Rose Valley Group chit fund scam: TMC MP Sudip Bandyopadhyay granted bail

Cuttack: The Orissa High Court today granted conditional bail to Trinamool Congress MP Sudip Bandyopadhyay, arrested for his alleged involvement in the Rose Valley Group chit fund scam.

During the hearing, the counsel, Mr Das, argued that Sudip's bail plea should be considered by the high court, as he was an elderly person and keeping unwell these days.

The Parliamentarian, who was under treatment since January 20, flew back to his home town Kolkata from Bhubaneswar airport in the evening after being discharged from the hospital.

Bandyopadhyay's lawyers are now busy with bail proceedings and said that the "sick" MP of West Bengal's ruling party would be released from judicial custody by Saturday morning.

Before leaving for Kolkata, Bandyopadhyay said while pleading innocence: "Time will prove that, whatever else I may be, I never meant to do my politics with the stamp of corruption".

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.

The news of bail to four-time TMC MP brought relief to party leaders many of whom are facing investigation by central agencies in the chit fund scam and the Narada news tapes sting. The Orissa High Court gave bail to Bandyopadhyay on May 19. He was arrested by the CBI for his alleged role in the Rose Valley Group chit fund scam. He was arrested hours after he appeared before the CBI for interrogation in connection with the scam.

Rose Valley Group has allegedly defrauded investors from across the country of more than Rs 17,000 crone'.

  • Leroy Wright