A court here on Thursday sent Rose Valley Group chairman Gautam Kundu to five days Enforcement Directorate custody, following his arrest in connection with the multi billion rupee Saradha chit fund scam.
Kundu, arrested by the ED on Wednesday, was presented before Sessions Judge Mohammad Mumtaz Khan's court, where the ED sought his custody, while Kundu' lawyers prayed fro his bail.
After hearing both parties, the judge rejected the bail plea and sent him to ED's custody till March 31.
ED sources said Kundu was taken into custody after he failed to give proper answers during sustained questioning spread over six hours on being summoned to its office.
Kundu allegedly suppressed information and did not provide details about the quantum of money collected by his group companies from the market by promising huge returns.