Rose Valley chief sent to another 4-day CBI remand

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Bhubaneswar: Chief of tainted chit-fund firm Rose Valley Group Gautam Kundu was sent to another four-day remand with the CBI by the Special Court here.

Earlier, the court had granted the central investigating agency to take Kundu on a nine-day remand.

The CBI had brought Kundu from Kolkata on transit remand on January 24.

The CBI has included 131 witnesses and 257 documents in the charge sheet. The accused have been charged under sections 120 (B), 420, 409 of the IPC and sections 4 and 6 of Prize and Chits Banning Act.

It may be mentioned that the CBI had filed a preliminary chargesheet against Kundu and three top executives of Rose Valley Group— managing director (MD) Sibamaya Datta and two directors Ashok Kumar Saha and Ram Lal Goswami— on January 7 this year for allegedly cheating thousands of gullible investors of their hard earned money after promising high returns on their deposits.

The company had allegedly duped investors to the tune of nearly Rs 17,000 crore across India.

The company was active in Odisha with 28 branches in almost every district and duped investors of about Rs 500 crore.

The central investigating agency has named three firms – Rose Valley Real Estate & Construction Ltd, Rose Valley Hotel & Entertainment Ltd and Rose Valley Real Estate & Land Bank India Ltd – in its charge sheet.

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