A division bench comprising justices Nishita Mhatre and Tapash Mookherjee rejected CBI's plea for cancellation of bail granted to Mitra, a former transport minister of West Bengal, by a sessions court.
Mitra was granted bail by Alipore Sessions Court on September 9 after he spent over 21 months in prison in connection with the scam.
Seeking cancellation of bail to Mitra, the counsel submitted before the court that the former minister was an influential person and that there was possibility of his influencing eyewitnesses.
It was also stated that there was no change in circumstances from the time when his earlier bail prayers were refused.
Mitra's counsels submitted that he had abided by all conditions imposed by the court and was also cooperating with the investigating agency and as such there was no reason for cancelling his bail.
Mitra's counsel had pleaded for bail contending that he was no longer an influential person since he was neither a minister nor an MLA, nor was he holding any party post now.
Imposing conditions on his bail, the court had directed Mitra to appear before the CBI investigating officer once a week, surrender his passport and not to leave Bhowanipore police station limits.
The former minister has been charged under sections 409 (criminal breach of trust by public servant), 420 (cheating) and 120B (criminal conspiracy) of the IPC.
Mitra, who was arrested on December 12, 2014 for his alleged complicity in the Saradha scam, was earlier granted bail by the Additional Chief Judicial Magistrate (ACJM) of Alipore Sessions Court on October 31, 2015 after several of his bail pleas were rejected by different courts.
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