Depositors threaten to ransack Rose Valley Finance offices

DURGAPUR, 24 APRIL: Officials of Rose Valley Finance, another chit fund major in the state, today sought police assistance after hundreds of depositors gathered in front of the office in the posh City Centre area in Durgapur town today.

Nearly 2,000 depositors tried to enter the office. Officials informed police and a contingent of policemen was deployed immediately. The depositors demanded immediate refund of their deposits.

The company has two offices in Durgapur and another in Raniganj which collectively used to generate Rs 2.40 crore deposits every month.

Mr Abhijit Majumdar, manager of Rose Valley’s Durgapur branch, said: “After the Saradha meltdown, depositors are demanding immediate refund of their deposits. However, this is not possible since refunds will require a large sum of money which we cannot provide immediately. This has created a confusion.”

The authorities, in presence of policemen, managed to refund Rs 3 lakh against a demand of Rs 5 crore, which the manager said was possible through their existing buyback system. The authorities, meanwhile, said they would deduct 25 per cent against one-year-old policy and 10 per cent against four-year policies or more. In Domohani under the Baraboni police station area in Asansol police had to provide security to Rose Valley officials after depositors allegedly threatened to ransack and loot the office and assault officials. The Raniganj branch of the chit fund company was however ransacked by irate depositors yesterday. 

Saradha fiasco: Adivasi leaders seek CM’s intervention

 

SILIGURI, 25 APRIL: Several non-banking financial institutions have allegedly deprived innumerable poor Adivasi tea workers, particularly whose who had retired in the Terai-Dooars region, luring them with hefty returns from financial deposits over the past few years.

The matter came to light after the financial catastrophe over the Saradha Group in the state. It has incited Adivasi leaders to campaign against chit funds in the tea belt.

The mainstream Akhil Bharatiya Adivasi Vikas Parishad leadership has planned to serve a memorandum to Chief Minister Mamata Banerjee through the district magistrates and other officials concerned. Splinter ABAVP and other Adivasi leaders belonging to the Congress and the RSP have also decided to highlight the plight of the Adivasi tea workers, who were due by chit fund companies that have mushroomed in the tea belt.

RSP MP for Alipurduar Manohar Tirkey said: “Though we had campaigned against chit fund companies in the tea belt, innumerable Adivasi tea workers had been lured by the chit fund companies, who had cheated them earlier. Despite the fact, several poor Adivasi people in the tea belt again invested money in private companies and duped.”

“We would stage a dharna before the Parliament tomorrow. I would point out the plight of Adivasi tea workers in north Bengal,” Mr Tirkey said. Dooars-based ABAVP leader Rajesh Lakra said: “Several retired tea workers, have been deprived after depositing their money, which they had received as retirement benefits like provident fund and gratuity, in chit fund companies. After the Saradha fiasco retired tea workers are upset and spending sleepless night apprehending loss of even the principal amount.”

“We have planned to serve a memorandum to the chief minister through Jalpaiguri district magistrate requesting the state government to take initiative to return the money that had been deposited in several schemes of chit funds companies, including the Saradha Group,” said Mr Lakra.

The ABAVP splinter leader, Mr Sukra Munda, said: “We have alerted our activists to keep a close eye on representatives of private investment companies operating in the tea belt. They have been asked to inform about them to the authorities concerned.”

“We would demand that the private financial institutions, which are known as chit funds be banned. Both the Centre and the state should take proper steps to return the money of the poor tea workers,” Mr Munda said.

 statesman news service