Sunday, September 20, 2020
Home Politics Gautam Kundu: This man has duped investors of Rs 15, 484 crore

Gautam Kundu: This man has duped investors of Rs 15, 484 crore

Image: PTI
Image: PTI

By Newsgram Staff Writer

Gautam Kundu, Chairman of Rose Valley companies was arrested by Enforcement Directorate(ED) yesterday for his alleged involvement in the ponzi scams executed by this consortium of companies.

The ED estimates investors were duped by this group to the tune of Rs. 15,484 crore.

“Kundu has been arrested under the criminal charges and provisions of the Prevention of Money Laundering Act. He will produced in a court tomorrow,” ED officials said.

He was interrogated in the ED’s Salt Lake office in Kolkata for nearly five hours after which the arrest took place.

The necessary steps were taken after a prosecution was filed against the set of companies by SEBI for “unauthorized issue of debentures” and violations under the Corporate Affairs Act.

The probe also came up with a suspense that Gautam was a beneficiary of this tainted funds generated as proceeds of crime of the chit fund scam.

According to the Calcutta High Court order no coercive action could be taken against Gautam Kundu earlier. The agency, however, got that order vacated from Patna High Court and also from the Calcutta High Court.

This case is also being probed by CBI now.

The ED, under the stringent provisions of the PMLA, had earlier attached 2,631 bank accounts of the Rose Valley group containing Rs. 295 crore. After the bank accounts were frozen, the corporate name was changed to Sun City Group and Chocolate Group. The group had allegedly floated a total of 27 companies for running the alleged chit fund operations out of which only half-a-dozen were active. It is alleged that the firm had floated the scheme by promising inflated returns on investments between eight and 27 per cent to gullible investors in various states.

The company had also promised returns to the investors on properties,assets and real estate. It had also made cross investments in its various sister firms.



Most Popular

Homemade Masks Effective At Blocking Droplets By Speaking, Coughing And Sneezing

Masks made with common household fabrics help prevent the spread of viruses like Covid-19 as researchers have found that they are considerably effective at...

Get Flu Shot to Avoid Having Covid and Flu Simultaneously

Health officials are warning the public to get a flu shot this year to avoid having to deal with COVID-19 and the flu simultaneously. Both...

India Couture Week Was Digital, Virtual And Democratic

It wasn't the familiar setting of the ballroom at the Taj Palace Hotel in the Capital, neither was it the familiar parade of 'shaadi'...

India’s Top Film Industry is Telugu Film Industry: Kangana Ranaut

Actress Kangana Ranaut says she wants film industries of different states to have a collective identity, and claims she wants to save the industry...

Planning a Road trip From Delhi? Here are 5 Must-Visit Destinations

By Siddhi Jain As several countries announced nationwide lockdowns in an effort to flatten the curve and break the chain, the coronavirus jolted the entire...

Top 10 Must Visit Places In Himachal Pradesh, India

Himachal Pradesh, in India, is a picture-perfect state that impresses tourists with scenic hill stations, quaint villages, snow-covered mountains, lush valleys, diverse flora and fauna,...

Here Is the Kind of Internet Connection That You Need for Your Browsing

For household and commercial use, everyone is looking out for the best internet connection. The internet has immensely evolved with time, and a need...

Here’s How Dinosaurs Caused Mammals to Develop Night Vision

By JoEllen McBride When dinosaurs ruled the earth, life was tough for our mammalian ancestors. So they learned to hunker down during the day and...

Recent Comments

Donate to NewsGram to support quality journalism.