The former actor and Trinamool Congress MP Tapas Pal, was director of the Rose Valley Group which is being investigated for allegedly duping investors in a Ponzi scam.
Trinamool Congress MP Tapas Pal's residence in Kolkata is one of the 43 premises being raided by the Central Bureau of Investigation or CBI in a nation-wide operation today. The former actor was director of the Rose Valley Group, which is being investigated for allegedly duping investors in a Ponzi scam.
"Searches are being conducted today by CBI at 43 locations across the country including 27 in West Bengal, 7 in Tripura and 1 location each in Odisha, Assam, Delhi, Uttar Pradesh, Maharashtra, Bihar, Jharkhand, Chattisgarh and Tamil Nadu," the CBI said in a statement. Other top officials of the Rose Valley group are also being raided.
In September last year, Mr Pal was booked for his controversial threat to rape rival women activists.
In November last year, the Enforcement Directorate, which is also probing the scam, had sealed over 2,600 bank accounts in the country.
In a written reply in Parliament, Minister of State for Finance Jayant Sinha has said that the Saradha Group and Rose Valley have together raised Rs.12,740 crore by cheating thousands of small investors of their savings.
Rose Valley Group has been under the scanner for almost two years. Market regulator Securities and Exchange Board of India, or SEBI, has been investigating the company since 2013.