Supreme Court: In a petition challenging the Gauhati High Court’s order dated 20 January 2025 refusing bail application filed by the appellant, former Chairman and Managing Director of the Saradha Group in connection with multi-crore Saradha chit fund scam, the Division Bench of Sanjay Karol and Augustine George Masih, JJ., granted bail.
The Saradha chit-fund scam was a multi-crore financial fraud in West Bengal that collapsed in 2013, affecting over 1.7 million depositors. The Saradha Group had allegedly raised approximately ₹2500 crore from lakhs of investors in West Bengal, Odisha and the North-Eastern States through various investment schemes, often under the guise of sale of products and services, by promising lucrative returns. Approximately ₹1900 crore allegedly remained unpaid. In 2013, the principal promoter and other accused persons allegedly shut down their offices and absconded before their arrest.
The Supreme Court, by order dated 9 May 2014 in Subrata Chattoraj v. Union of India, (2014) 8 SCC 795, had directed the transfer of investigation into the Saradha Chit Fund Scam and other chit fund cases from the State Police to the CBI, considering the inter-State nature of the financial transactions and the need to investigate the larger conspiracy.
The Court found that the appellant had made out a case for interference with the impugned judgment. While considering the totality of circumstances, the Court took note of the appellant’s prolonged custody since 30 December 2016, i.e., nearly 10 years, and directed that he be released on bail on terms to be fixed by the trial court.
Also Read: Saradha Chit fund scam: Here’s why Justice L Nageswara Rao recused himself from the matter
[Sudipta Sen v. CBI, Criminal Appeal arising out of SLP (Crl.) No(s).10924/2026, decided on 18-8-2026]
Advocates who appeared in this case:
For the Petitioner: Mr. Saurabh Sharma, Adv. Ms. Puja Kumari Shaw, Adv. Mr. Ankit Kumar, Adv. Mr. Aniruddha Purushotham, AOR
For the Respondent: Mr. Davinder Pal Singh, A.S.G. Mr. S.N. Terdal, AOR Mr. Piyush Beriwal, Adv. Mr. Bhuvan Kapoor, Adv. Mr. Amit Sharma-b, Adv. Mr. Alok Kumar, Adv.