CBI arrests wife of Rose Valley group chief in chit fund case

The Central Bureau ofInvestigation on Friday arrested Subhra Kundu, wife of thejailed owner of Rose Valley Group chairman Gautam Kundu, fromKolkata in connection with the probe into the multi-crore chitfund scam, sources in the agency said.

Sleuths of Economic Offences Wing of the CBIapprehended Subhra Kundu and will take her to Bhubaneswarafter obtaining transit remand from a court in Kolkata, theysaid.

The case was registered in the Odisha capital.

She was wanted by the CBI and the EnforcementDirectorate (ED) in connection with the case.

The Rose Valley group allegedly cheated thousands ofdepositors, promising abnormally high returns on investmentsin its illegal schemes.

According to CBI sources, the amount of money garneredby the group through such schemes could be more than Rs 12,000crore.

Rose Valley had also made substantial investments inhotels and resorts across the country, they said.

Subhra Kundu was running a jewellery chain, Adrija,which has been sealed since the investigation started.

The ED, which is looking into the money launderingaspect of the scam, issued a look-out notice against her inNovember 2019.

Her husband, Gautam Kundu, was arrested by the ED inMarch 2015 on the basis of a complaint filed by SEBI, and hehas been in jail since then.

So far, the ED has attached more than Rs 2,300 croreproperties of Rose Valley.