HC refuses bail prayer of Apurba Saha
Kolkata: Refusing a bail prayer by Apurba Kumar Saha, the promoter of Pailan Group, the Calcutta High Court observed that the petitioner does not qualify to roam about freely till he puts up adequate cash security, considering that many middle-class families may have been wiped out because of
the disingenuous schemes run by him.
The court ordered that in view of the enormity of the fraudulent scheme run by the petitioner, the bail prayer is refused.
A division bench comprising justices Sanjib Banerjee and Aniruddha Roy observed that it is hoped that the petitioners prayer may not be accepted unless cash security of at least 75 to 80 per cent of the total amount involved is
"Considering that many middle-class families may have been wiped out because of the disingenuous scheme run by the petitioner, the petitioner does not qualify to roam about freely in society till such time the petitioner puts up the amounts garnered by the petitioner or his instrumentalities from the market in the form of cash security," the bench observed in the order passed on Monday. Saha's lawyers, seeking his bail, claimed that the total amount involved was about Rs 394 crore and company assets and properties have all been seized by the authorities and such properties would be worth in excess of the total amount involved.
The CBI counsels submitted before the court that the amount involved was close to Rs 600 crore.
"It will be open to the petitioner to offer cash security to the extent of Rs 450 crore or Rs 500 crore," the division bench comprising justices Sanjib Banerjee and Aniruddha Roy said.
"What the petitioner now refers to are the dud assets which may be encumbered many times over," the bench observed.
The petitioner's lawyers moved the bail prayer claiming that it was for the purpose of ensuring that Saha had appropriate medical attention in the present Covid times. The CBI, represented by Additional Solicitor General Y J Dastoor and Phiroze Edulji, reported that the petitioner is hale and hearty and that he has not contracted the disease.