Prevention of Money Laundering Act court judge G C Karmakar rejected the bail plea and granted the custody of Banerjee, who was arrested yesterday, to ED as sought.
ED counsel Bhaskar Banerjee told the court that the man was identified as an agent of Rose Valley and a link between the depositors and the company. He also earned proceeds out of the crime.
He said the man was also threatening those depositors who were making complaints to the police so that the cases were not pursued.
Defense counsel A K Mishra said the man was not an employee of Rose Valley but only a commission agent as well as secretary of the union of the agents of the company.
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He said his client had filed IT returns of his income and is in no way involved in the operations of Rose Valley.
Referring to the High Court observation, he said Justice Datta had clearly stated that his personal liberty should not be affected and so his arrest was in contravention to the order.