Rose Valley office raided in Geyzing

Gangtok, May 12: The Sikkim police raided the west district office of Rose Valley, a money mobilising company, in Geyzing bazaar on Friday evening and seized the company’s documents. “We have seized important documents of the company to gather more information on the depositors, agents and the total money involved in the business,” said a senior police official. The Sikkim Protection of Interests of Depositors Act prohibits companies from collecting money from the public. The Act was passed in the Sikkim Assembly in 2010 after fraudulent financial institutions had duped Sikkim investors of crores of rupees after promising high returns. West district magistrate L.P. Tewari had issued the search warrant on a request made by the police. Last week, the police had raided Rose Valley’s office in Gangtok suspecting the alleged involvement of the company in a money collection racket. The company, set up in 2008, also has an office at Namchi in south Sikkim.