Rose Valley chitfund scam: MD Gautam Kundu’s remand ends, sent to jail in Odisha

Odisha Sun Times Bureau
Balasore, May 14:

Rose Valley chitfund firm MD Gautam Kundu was sent to Balasore jail in connection with massive ponzi scam after he was produced before specially designated court here this morning.

The Economic Offences Wing (EOW) of Odisha Crime Branch deposed Kundu before the court after his four-day remand period ended today.

The Balasore Special Chit Fund court had allowed the EOW to take Kundu on a four-day remand on May 10 for further questioning.

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

Thousands of depositors 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.