The Orissa High Court on Friday granted conditional bail to Trinamool Congress (TMC) MP Sudip Bandyopadhaya, who was arrested by the CBI from Kolkata on January 3 this year for his alleged involvement in the Rose Valley Group chit fund scam.
Justice JP Das allowed the bail application of the TMC leader while pronouncing the verdict that was kept reserved after completion of hearing from both petitioner and prosecution on May 8.
Bandyopadhyay had approached the High Court in February seeking regular bail on health grounds after his bail applications were rejected by a designated CBI court in Bhubaneswar and the Khordha District and Sessions Court.
Allowing the petitioner to go on bail after depositing a sum of Rs 25 lakh in any nationalised bank and submitting its receipt in the trial court, the HC asked Bandyopadhyay to furnish bail bonds of two sureties with Rs 50,000 each.
Among other conditions, the MP has been asked to submit his passport in the trial court and cooperate with the investigating officer (IO) as and when required.
The CBI has also arrested another TMC MP, Tapas Pal, for his alleged involvement in the Rose Valley scam. The investigating agency had earlier accused Rose Valley chairman Gautam Kundu and three others of defrauding investors from across the country of more than Rs 17,000 crore.