Page 13 - BANKING FINANCE November 2015 ONLINE

ROUNDUP
Rose Valley scam four
times bigger than Saradha
Shibamoy Dutta, MD of Rose Valley
group who was arrested by the CBI
in connec-
tion with the
chit fund
scam, has
emerged as
the sus-
pected brain behind the two
schemes which were allegedly used
by the group to dupe over one lakh
investors of over Rs.10,000 crore
which is four times the money in-
volved in the Saradha scam.
CBI sources said that during the in-
quiry Dutta was allegedly instru-
mental in initiating two scheme -
Aashirward and Holiday member-
ship - through which investors were
lured to invest with the promise of
high returns.
The agency is also focusing on the
money trail of Rs.10,000 crore,
taken from over from one lakh in-
vestors spread across the country.
Dutta was apparently an LIC agent
after which he joined a chit fund
company before coming to Rose
Valley, as per the sources.
"His convicting skills were extremely
good which helped him in luring in-
vestors. This quality of coining new
ways of getting investments made
him an attractive candidate for chit
fund companies where he was able
to climb the corporate ladder," as
reported.
Shibamoy Dutta was taken into tran-
sit custody till September 17, after
which he is to be taken to
Bhubaneswar where the case has
been registered by the agency.
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Invest in solar power and get paid back in 5 years
The developers are of the mind that now investing in a solar power unit over
the business establishment and connecting it to a power
grid will help to recover its cost in just four or five years.
For a residential unit, the wait would be just a little longer
- six to seven years - as commercial ones enjoy higher tar-
iffs and tax benefits.
Earlier, it would take seven to eight years for a business establishment and nine
to 10 years for a residential unit to recover the cost of a rooftop solar unit.
Not less than 20 states, including Delhi, have allowed net metering, with which
one can generate solar power for its own use and feed the extra to the net-
work of distribution companies.
SEBI recovers Rs.6 lakh penalty from sale of shares
Capital markets regulator SEBI had recently garnered approx. Rs.6 lakh out of
the penalty of Rs 10 lakh from the sale of shares of Parnami Credits held by
Mitesh Jagdish Jani, who had defaulted the payment of the fine imposed by the
regulator five years ago.
The shares were sold in a bulk deal on the PSE, wherein SEBI offloaded 77,970
shares of Parnami Credits, held in Jani's depository accounts that were attached
by the regulator as part of its recovery proceedings.
The regulator has garnered a total of Rs.5.5 lakh from the sale of shares. Ac-
cording to the corporate information filed with the BSE Parnami Credits is into
financial service business.
WB govt mulls over interest subventions for loans to
tea industry
The West Bengal government is keen to provide interest subventions for loans
to the tea industry from the Rs.100 crore corpus under the
West Bengal Tea Plantation Employers Welfare Fund, 2015,
the Consultative Committee of Plantation Associations
(CCPA) said, after a meeting with the group of ministers.
The Fund is meant to provide for interest subventions and
soft loans to mitigate costs on tea estate housing medical
facilities, sanitation etc.
FMC gets together with SEBI
The commodities regulator the Forward Markets Com-
mission (FMC) has formally merged with the securities
market regulator SEBI in Mumbai recently. Finance
Minister Arun Jaitley while announcing the merger, said
that the ultimate objective is to reap the economies of
scale and scope of the markets, which were borderless,
global and integrated with each other.
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