State

CBI Brings Rose Valley Chief On Transit Remand

Bhubaneswar: Jan 25; The Bhubaneswar CBI on Sunday brought Rose Valley Group chairman Gautam Kundu on transit remand from Kolkata in connection with the chit fund scam in Odisha.

Kundu would be produced at the CBI court on Monday here. The CBI is most likely to pray the court to grant at least a seven-day remand of the accused for further interrogation to extract truth from him about his firm's activities in the State, money trailing and laundering.

On January 7, the CBI had filed a preliminary chargesheet against Kundu and three top executives of Rose Valley Group managing director Sibamaya Datta and directors Ashok Kumar Saha and Ram Lal Goswami for allegedly cheating thousands of investors of their money by promising high returns on their deposits.

The company had allegedly duped investors to the tune of nearly Rs17,000 crore across India. The company was active in Odisha with 28 branches in almost every district and duped investors in of about Rs500 crore.

The group has been running around 23 hotels at different places across the country.

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