Seeking cancellation of bail granted to TMC leader Madan Mitra in Saradha scam on Friday, the special crime branch of the CBI investigating the case will be moving the High Court.
An Alipore Court granted bail to Former Trinamool Congress Minister Madan Mitra in the Saradha chit fund scam on bail bond of Rs 30 lakh on Friday.
The court delivered its verdict after having heard arguments from Mitra’s counsel and the CBI.
Tenth Additional District Judge, Alipore, Uttam Kumar Nandy on Thursday reserved his judgement after hearing the lawyers.
Mitra’s counsel had appealed for his bail, claiming that the former minister was no more influential after losing this year’s Assembly polls.
The CBI’s counsel objected the bail plea, saying that “Mitra still has access to the witnesses in the case and if granted bail he will try to influence them”.
Mitra was arrested on 12 December, 2014.
Investigation into the Ponzi scam, which came to light in 2013, revealed that the Saradha Group had allegedly cheated investors of Rs 1,200 crore in mainly rural areas, according to an official estimate.
Former Union minister Matang Sinh is among those arrested in the case, while several TMC functionaries, including Chief Minister Mamata Banerjee’s close aide Mukul Roy, have been questioned.
The CBI took over the investigation in June 2014, following an order of the Supreme Court.
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