 "Bengal minister Madan Mitra's bail plea rejected")
A city court today rejected the bail plea of West Bengal Transport Minister Madan Mitra and remanded him in judicial custody till January 16 even as he claimed innocence saying he was ready to be hanged if found guilty.
Judicial magistrate of Alipore court Monikuntala Roy extended the judicial remand of Mitra, who was arrested on December 12, by 14 days on a prayer by CBI.
"I will accept an order to be hanged if even a rupee is found to have been transferred to Madan Mitra's fund from Saradha," the minister told the court. He has been charged under sections 420 and 406 of IPC, which can invite a maximum punishment of seven years in jail, if convicted. Pleading innocence, Mitra said, "In 2009 I had no idea about NBFCs.
Previous chit fund scams relating to 'Sanchaita' occurred when I was very young and was in school. I was told by some youths in 2009 that Saradha was buying huge tracts of land in South 24-Parganas district from farmers, but was refusing payment to them," Mitra claimed.
"Then I went to Saradha Garden to enquire on the issue and was told by the Saradha Group people that they were a small company and that it was difficult for them to pay.
Judicial magistrate of Alipore court Monikuntala Roy extended the judicial remand of Mitra, who was arrested on December 12, by 14 days on a prayer by CBI.
"I will accept an order to be hanged if even a rupee is found to have been transferred to Madan Mitra's fund from Saradha," the minister told the court. He has been charged under sections 420 and 406 of IPC, which can invite a maximum punishment of seven years in jail, if convicted. Pleading innocence, Mitra said, "In 2009 I had no idea about NBFCs.
Previous chit fund scams relating to 'Sanchaita' occurred when I was very young and was in school. I was told by some youths in 2009 that Saradha was buying huge tracts of land in South 24-Parganas district from farmers, but was refusing payment to them," Mitra claimed.
"Then I went to Saradha Garden to enquire on the issue and was told by the Saradha Group people that they were a small company and that it was difficult for them to pay.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%