Calcutta High Court Grants Conditional Bail to Saradha Ponzi Scheme Accused

The Calcutta High Court on Wednesday conditionally granted bail to Sudipta Sen, a chief accused in the infamous Saradha ponzi scam, marking a potential end to his 13-year-long incarceration in connection with over 300 criminal cases. The bench awarded bail in the remaining two cases tied to Barasat police station in West Bengal's North 24 Parganas district.

While previously granted bail in other cases, including four probed by the CBI, Sen’s release is now contingent on posting a Rs 5,000 bond accompanied by two similar sureties, one being a local individual. The Saradha group, under Sen's leadership, allegedly swindled lakhs through deceptive investment schemes, eventually leading to his arrest in Jammu and Kashmir in April 2013.

In response to the extensive financial deceit and public interest protection, the bench ordered Sen to submit his passport to the trial court and stay within West Bengal's borders unless permitted otherwise. He must inform authorities of any change in residence, refrain from any financial business involvement, and regularly appear at legal proceedings.