Rose Valley Scam: Former ED officer granted bail

Former Enforcement Directorate (ED) officer Manoj Kumar on Friday was granted bail from the Bankshall Court on a bond of Rs 40,000 in connection with Rose Valley scam.

The Rose Valley scam is considered as the biggest ponzi fraud in India in which thousands of small investors were allegedly cheated.

Earlier in May, suspended officer Kumar surrendered before a court which sent him to police custody.

Prior to this, Kumar's bail plea was rejected by the Bankshall Court and he was sent to police custody for 10 days for alleged extortion, criminal conspiracy and under the Prevention of Corruption Act.

Kumar, the nodal investigating officer of the Rose Valley Scam, also has money laundering charges against him.

Trinamool Congress (TMC) MP Sudip Bandhopadhyay was also arrested by the CBI in the matter.

The CBI had earlier on December 30 arrested TMC MP Tapas Paul for his alleged involvement in this scam.

The actor-politician was a director in two companies of the Rose Valley, a leisure and entertainment group, that has been accused of illegally accumulating Rs.17,000 crores in small savings through a Ponzi scheme. The group has been under investigation for almost two years.

-ANI