India News | Rose Valley Group Chairman Granted Interim Bail for 7 Days
Get latest articles and stories on India at LatestLY. The Calcutta High Court on Friday granted interim bail for seven days to Gautam Kundu, the main accused in the Rose Valley ponzi fund scam, as he sought to meet his ailing mother and minor child.
Kolkata, Aug 6 (PTI) The Calcutta High Court on Friday granted interim bail for seven days to Gautam Kundu, the main accused in the Rose Valley ponzi fund scam, as he sought to meet his ailing mother and minor child.
The chairman of the Rose Valley group of companies was arrested by the Enforcement Directorate in March 2015 in connection with its probe into the ponzi scam.
Justice Shivakant Prasad directed that Kundu be released for seven days -- from August 9 till August 15 -- upon furnishing a bond of Rs 50,000 along with cash deposit, also of the same amount, with two sureties of Rs 10,000 each, one of whom has to be a local.
He also said that Kundu will have to stay at the residence of his mother during the period.
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The ponzi scam accused was directed to surrender on August 16 at 10.30 am in the Presidency Correctional Home at Alipore here.
"The Enforcement Directorate shall be at liberty to take assistance of two armed police personnel from the local police station concerned to remain as house guards at the residence of the mother of the petitioner," the court directed, disposing of Kundu's bail prayer.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)