The Supreme Court Monday granted bail to a private firm's managing director who was arrested for his alleged role in connection with the multi-crore Rose valley chit fund case.
A bench of Justices R F Nariman and Indira Banerjee, while granting the relief, directed accused Ramesh Gandhi to "cooperate in the ongoing investigation in every possible way" and not to leave the country without permission of the trial court.
"Having heard counsel for the parties, we are inclined to grant bail to the petitioner upon furnishing a bond of Rs 50,000 with five sureties of Rs 10,000 each, one of whom must be local, to the satisfaction of Additional Chief Judicial Magistrate," the bench, which heard the matter through video-conferencing, said in its order.
The top court directed that the accused shall appear before the trial court on every date of hearing and he shall not intimidate witnesses or tamper with evidence in any manner whatsoever and surrender his passport with the trial court.
The top court passed the order while dealing with Mr Gandhi's appeal challenging the July last year order of the Orissa High Court which had dismissed his plea seeking bail.
During the hearing in the top court, the CBI had opposed his plea alleging that he was the "kingpin" of money transaction in the alleged scam.
The CBI's argument was refuted by Mr Gandhi's counsel and senior advocate Vikas Singh who said allegation levelled by the probe agency was wrong.
Mr Singh argued that CBI now alleged that petitioner "is a kingpin in the transaction" but the charge sheet filed in the case prescribes a "limited role" to Mr Gandhi.
The Saradha and Rose Valley scams had hogged the limelight in West Bengal and other eastern states in 2013.
Since the scam involved investigation into other states, the top court had transferred the probe to the CBI.