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Rose Valley Scam: Trinamool MP Sudip Bandopadhyay granted bail

Rose Valley Scam: Trinamool MP Sudip Bandopadhyay granted bail by Orissa High Court Gets Conditional Bail

Bhubaneswar, May 19-(By Prasant Kumar Bhuyan) -Trinamool Congress MP Sudip Bandopadhyay was granted conditional bail on Friday by the Orissa High Court after he spent four and Orissa High Court today granted conditional bail to the Parliamentarian in connection with the Rose Valley chit fund scam. He has been asked to deposit Rs 25 lakh with two securities. He has been also directed to surrender his passport. This apart, the court has also asked him to not influence either the investigation process or its witnesses. The MP is now undergoing treatment at a city-based private hospital. On May 8, major relief to TMC MP Sudip Bandopadhaya, Sudip’s counsel said, “The court has also asked the TMC MP to cooperate during the probe and be present at lower court during hearings.”During the hearing, the counsel argued that Sudip’s bail plea should be considered by the High Court as the TMC MP is an elderly person The CBI has also arrested another TMC MP Tapas Paul for his alleged complicity in the Rose Valley chit fund scam  the HC reserved its verdict after concluding the hearing on the bail plea of the Trinamool Congress MP, arrested for his alleged involvement in the Rose Valley Group chit fund scam by the CBI  Bhubaneswar and subsequently by the Khurda District and Sessions court. Trinamool Congress MP Sudip Bandopadhyay was today granted bail by the Orissa High Court in Rose Valley chit-fund scam case with the court asking him to surrender his passport and submit a Rs 25-lakh bank guarantee at the Special CBI court in Bhubaneswar. The High Court approved the conditional bail of Sudip after two sureties of Rs 50,000 each were produced in the court. Elaborating on the development, on January 3 a half months in custody in connection to the Rose Valley chit fund scam. The bench of Justice J.P. Das granted bail to Bandopadhyay on health grounds but on condition that he surrenders his passport and deposits a bond of Rs 25 lakh.The court had reserved the order on his bail plea after hearing arguments of both the prosecution and defence on May 8.Bandopadhyay’s counsel had pleaded in court that the MP was not involved in the scam and should be granted bail as he is seriously ill. However, the Central Bureau of Investigation (CBI), which had arrested the TMC leader from Kolkata on January 3, vehemently opposed the bail plea Bandyopadhyay had moved the High Court in February, seeking bail after his applications were rejected by the designated CBI Court in Bhubaneswar and the Khurda district sessions court. Bandyopadhyay, a four-time Lok Sabha.In the charge sheet, the CBI indicted Bandopadhyay, Pal and a Rose Valley subsidiary under Sections 120-B (criminal conspiracy), 409 (criminal breach of trust) and 420 (cheating) of the IPC, Sections 4 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, and Section 13(1)(d) of Prevention of Corruption Act, 1988, (abusing position as a public servant).The agency had accused Rose Valley chairman Gautam Kundu and others of defrauding investors from across the country of more than Rs 17,000 crore  Neither he was a director in the company nor was into its businesses,” the counsel said. It is worth to be mentioned that the TMC MP is lodged in Jharpada Special Jail after his arrest by the CBI in connection with the multi-crore Rose Valley chit-fund scam in January this year.

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