Rose Valley chit fund company MD Gautam Kundu was sent to the Balasore jail in connection with the massive scam of his firm after he was produced before the specially designated court here on Sunday morning.
The Economic Offences Wing (EOW) of the Odisha Crime Branch produced Kundu before the court after his four-day remand period ended on the day.
Kundu was arrested by the Enforcement Directorate (ED) in March 2015 on 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 returns 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. The company was active in Odisha with 28 branches in almost every district.
