Financial probe intensifies as Joy Kamdar remanded to ED custody; bail plea rejected

Businessman Joy S Kamdar has been remanded to Enforcement Directorate custody till April 28 in connection with a financial embezzlement case, after a court rejected his bail plea following his arrest on Sunday. Kamdar, a resident of Behala, was produced before the Bankshall Court on Monday, where the ED sought custody citing crucial leads linked to Sona Pappu. Although Kamdar reportedly fell ill after his arrest, the court allowed ED custody after hearing both sides.

During the hearing, the Enforcement Directorate made several significant claims, stating that data retrieved from Kamdar’s mobile phone and chat records revealed possible links to hawala transactions. The agency alleged that Kamdar had connections with hawala operators based in Malaysia, the United Kingdom, and Dubai, pointing to an international dimension in the financial trail under investigation.

The ED further claimed that Kamdar had transferred ₹1.5 crore to Sona Pappu’s account, while approximately ₹40 crore had allegedly entered the transaction chain from an education society, though the purpose of these funds remains unclear. Investigators also pointed to multiple transfers of crores of rupees from Pappu’s account to Kamdar. However, during questioning, Kamdar reportedly stated that he had received only ₹15 lakh, leading to what the agency described as inconsistencies in his statements. Several suspicious bank accounts have also been identified during the probe.

Opposing the bail plea, ED counsel argued that Kamdar’s release could lead to destruction of evidence and hamper the investigation. On the other hand, his lawyer, Sanjay Dasgupta, contended that Kamdar’s name does not appear in any of the charge sheets of the four cases forming the basis of the probe and questioned the agency’s investigation process. After considering the arguments, the court ordered that Kamdar remain in ED custody until April 28.