Rose Valley chief remanded to five days’ ED custody
28 March 2015 4:51 AM IST
A court here rejected the bail plea of Gautam Kundu, chairman of Rose Valley Group, and remanded him to five days’ ED custody till March 31.
Chief judge of City Sessions Court Md Mumtaz Khan rejected the bail petition moved by the respondents and remanded Kundu to five days’ custody of the agency.
Kundu was arrested by ED on Wednesday under Prevention of Money Laundering Act (PMLA). Judge Khan in his ord er said that given the nature and gravity of the case and keeping in mind the interest of investors, the bail plea was rejected. ED counsel Bhaskar Banerjee told the court that the agency had acted on the basis of a complaint filed by SEBI. He said that Rose Valley was issuing debentures without the sanction of SEBI and mobilised huge money from the public amounting to a financial fraud and prayed for five days of custody for further interrogation.
Chief judge of City Sessions Court Md Mumtaz Khan rejected the bail petition moved by the respondents and remanded Kundu to five days’ custody of the agency.
Kundu was arrested by ED on Wednesday under Prevention of Money Laundering Act (PMLA). Judge Khan in his ord er said that given the nature and gravity of the case and keeping in mind the interest of investors, the bail plea was rejected. ED counsel Bhaskar Banerjee told the court that the agency had acted on the basis of a complaint filed by SEBI. He said that Rose Valley was issuing debentures without the sanction of SEBI and mobilised huge money from the public amounting to a financial fraud and prayed for five days of custody for further interrogation.
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