Chit fund case: CBI opposes in SC bail plea of private firm's MD

The CBI Friday opposed in the Supreme Court the bail plea of managing director of a private firm, who has been arrested in connection with the multi-crore Rose valley chit fund case, and claimed that he is the "kingpin" of the money transaction in the alleged scam.

The CBI's argument before a bench of Justices S K Kaul and B R Gavai was refuted by senior advocate Vikas Singh, who said that the allegation levelled by the probe agency was wrong.

Singh, representing the accused, Ramesh Gandhi, told the bench that CBI has now alleged that the petitioner "is a kingpin in the transaction" but the charge sheet filed in the case prescribes a "limited role" to Gandhi.

The bench, which heard the matter through video-conference, asked the CBI about the charges levelled against the accused.

Additional Solicitor General K M Nataraj, who alleged that accused was the kingpin in the transactions in the case, sought time to verify certain aspects related to him.

"If this is the only role assigned, then we are of the view that the petitioner (Gandhi) will be entitled to bail on terms and conditions to be prescribed by us," the bench noted in its order.

The bench, which allowed the petitioner to file additional documents within two days, posted the matter for hearing on May 4.

Gandhi has approached the top court challenging the July last year order of the Orissa High Court which had dismissed his plea seeking bail in the case.

The CBI had alleged in the high court that the accused, being the managing director of a firm, had active participation in collection of huge amount in the case.

The Saradha and Rose Valley scams had hogged the limelight in West Bengal and other eastern states in 2013.

Since the scam involved investigation into other states, the apex court had transferred the probe to the CBI.