The Calcutta High Court on Wednesday granted bail to Saradha Group chief Sudipta Sen, clearing the final legal hurdles in his release after more than 13 years in custody in connection with the multi-crore chit fund scam.
Sen, arrested in Kashmir in April 2013, is now set to walk free, possibly as early as Thursday, subject to completion of formalities and in the absence of any fresh legal developments.
According to his counsel, as many as 389 cases were registered against the Saradha Group following its collapse. While Sen had earlier secured bail in cases probed by the Central Bureau of Investigation (CBI), his release remained stalled due to several cases lodged by the state police.
The last remaining obstacle comprised two cases registered at Barasat Police Station in North 24 Parganas. With the High Court granting bail in these cases as well, his release has effectively been cleared.
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During hearings earlier this week, a Division Bench led by Justice Rajarshi Bharadwaj raised strong concerns over the prolonged delay in the trial. The court noted that despite charge sheets being filed as early as 2014, proceedings had yet to commence even after a decade.
Observing that no individual can be kept in custody indefinitely without trial, the Bench said that granting bail could potentially expedite the legal process, including efforts to ensure restitution for affected depositors.
The court also pulled up the CBI over delays, questioning its responsibility in ensuring the timely conclusion of the trial. “Is merely securing bail the end-all? Do you not bear the responsibility of bringing the judicial process to its conclusion?” the Bench remarked.
Sen’s bail comes with stringent conditions, though details were not immediately disclosed.
Since his arrest by Bidhannagar Police in 2013, Sen has remained behind bars as the Saradha scam unfolded into one of eastern India’s largest financial frauds, impacting thousands of investors and triggering significant political fallout in West Bengal.
With Sen’s imminent release, attention is once again turning to the long-pending issue of compensation for depositors, many of whom continue to await recovery of their investments over a decade after the scam surfaced.
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