A city court today rejected the bail plea of Rose Valley Group chairman Gautam Kundu and extended his judicial remand till June three.
Judge Kallol Das at the City Sessions Court here dismissed Kundu's bail plea, accepting Enforcement Directorate's (ED) prayer for extension of his judicial remand.
ED had arrested Kundu on March 26 under Prevention of Money Laundering Act (PMLA).
Praying for bail, Kundu's counsel submitted that the investigating agency had not interrogated him despite having taken permission from the court during the last hearing to do so in the correctional home where he is lodged.
He submitted that the chargesheet in the case had already been filed by ED and that the investigation in the matter was as such complete.
He stated that the accused had been in custody for many days and that he would cooperate with the investigating agency and also abide by all restrictions and conditions imposed by the court, if granted bail.
Opposing the bail prayer, the ED counsel stated that if the Rosevalley boss was released on bail, the investigation would be hampered and would help siphoning of public money.
Kundu's custody was required to locate funds collected from the public by way of investments in non-secure convertible debentures, the counsel submitted.
After hearing both the parties, the court rejected Kundu's bail prayer.
