Home ODISHA LATEST Rose Valley scam: Odisha court grants 4-day remand of Gautam Kundu

Rose Valley scam: Odisha court grants 4-day remand of Gautam Kundu


Odisha Sun Times Bureau
Balasore, May 10:

The Balasore Special Chit Fund court today allowed the Economic Offences Wing (EOW) of the Odisha Crime Branch to take Rose Valley Group chief Gautam Kundu on a four-day remand for further questioning.

Though the EOW had prayed for a five-day remand of Kundu, the court granted a remand of four days.

Earlier in the day, Kundu was produced before the court after his previous four-day remand period came to an end.

The EOW had secured four-day custody of Kundu, who was lodged at Presidency Correctional Home, Alipore in Kolkata.

The agency wants to make Kundu reveal the list of investors from the state who had invested in the company so that the proceeds of the assets of the firm, which were confiscated following a court order, could be returned to the investors, sources in the EOW said.

Notably, Kundu was arrested by the Enforcement Directorate (ED) in March, 2015 under the criminal charges and provisions of the Prevention of Money Laundering Act.

Worth mentioning, thousands of people were allegedly duped in West Bengal and Odisha by the dubious firm on promise of higher return on their investments.

The Ponzi firm is accused of defrauding depositors of Rs 17,000 crore, out of which Rs 450 crore is from Odisha alone. The company was active in Odisha with 28 branches in almost every district.