Saradha Chit Fund Scam: "CBI Couldn't Justify Her Further Custodial Detention" Debjani Mukherjee Granted Bail By Calcutta High Court

A division bench comprising Acting Chief Justice Rajesh Bindal and Justice Arijit Banerjee granted her bail noting that it does not appear that the trial will conclude within a measurable distance of time.

The Court also observed that it would be a travesty of justice to keep her confined in jail any further if after the trial the petitioner is ultimately found to be innocent, however, she would continue to remain behind bars since she is yet to obtain bail in cases pending against her in other states.

Mukherjee was the director of the Saradha group of companies and she is a co-accused in the multi-crore scam along with Sudipta Sen, who was the promoter of Saradha Group.

In view of the fact that she is still facing multiple cases related to the ponzi scheme in Jharkhand and Orissa states, she would continue to be in Alipore Women's Correctional Home.

Her Counsel contended that she was arrested on April 22, 2013 and since then, she had been in custody.

However, the CBI contended that such arrest was in connection with some other criminal case and in so far as the present case was concerned, the petitioner was apprehended on June 14, 2014.

To this, noting that the petitioner was in custody for more than seven years, the Court remarked that:

"It is not in dispute that the charge-sheet was filed on October 22, 2014. It follows that the investigation against the accused persons including the petitioner is complete. CBI has not been able to satisfy us as to why further custodial detention of the petitioner is necessary."

Further, stressing that Bail is still the rule and jail is the exception during or before trial and that personal liberty was sacrosanct and a person, even an accused, cannot be kept incarcerated except for compelling reasons, the court granted her bail.

Accordingly, the Court directed that she be released on bail on furnishing a bond of Rs.2 lakhs with two sureties of Rs.1 lakh each.

She has been directed to not leave the jurisdiction of the police station within the territorial limit of which her residence is situated except for the purpose of attending court proceedings.

"We clarify that the CBI shall be at liberty to summon her to its office for the purpose of further investigation and interrogation, if so required. Moreover, before her release the petitioner shall cause her passport to be deposited with the Court concerned. The petitioner shall not make any attempt to contact any of the prosecution witnesses and shall not tamper with evidence in any manner whatsoever", added the Court.

The Saradha scam was a major financial fraud spanning several states in eastern India, caused by the collapse of Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds.

Recently, the Orissa High Court dismissed the anticipatory bail plea filed by Journalist Suman Chattopadhyay apprehending arrest by the CBI in connection with the Chit Fund Scam case.