initiated the process of indentifying investors fleeced by chit fund firm Rose Valley in Balasore district by organising a training camp for field investigators on the premises of Gandhi Smruti Bhawan here Wednesday. 

Presiding over the programme, additional district magistrate (ADM) Manmath Kumar Pani stated that it has become a challenge for the administration to identify genuine investors of the chit fund.
As the state government has already delayed the process of paying off the depositors’ money, some people have made forged deposit certificates of some chit fund companies to claim the money, it was learnt. A special team of trained officials will conduct the field investigation and check records to ensure how much money was invested by the investors, the ADM said. 

The government has issued a directive to the district administration to thoroughly look into the fraud and identify the real claimants, he added.
As per the provision of the Orissa Protection of Interests of Depositors (in Financial Establishments) Act, 2011, the ADM is the authorised officer to deal with such cases.
The special team will start field investigation soon under the supervision of the ADM. The claims will be looked into by a team in each police station area, it was learnt.
The team will consist of a police official, a revenue inspector and an extension officer of the panchayat concerned.

Each revenue village will be treated as a unit during the investigation. Thereupon, the
refund of money will start in a phased manner, official sources said.
Basta tehsildar Bhabataran Sahu and district land acquisition officer Prashant Kumar Das imparted training to the officers in the programme.

ASP Santosh Kumar Nayak and Balasore sub-collector Ramchandra Palta spoke about the various aspects of investigation in the ponzi scam.
Tehsildars, additional tehsildars, revenue inspectors, amins and panchayat extension officers were present in the programme.  PNN

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