Home Latest News Rose Valley group CEO Kundu arrested in Chit Fund scam

Rose Valley group CEO Kundu arrested in Chit Fund scam

Rose Valley group CEO Gautam Kundu, prime accused in the mother of all chit fund scams in India, was arrested by the Enforcement Directorate (ED) last night in Kolkata. The arrest came after the ED interrogated him for over six hours.His first round of interrogation happened on Tuesday. The ED found inconsistencies in his response, which was why it decided to arrest him. Rose Valley illegally raised an estimated Rs 10,000 crore from depositors through its ponzi scheme.
Kundu’s arrest is a big blow to beleaguered Chief Minister Mamata Banerjee, since his closeness to her has been well established. He is said to have first met Mamata in 2012 at the Delo Bungalow in Darjeeling just prior to meeting Saradha chit fund group head Sudipto Sen, who is already under arrest for his ponzi scam.
According to ED sources, the Saradha scam pales in comparison with the Rose Valley one, as it involves over 30 lakh depositors from West Bengal, Assam, Odisha, Jharkhand, Maharashtra and even Tamil Nadu.The charges against Kundu include illegal money transfers to hotels and resorts and producing movies using illegal funds. The Rose Valley group has a significant media footprint – both in print and television.

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