Chief Judicial Magistrate Sabyasachi Chottoraj remanded Sen to 14-days judicial custody.
A case was lodged against Sen by Rajiv Pal an agent of Saradha group here on April 20, 2013 alleging that the company failed to pay its policy holders the money on maturity.
Sen who fled from his home at Kolkata after his company wound up was arrested on April 23 from Sonmarg in Kashmir.
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