Bhubaneswar, Aug 3 (IANS): The Odisha police has arrested state head of the Rose Valley Group, Bikramjit Bhowmik from West Bengal in a multi crore fraud case, official said.

"Economic Offences Wing (EOW) arrested the regional manager of Rose Valley company in a multi crore fraud case from Midnapore, West Bengal. This refers to EOW case no 15/2013. Further investigation is on," the EOW of Odisha police said in a tweet, Tuesday.

Bhowmik was arrested from Midnapur in West Bengal on Monday and was produced before the OM, Tamluk and being brought on transit remand for his production before the Odisha Protection of Interests of Depositors (OPID) court at Balasore in Odisha, the police said.

Bhowmik was the regional manager of the Rose Valley Group of companies of Odisha region and he was absconding since registration of the case.

It has been ascertained that the chit fund firm has collected multi crores of rupees from the depositors of all over Odisha. The company cheated the investors by duping an amount of Rs 2.82 crore involving numerous investors in Soro branch.

Earlier, the chit fund firm chairman Gouatam Kundu and MD Sibamoy Dutta have been remanded in this case. Further, another accused Soro branch manager Badal Chandra Kar has been arrested and forwarded to court.

Bank balance over Rs 83 crore and properties worth more than Rs 11 crore in the name of Rose Valley Group of Companies have been attached. Four charge-sheets have also been filed by EOW, Bhubaneswar, which is sub-judice in the Balasore OPID court, they said.