A division bench of justices Subhrokamal Mukherjee and Indrajit Chatterjee granted bail to Majumdar against a surety of Rs 1 lakh.
He has been directed to surrender his passport and asked to stay within Kolkata and Bidhannagar police station areas and report to CBI once in a week.
Appearing for Majumdar, his counsel Anindya Mitra and Milon Mukherjee submitted that CBI could not neither provide any evidence of his alleged involvement in the scam, nor provide any evidence of his being involved in money collection business of Saradha group.
Majumdar, who worked as Director General (Armed Police) in West Bengal, was arrested by the CBI on September 9 for his alleged involvement in the multi-crore Saradha chit fund scam.
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