Mamata Banerjee asks Centre to come clean on LIC-Rose Valley links

KOLKATA: Chief minister Mamata Banerjee on Friday demanded answers from the Centre alleging a tie-up between the Rose Valley Group and LIC.
Inaugurating the Jatra Utsav in Barasat’s Kachari Maidan, Banerjee said, “LIC is under the Union finance ministry. How can Rose Valley work with LIC? They actually have a joint-venture. If this be the case, will the Union finance minister and the Prime Minister be arrested? They have to come clean on this patch-up.I may be wrong, but they should clear the air.”
This isn’t the first time this allegation has been made. According to an IRDA March 9, 2012 order, sources said, the insurance regulator had scrapped the licence to Rose Valley (No. 883899). It had ordered both the Rose Valley and the LIC to honour their prior commitments keeping the regulatory body in loop. The order, sources said, also indicated that during examination at Rose Valley’s VIP Road headquarters, an LIC voucher (No. 195) was found indicating details of team strength upwards and downward and details of the commission paid.
Mamata said, “I dare them to arrest all the MLAs and MPs of Trinamool. We are not afraid. We will keep fighting for people.” Alleging BJP and CPM’s Ponzi links, she said, “(CPM leader) Sujan Chakraborty had ties with Saradha. Many BJP leaders also have links with chit funds. But only Trinamool is being targeted. The Left regime had a deal with chit funds to set up an amusement park in Barasat. No action was taken. But Sudip Bandyopadhyay was arrested. Because he had protested against demonetisation. Tapas Paul, an artist, has also been arrested.”
The Trinamool chief’s statement, it appears, could lead to some troubling questions. Sources even claimed that CBI itself could not wash its hands of the matter since the agency had earlier issued notices to Rose Valley asking them to detail their LIC links. The CBI issued these notices, sources said, based on complaints that Rose Valley had been issuing fake LIC certificates to depositors. Gautam Kundu, Rose Valley Group chairperson, had allegedly started his career as an LIC agent.