A bench of Justice JP Das allowed TMC's Sudip Bandyopadhyay to go on bail after depositing Rs 25 lakh in any nationalised bank and furnishing a bail bond of two sureties of Rs 50,000 each.
Among other conditions, Sudip Bandyopadhyay has been told to give his passport in the trial court and cooperate with the investigating officer, as and when required.
The bench had reserved the order on his bail plea after hearing arguments of both the prosecution and the defence on May 8. Sudip Bandyopadhyay was arrested on January 3 by the CBI for his alleged involvement in the Rs 17,000 crore Rose Valley Chit fund scam case, which is being probed by the CBI under the Supreme Court's directions.
Besides pleading that Sudip Bandyopadhyay was not involved in the scam, his counsel said that the TMC leader was seriously ill and should be granted bail. The CBI has arrested another TMC MP, Tapas Pal, for his alleged involvement in the scam.
The CBI had accused Rose Valley chairman Gautam Kundu and three others of duping investors of over Rs 17,000 crore.