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.
"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.
"I told them that what is small today will become big someday, little drops of water make a river," he said, seeking to explain the context of his controversial statement at a Saradha Group get together, which is being seen by certain sections as inviting people to invest in Saradha Group chitfunds.
Earlier during the hearing, Mitra's counsel Ashok Mukherjee submitted before the magistrate that his client being a minister and a respectable person would neither abscond nor try to tamper with any evidence in regard to the case.