Police presume Govind Agarwal’s arrest may unveil the mystery of Madam Rose Valley stumbled upon in 2016 after the demonetisation.
The suspected scheme of routing money from one company to another will reveal the nexus between entry operators – or jama kharchi companies – and a section of officials. Agarwal was arrested for assisting Neeraj Singh park money got from dubious means.
Agarwal’s role, being probed by the Enforcement Directorate (ED), may lead investigators to many unanswered questions in the Rose Valley chit fund scam. CBI is probing the Rose Valley case. The links were revealed during a cash haul of demonetized funds in December, 2016. The cash was to be deposited at Agarwal’s office. When the cops started searching the office they found two folders – Rose Valley and Madam Rose Valley. Madam Rose Valley had details of several crores being transferred to a specific person.
Agarwal’s name surfaced for the second time when police registered a case against former Income Tax Additional Director Neeraj Singh in April 2017. Police alleged that Agarwal was the front man of Singh; helped him transfer money obtained through illegal gratification. Singh says he knew Agarwal through his father; not spoken to him for years. Says he knew Agarwal’s connection with the Rose Valley Group after the case started. Since Agarwal had a number of clients, he never shared the details with Singh.
When ED started probing the Singh-Agarwal nexus they found that Sing took Agarwal’s help to route money through a web of companies and bought property. They also attached a property in Mumbai worth Rs. 3.20 cr in July. Singh claimed that the property was never owned by him or his wife.
Kolkata Police has not specified the quantum of fraud although Agarwal has been charged with cheating.
1 comment:
Jamakharchi Industry was well organized before Modi Era. In Kolkata at least 2000 CAs main profession was entry operations many Council members were/ is actively actively involved in this activity. Govind Agarwal was / is just a small front man.
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