CALCUTTA HC GRANTS BAIL TO DEBANI MUKHERJEE IN THE SARADHA CHIT FUND SCAM

The Calcutta HC bench comprising Acting Chief Justice Rajesh Bindal and Justice Arijit Banerjee granted bail to Debani Mukherjee, a co-accused in the Saradha Chit Fund Scam. The bench noted that it is unlikely that the trial court will conclude the matter within a measurable time. The bench also emphasised that "Bail is still the Rule, and Jail is an exception during or before trial".

Counsel appearing on behalf of the accused contended that Debani Mukherjee was arrested in 2013, and since then, she had been in custody. The Council also said that it would be a travesty of justice to keep her in custody any further if the petitioner is ultimately found innocent. However, the CBI states that the arrest was in relation to other criminal matters and that the petitioner was arrested on July 14 2014, for the present case.

BACKGROUND

The Saradha Scam financial scandal was a major financial scam run by the Saradha Group. A consortium of over 200 private companies that were believed to be running collective investment schemes commonly but incorrectly referred to as chit funds.

Mukherjee was a director of the Saradha Group of companies and a co-accused along with Sudipta Sen (promoter of the Saradha Group). She is still facing various cases related to the Ponzi scheme in the states of Orissa and Jharkhand.

Author: Papiha Ghoshal